All Forum Posts by: Owen D.

Hi Michael,

Without knowing much about your current script/approach it's tough to give any insight on how to adjust; however, in my experience, which resulted in my first deal (2-family in Quincy, Massachusetts) the conversation had flow because the seller and I were able to connect on a personal level prior to any negotiations regarding the property. 

If trying to find a common interest or connection isn't part of your current script maybe you can try building that in. I'm not at all suggesting it's easy to do with all leads.

I'd be interested in connecting sometime. Are you attending the Boston Real Estate Guild meetup tonight in Somerville?

-Owen

Hey @Jim Sestito, no problem, happy to share if it can help others. Definitely interested in connecting to talk more about real estate. I'll send you a private message.

-Owen

@Kate Ziegler, no problem, happy to help!

Well, I apologize for the misspelling, and I can't seem to figure out how to edit the subject line of this post, but the bank is "Eastern Bank" not "Eastarn Bank."

Good Morning BP Community,

I'm in the middle of a refinance and aggressively shopped rates for a cash-out refinance on a two-family and wound up getting in contact with Beth Murphy at Eastern Bank. She's been fantastic and the original rate we received for a conventional cash-out refinance in Eastern Bank's jumbo loan portfolio program was 4.375 which was significantly better than the closest competitive rate quote I received from which was 4.875. The Board of Directors of Eastern Bank also just met and lowered the rate for their jumbo loan portfolio program from 4.375 to 4.25 and allow 1 rate adjustment per lock period (for a $250 fee) so we'll be locked in at 4.25 this week.

I thought this was a fantastic deal and opportunity for others who may be hesitant to refinance right now as rates are climbing everywhere else and I thought I'd share. I'm a borrower like everyone else and get nothing out of this other than the satisfaction of giving others a tip on a great rate. You can find Beth Murphy's contact information here: https://www.easternbank.com/murphy#
 
I'm currently looking for my second deal and would be interested in connecting with other real estate investors, developers and agents in Massachusetts. I'd specifically be interested in connecting with agents who specialize in off-market/distressed multi-family opportunities and/or mixed-use residential/commercial buildings. In regard to the mixed-use properties I'm specifically looking for a 2-4 family with residential units above and a store front on first floor. For Multi-Family units and or Mixed-Use I'm interested in the South Shore (Quincy, Braintree, Milton, Weymouth, Hingham, Randolph, Canton, Norwood) or Metro West/95 Corridor (Westwood, Needham, Natick, Newton, Burlington).
 
Take care,

-Owen

@Kate Ziegler Hi Kate, I follow RJT Carpentry & Tile on Instagram, Ryaan Tuttle is the owner, and he recently launched a handyman service in Boston. I can only speak to seeing Ryaan's work from following along on Instagram because I haven't yet had the chance to work with him (I'm hoping to on some upcoming projects) but you can tell he takes great pride in his work and he definitely cares about his clients. I have emailed with him in the past and he is very responsive.

Here is the link to his website: https://besthandymanboston.com/

Hope this helps.

Take care,

-Owen

@Chris Roche @Eric Stafford, I'm in Quincy and currently owner occupy a two-family. I would be interested in getting together and now that I see that @Charlie MacPherson has a group in Norwell I'm going to look into attending that as well.

I'm currently at a crossroads on how to best move forward to acquire a second property and would be open to any insight/advice. For some background I bought my two family in an FHA loan, we've owned it going on 3 years this June and have equity between buying it a price lower than market and making some interior upgrades. We do, however, need to do quite a bit of updating to the exterior.

Here is my issue/question that I'm seeking advice on:

My understanding is to be able to remove the MI and to be able to take cash-out I'd have to refinance into a conventional loan (I've done the calculations on this and with the current interest rate and removal of MI I'd end up saving around $100/month). However, if I don't have to I don't want to use the cash-out funds on the repairs/upgrades to the current property, I'd like to reinvest in a second property. Based on some research, I'd qualify for the Massachusetts "Get the Lead Out" program which offers up to $35,000 interest free deferred payment loans for qualified projects.  This loan does not become due until you sell the property OR refinance; however, I've heard that you may be able to subordinate the loan when you refinance so that it actually does not come due upon a refinance.

What I'm not totally clear on is which scenario puts me in the best position moving forward:

1.Do I refinance now to take out the equity that currently exists before interest rates rise and utilize the Get the Lead Out Program to make the exterior improvements; or

2. Do I utilize the Get the Lead Out Program to make the exterior improvements THEN refinance and (a) try to subordinate the Get the Lead Out loan so that no payment becomes due immediately, or (b) if the Get the Lead Out loan cannot be subordinated, hope that the refinance appraisal comes in high enough that I can pay off the Get the Lead Out loan and still take cash-out to put towards a future investment.

Apologize for hijacking this thread but look forward to your replies.

Thank you,

Owen

Hey Steve, 

I'm south of Boston at this time but grew up in the Billerica area. The Lowell/Lawrence/Haverhill/Andover areas always interest me so if you get this together, I'm interested. Otherwise also just interested in sharing experiences and current real estate investment interests.

Take care,

Owen

@Brian P. I'd also be interested for the Quincy meeting as well. 

@Michael Caras, thanks for the reply. I'll have to explore the bank considering a rental income a bit further. Any recommendations on lenders?. Do you mind explaining a little more about what you do and your experience?