All Forum Posts by: Dave Lamattina

Arrowpoint Properties is seeking investment equity to acquire a 164 unit apartment community in Haverhill, MA. This is a value-add deal that is being purchased off-market. Spots are filling up quickly. Please private message me and I can forward the private placement memorandum. Serious investors only. Thank You

That has got to go. I personally would have ripped it out and put down some nice new prefinished hardwood. Worth the cost

Hi Phil

Welcome to BP. I am in investor/operator out of the Andover area. I have 13 years experience, acquiring, managing and selling multifamily property. That is all I have ever done. Maybe we could work together on something. If that interests you let's set up a call for this week. Thanks,

David

Hi Juan,

Welcome to the site. I am from Andover and my company Arrowpoint Properties is out of Lawrence. Check us out....we have been doing multifamily deals for years now. I am available to chat anytime...thanks.

David

@Sharon Tzib Sharon since I am a licensed real estate broker I have access to public records through our MLS. This makes it easier to target properties and their owners and download to excel spreadsheet. This has been a very effective marketing strategy for me. I would suggest to go through your realtor if you have one and have them put together a list based on your criterion. Mine is simply all buildings with 12 or more units and an assessed value of no less than 600k. Hope that helps!

My opinion on investing in real estate in general, as long as you are a long term holder then I would not worry what kind of market you are buying in. Real estate over the long run as always appreciated in value especially when you're investing in good areas with population growth and low unemployment. If you're buying for short term (3-5 yrs) then I would focus on under valued or below market properties with substantial cash flow.

The first thing I ever did was send out about a dozen personal letters to targeted properties in my city. I got one phone call and closed on the building a couple months later. It is a beautiful brick apartment building that we still own today. I strongly recommend that approach to anyone starting out or even with years in the business!

Jeb-All the deals I have set up with investors, I do by giving them a note for their capital contribution. They each have an equity piece as well, but they also have some voting rights which gets me around the requirements for Reg D and the exemption. I basically set an interest rate or preferred return on their money, usually 7-8% paid monthly. My deals are essentially like hybrid debt/equity placements. This set up has worked out well so far. Let me know when you are in Boston and we'll meet up.

We are seeing multifamily deals in the Boston market being purchased at sub 4% cap which is crazy. Because there is such lack of supply and huge demand here, people are overbidding on any decent property that comes to market, especially if its over 20 units. I think this could create another bubble, especially when rates come due and they are back to 6% or higher. I am being very careful right now in my deal selection. We just purchased a 12 unit in our area (Lawrence, MA) at 13% cap and locked in rate at 4.25 for 7 years. It is more of a cash flow deal but nonetheless better than a 4 cap. I will continue to pursue off-market deals in the 9% cap or higher range. Its the only way to bet against future interest rates.

I have actually found a company in Boston which is my market that sources capital specifically for real estate deals. They typically are looking for equity slugs in the $5M plus range but since deals are few and far between around here, they are willing to work on smaller raises. I have been quoted 2-3% on the total raise which is significantly better than others I have seen. They have been around quite some time and have an established track record so I expect to engage their services as soon as I have a deal locked up.