All Forum Posts by: Brian Ortins

Taxes are VERY HIGH to make this work with financing the purchase. It also depends whether or not it is a cash purchase, which would make it work, but would also depend on your desired cash on cash return. Just calculating HOA and taxes, the total is $604.67 per month. That is very high. I do many condo deals under $100k, and my "minimum" criteria is that the HOA and Taxes are lower than $500 per month and the monthly rental income is over $1,000 (preferably in the $1100-$1200). My deals are financed, so I cannot bend my investment criteria. Hopefully this helps, but let me know if you have more specific questions.

Over $10,000 as a real estate agent, and over $50,000 as a contractor, this year, not including my real estate investing (based on knowledge gained via BP forums and members).  Thanks @Joshua Dorkin for this incredible platform, and thank you to all of BP Nation, who are dedicated to the cause. 

Why are you firm on a 100 unit multifamily building?  That is a very specific property that may or may not exist when you are ready to purchase.  I agree with the other investors that you will need hundreds of thousands of dollars for this one purchase.  Why not build a portfolio of smaller multis, SFRs and whatever properties are a "GOOD DEAL"?  These smaller properties will allow you to pull equity in the future to make more down payments on other properties, or you can sell all of these properties for a down payment to purchase the large apartment building.

@Marylynn B. I agree with @Kelly Sennholz that my initial reason for upgrading was to support the site, but I now find myself using the investment calculators daily, and that alone is worth the price of admission. 

@Jonathan Napper 

In my experience, I haven't found a hard money lender to lend that long. When my HML loan expires (generally 6 months to 1 year), I have a commercial lender that can finance the deal, private money lender, or partner that I have working relationships with. I would be interested in hearing if there are longer term lending options via HML and what those terms would look like.

I am also using Professional Performance on a flip in Gardner Ma.  Zac is great to work with. 

Leominster is a good rental market.  Closed on a 6 unit 3 months ago, with a purchase price of $235k, with gross annual rent of almost $49k ($4050 month).  Just shy of the 2% rule at 1.7.  Disclosure:  Not my personal investment.  Purchased as an agent for an investor client.  Best of luck on your search.

@Bob Green 

Do you have specific markets where you lend? Sounds like a great lending product geared towards buy and hold investors. 

Welcome to BP @John E Ceisel 

Is this a long term buy and hold strategy for these units?  You will not be able to count on appreciation with these lending limitations, as the only potential buyers are other investors, who will buy based on cash flow.

I have had success with these types of condo deals using a local savings bank commercial loan officer.  I recommend writing out your business plan which highlights your experience, and ongoing investment roadmap.  Once you establish a local lender, you will be able to purchase deals that larger banks will not touch.

Hi Corey,

Welcome to BP! What is it exactly that you are looking to learn? You should reach out to @Justin Silverio and he can help guide you in the right direction.  Justin is an active BP member and great investor in Essex and Middlesex Counties.  Feel free to message me to further discuss how I can help.  Good luck!