All Forum Posts by: Brian Ortins

Welcome @Scott Sutcliffe 

I haven't purchased vacation rentals, but have considered the Cape as a good location.  I would like to hear more about your experience. Feel free to reach out with any specific questions regarding investment properties. Good luck!

Welcome to BP, @Alan Lambkin 

I haven't dealt with any multifamily purchases in Worcester, but do invest in Leominster area.  I would be interested in your experiences in Worcester, as the properties I did research/view, I was not interested in the neighborhoods. What areas do you prefer to invest in?

@William A. 

Find an inspector that will inspect the roof and exterior! You are paying for the service, find someone that will give you full service.

@William A. 

My experience with condo inspections is that the value is outside the unit. The inspector will tell me whether or not he/she sees future costs/special assessments in the form of a new roof, new siding, etc. This helps me run my numbers based on whether I expect a future assessment sooner rather than later.  If the building needs a new roof next year, then this may not be a good investment. I always ask for condo reserves and whether there are any planned assessments, or if they just completed paying off an assessment (best case). Hope this helps, but feel free to ask more specific information.

@Steeve Breton I would think that option 2 makes the most sense as it provides the highest cash on cash return. If you are asking this question to the forum, it makes me wonder if you have concerns regarding lending from someone you know as opposed to borrowing from a financial institution. Are you comfortable with borrowing from someone you know, as long as it makes the most financial sense? Just wondering if you had any other concerns other than the numbers.

@Justin J.  I work with Atlantic Coast Homes out of Salem, MA.

I haven't personally dealt with additions on my projects, so I cannot recommend an architect, but maybe @Justin Silverio or @Shaun Reilly can be of service.

Disclosure: I AM NOT AN ATTORNEY! From what I understand, you can borrow from friends and family that you are comfortable will not seek recourse if the deal does not work out. Have an attorney draft a document secured by the real estate that specifies the terms of the deal. If you have an entity set up, those same friends and family can lend out of a Self Directed IRA. To learn more about this form of IRA, listen to the latest podcast and research both on BP and GOOGLE. There is a wealth of information online, but ultimately you want to rely on your team (attorney and accountant) to help guide you.

If you decide to move forward, check out this thread before taking the exam.

http://www.biggerpockets.com/forums/21/topics/143515-how-to-prepare-for-the-state-real-estate-exam

If you have any specific questions, feel free to reach out. Good luck!

@Scott Campbell There is a lot to consider when deciding what to invest in and where to invest. I recommend looking into local networking events such as Black Diamond hosted by @Ann Bellamy in Waltham and Worcester, and a quarterly meet up in Woburn area hosted by @Justin Silverio 

If you have any local questions, feel free to reach out to me. Good luck!