All Forum Posts by: Erick Sembrano

Hi Everyone! Just wanted to hear your thoughts and advice for those who have bought off market properties both with and / or without a real estate agent. So we got in touch with the property owner (via mail) of duplex as we are looking for an owner occupied multifamily. She texted just after Christmas and asked us to get in touch her agent (sellers agent) to coordinate a showing. The sellers agent will show us the property. We got thinking if we should / must get a buyers agent for us to help with this transaction or is this optional? 

If we don't have a buyers agent representation, wondering what are the things to look out for and make sure to ask the seller / let them do if we proceed with our due diligence / close on the property. This is in the State of Massachusetts if that matters. 

Any input, opinions, or recommendations are welcome! Thank you guys! : )

Congratulations @Suresh Kannan! You have a great story and did well this year. I'm excited for you in 2022 as to what you can achieve if you continue to take daily action. Happy as well that you are going bigger over time, from single family to multifamily, which I think is great decision for continued growth. Curious to know what are you goals for 2022? 

Congratulations to you and the team! Excited to see how much value your team adds to this property and to your future projects.

@Jonathan Bombaci This is really smart, impressive on how creative you and your bank handled the loan on this portfolio. Will definitely keep this as an inspiration! Great work and keep it up. - Erick 

I also like the Fitchburg-Leominster area for investment properties. This is one of the areas still close enough to Boston that you can find properties that still cash flows decently. You definitely need to connect with fellow investors that are in the area and get familiar with the nicer parts of the cities. 

@Jonathan Bombaci This is great to hear and Congratulations! I have a question about the financing side. So how did go about acquiring the 8 properties in a 1 commercial loan? And how did you go about the loan when you separated it into 8 residential properties? Did you need to refinance all of the properties separate or kept the rest still in the same 1 commercial loan? Thank you!

@Brad Jacobson previously I used Cozy but then switched to Innago. Both of them were / are free for landlords. I considered Rentredi before and know some uses it and they like it. 

Sounds reasonable to offer a bit low and go higher if needed during negotiations. It seems like the tricky part is to determine what amount would you start your offer that would seem to be generous enough for them to consider / take / start of as a negotiation point. In my experience however I shelled out 15k just to get them to leave unfortunately. 

@Sean K. Thanks for the reply! Do you know if the FEMA flood zone / rate changes will be for the better or worse in terms of cost for coverage? I will look into other policies to hopefully bring my cost down if possible while getting the same coverage. Thanks again!

@Robert Murphy It's nice to hear from someone from the insurance side of things. Yes, I do agree completely about having insurance for something catastrophic that I wouldn't be able to shoulder on my own if a bad flood happens. Thank you so much for writing out the steps and how it's done and the process. Sounds like the first step is really to determine BFE with an Elevation Certificate, figure out LAG, and see if there's a chance to get the LOMA. Really appreciate your input!