All Forum Posts by: Brian J Allen

I would reach out to Bruce Mathieu at IC Credit union. And they are local to Leominster. They also do 80% LTV for portfolios

Still trying to get them out in multiple properties

nature of the game.

I am with Lien on this, but in Worcester we are seeing the number even higher in some cases.  I made an offer on behalf of a buyer where we offered $10k for each vacancy and still ended up with someone on one of the floors.  They simply couldn't get them out with 45 days from offer to close and the $10k incentive.

Very kind of both of you.  Jose I would be glad to help.  Also you should head over to the Worcester Meetup.  There are a lot of like minded folks you can chat with.

it all depends on the condition of the property.  There are places for $500k with lots of deferred maintenance and others that are in great shape.  I would want to have $15k available on most places, but if the roof is older the roof alone is $15k.  Older heating systems can be up to $10k per unit.  The key is to get a place with good bones, so what you are addressing is cosmetics not electrical or plumbing upgrades

Give Wendell Butler a shout.  He is great at working through these low down payment loans.

I agree, do not chase COC. Look for something that has value long term, and incrementally raise your rents. If you spend all of your money fixing things, you will never win. Take a quick look at this.

https://www.biggerpockets.com/...

You should also get Estoppel Letters from the tenants that verify the current state of their tenancy and if they have a last month's rent or security deposit being held.  This helps you to understand where they are at this point in time prior to purchase.

It will be super hard to buy a cash flowing 3 family in Worcester within 45 minutes to Sudbury.  This limits you to the East side of Worcester and there isn't much inventory.  Currently there are 77 multi listings in Worcester and very few, 13 under $400k, and only 4 of them are 3 families.  It is hard even under $450k but you have a shot if you are willing to do work.  The best of these is 30 Esther St, which has NO PARKING, and steps to the first floor for $400k.  at $450k things change a bit and at $500k things change dramatically.  Keep in mind that the cost of borrowing $100k more is in the neighborhood of $500/month and your neighborhoods, parking and size of the property and building change as well which changes the $$$$ you can make.

I agree with Jonathan about using the WE.  There are always people behind the front man.  You can be accomodating and when you have issues, always say I will have to check with the owners and get back to you.  This gives you time and them time to step back from anything contentious and you can delay giving them a response.  For example they say their fridge is having issues.  You can say i will check with the owners and get back to you about fixing or replacing it.