All Forum Posts by: Christian Nachtrieb

@Christopher O'Brien I wouldn't be so sure, I literally am looking at properties EVERY DAY and managed to find a 3BR / 1BA in Dorchester, walking distance to Shawmut (on red line) and the Talbot Ave. commuter rail station. $225k accepted offer I'm closing this Friday. Currently rented to Section 8 tenant, house needs updating but nothing major. Roof is about halfway through its lifespan so we'll be saving the HOA fees to prepare for that in about 9-10 years.

My point being, Boston is brutally competitive, but if a newbie like me can find them so can anyone. Just keep digging hard. Make offers, you won't know until you offer a bid.

@David Cahill I know, so bad. I'm not exactly sure where he's located but I plan to have my lender email him a pdf copy of my first lease :)

Would you mind breaking out your expenses into PITI, vacancy, capital expenditures, etc. to see if there's anything that might be missing? Just curious how you landed on $847.15.

@Caleb Heimsoth You know to be honest I'm not certain as to why it matters, I think that it has to do with my DTI level my mortgage lender was calculating in order to approve my loan. Anyway, just a quick update, I had my agent pull a bunch of rental comps all of which had a MINIMUM rental rate of $1900/mo. After presenting to the appraiser he did end up changing his analysis to $1700/mo. Still low but, way better.

Interesting dilemma just popped up during the tail end of our financing period while trying to close on a 3BR / 1BA condo here in Boston. The appraisal came in just right for the value of the property, but the rent figure this guy came up with was so far off even my lender called me and said, "I nearly fell off my chair I don't know where he got these numbers."

Property is in Dorchester, 3BR 1100 sq. foot condo he suggested $1300/mo!! Meanwhile, I'm renting a 450 sq. ft. 1BR (down the street) near Ashmont FOR $1550 PER MONTH. What is he smoking and what's the best way to move forward with getting this resolved?

Thanks group!!

Christian

@Edward B. Of course, I'd be Ok with that risk. I suppose the only real worry would be for a temporary time you're holding a rental property in your personal name until work is done and / or any potential inherited tenants have vacated.

Would it be wiser, if one were to be doing a BRRR to wait until the refi is complete in your personal name BEFORE, and then get your cash back and put in an LLC? That should be fine I'd think? I know that doesn't help you Shelby I'm sorry but I'm wondering for myself in the future.

Again, Cozy for me. Very simple and easy to use.

I'm curious in how I might do this as well, interested in how other people structure this type of deal.

@Elenis Camargo I'm in the process of doing this as we speak. The mortgage I'm getting is through Guaranteed Rate Inc. and my HELOC is through Hanscom Federal Credit Union. I do not know if they do anything out-of-state, but even with the HELO I'm going to be cash flowing very well BEFORE the improvements to the property.