All Forum Posts by: Bryan Clement

Hello, I'm looking at a few value add duplexes around my area and I see a few within my price range. I have $2,500 cash and I was wondering if this is enough to start a BRRR method on a small duplex. $169,000 purchase price, gross rents of $1,700 per month, two bed one bath both units needing significant updates. I think I can add a third bedroom to both units in addition to redoing kitchens and baths and repainting. Rather new at this so getting any advice on how to pursue this with lenders and sellers would be helpful. Thanks!

@Greg Junge that seems like an incredible deal! The triple net is so creative! If I move forward and do this I may mention that to the landlord, seems like that may be a good bargaining chip!

@Jeremy A. My area (Camden Maine) has all three! It is super seasonal though, but the charge per day can sometimes be upwards of $450 on AirBnB from Memorial Day through Colombus Day.

Lots of information here! Would anyone recommend it if I did have the Landlord's express consent? The idea here is if the economy turned south, I'd only have the rest of the lease to cover, or pay an early cancelation fee, VS. a 20-30 year mortgage with potentially spotty income.

Hello BP,

I read someone's investing strategy on a blog post recently, and I found it quite interesting. They rent out apartments, houses and condos, and turn them into AirBnB's. They make a profit off of the rental income, pay the landlord, and keep the profit. I've been thinking about doing this as property prices are so high right now and we seem like we might go over the financial cliff any time now. Does anyone else do this or have tried this in the past? What is/was your experience and would you recommend it for a new investor? Thanks! 

the First or Camden National are the best banks in the area to get loans through. Elliot Barry in Portland is a good reference, in addition to Matt. Never used Matt, but I've heard good things. 

@Jim Goebel I agree, it definitely takes away from the privacies of the consumers. If it raises my credit though, not sure I'd complain. 

@Chris Mason why do they use the old system? I used to work with closed loans so I don't know much about the front end. Again, like I said, I don't know much about FICO scores. 

Hello BP, 

Has anyone heard about this new UltraFICO score coming out next year? I haven't heard much but I do know it's supposed to track your cash levels in your bank accounts to see how much liquidity you have. Will it affect anyone's ability to run their real estate investments? I have very little knowledge of this so if someone has more knowledge than me please share it below! 

Thanks, 

Bryan Clement 

Personally, I have three cats and they are extremely helpful to have around. Just in my house, in the past year (when I got the first one) the mouse problem went from constant to zero. Currently, we are at five dead mice. I keep score between the cats too. The bug and spider problem went away just as fast. I'd make sure that the tenant knows their cat needs to be well trained, and kept away from carpeted spaces if possible. There are a lot of benefits with cats you don't really have with dogs. Cats, hands down. 

@Joseph Salegna I thought that LaGuardia was being re-developed? Wonder if that is affecting Amazon's decision to locate there.