All Forum Posts by: Eric Forsberg

Hi everyone – My family’s home in Worcester, MA, is going on the market, and it’s a great opportunity for a flip or rental property. Is there a forum here where I can list it, or is this not the right place for these types of posts? If not, does anyone have suggestions on how to reach potential investors? Thanks!

Quote from @Jason Regan:

Hi @Eric Forsberg that's  loaded question you have there and are going in a few different directions.  You have to use a active cash strategy really grow your portfolio.  Once its big enough it can grow itself.  I have a few questions for you.  Do you have any experience flipping?  It can lose you money or just eat up your time for no money if you do it wrong.  Do you have an active W2 now or an established business so its easier to get the normal loan packages?  With the equity in the home you can definitely look at getting a few more properties but it will stop there unless we use creative strategies to stretch it out or have more active income coming in.  Im going to shoot you a PM

We have experience rehabbing but not flipping. Performed a total gut reno of our STR in 2 phases. Floor 1 and stairwell in 2021 and then floors 2 and 3, and exterior including decking in 2023. We both have W2 jobs and great credit.

Hi all…I'd love to hear some strategies about financing when starting off. How do you scale when you're starting out? For instance, I would like to invest in some buy and holds to generate cash flow. I have both a primary and STR mortgage and I was thinking of using the STR HELOC to finance a new investment property. This HELOC would cover both down payment and rehab costs, if needed. That might be a stretch though, if the rehab is too extensive.

Would it make sense to first invest in a flip (or a few?) to generate more cash to fund the buy and holds? My STR has ~$500-600k worth of equity so I could cash-out refinance but the current mortgage rate is 3% and I would hate to lose that to today's rate.

Any thoughts?

Hi all – I'm new to REI and just joined BP. I have a W2 job that pays well but consistently leaves me wiped out. I'm really drawn to REI so I can spend more time with my family (spouse and 2 kids), retire a little earlier, and decrease the constant stress from my current job.

I've owned my home together, with my husband, in Boston, MA (purchased Jan 2020) and also a STR in Ludlow, VT (purchased Apr 2018) near a ski resort. We owned our previous primary home that we purchased in 2013 (sold in 2020). We bought the VT house with the idea of renting it out only occasionally; however, when we saw how well it did, we rented it out year-round and it does very well. We renovated about half the house in 2021 and the other in 2023. Bought for $210k and recently appraised for $795k.

As I'm based in Boston, MA, I would love to invest in other rehab/flips, MFHs, and/or STRs. We worked closely with the builders and contractors for the VT rehab projects so we are confident we could continue down that route. We also love the idea of another STR but property is so expensive here (Boston) that it may not be worth it. Also looking in VT for other STR properties. I LOVE managing the STR and really strive to make sure my guests have a fantastic time so I'm really drawn to that aspect.

Additionally, I’m up for long distance investments but I would definitely need some mentoring there because it was hard enough managing the VT reno from Boston.

My current strategy would be to rehab/flip a few houses a year so I can leave my W2 job and also add some buy and hold rentals (MFH, STR). However, I've learned a lot from this site and the podcasts so far and my strategy will likely evolve. If anyone has some advice or guidance to get me started, I would be greatly appreciative. Cheers!

Hi everyone! Newish to the site and a novice to real estate investing. I live in Boston and have a SFH. We also have a STR (since 2018) on Okemo Mountain (VT) that does really well on Airbnb/VRBO. My W2 career pays well but leaves me exhausted with little energy for my family which doesn't feel good. I want to be a more engaged parent, travel more, and retire sooner. I've been listening to the podcasts and reading the articles...now I'm ready to act. My goal is to buy at least one more property this year and use it as a STR. From there, I'd like to expand in the STR market but as I learn, I'm open to other options.

I love the Boston area but it's so expensive here and I don't know how to make that profitable. Would love to expand more in VT (ski resort areas...still pricey), central/western MA, the Berkshires. I would entertain real estate in other states...I'm a little nervous to start but it's not out of the question.

2024 new me...Instead of saying no, I'm asking how. I've got great credit, money to invest, and would love to chat with anyone who has ideas.

Investment Info:

Single-family residence buy & hold investment in Ludlow.

Purchase price: $210,000
Cash invested: $300,000

1970s ski chalet located on a ski mountain. Minimal updates were made to the house before we bought it and we really wanted to invest in it so our family could use it through the years as a ski house which is why we justified the ~$300,000 in updates. Fully renovated, top to bottom, inside and outside. Appraised at $860k. We are so happy with the updates and guests are now renting it up for up to $1,000/night.

What made you interested in investing in this type of deal?

We bought this home mainly for our family to enjoy and also occasionally rented it out as a STR. When we saw how easy it was to rent and how much guests enjoyed it, we rented it out year round.

How did you find this deal and how did you negotiate it?

Found this home before it went to market through some friends who are investors in the area.

How did you finance this deal?

Primary home HELOC

How did you add value to the deal?

Gut renovation. Added a 4th bedroom with a new exterior, new deck, and a hot tub.

Lessons learned? Challenges?

Managing extensive renos from almost 3 hours away was tough at times. Contractors sometimes wouldn't show up or would work half a day. We had to let one builder go because he was moving so slow and his finish work was abhorrent. Then, we had to find another builder to jump into the project and finish it up.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $210,000
Cash invested: $300,000

1970s ski chalet located on a ski mountain. Bought this home for our family to enjoy and as STR. Minimal updates until we bought it. Fully renovated, top to bottom. Appraised at $860k.

What made you interested in investing in this type of deal?

Friends have had great experiences with STRs

How did you find this deal and how did you negotiate it?

Friends in the area

How did you finance this deal?

HELOC

What was the outcome?

Love this house and it’s more appraised for $860k