All Forum Posts by: Erick Sembrano

@Richard Gaddi best of luck with getting your first property house hack! It can definitely be a powerful first real estate investment. 

@Lien Vuong Looking forward to working with you on future investments! Cheers!

@Brian Leung I found my rockstar Real Estate Agent here in BP @Lien Vuong. Reach out to a others (look under the network tab for real estate agents) as well and find who you feel comfortable with to help you reach your goals. I'm sure there's a lot of superb Boston based real estate agents here in BP. Good luck!

@Malika Mukhamedova best of luck finding your next deal!

@Gloria Wahlroos Hey, so nice to see you! Of course I remember you, we where both at UofM for a few years, also it was fun to see you when I visited Seattle a few years back.  We should definitely connect and talk about goals and ideas. I believe you are in the right spot here in BP. Talk soon! 

@Michael Noto Thank you for your kind words and support! It helps newbies like me be reassured of what we are doing and to keep on moving forward with investing. I see that you are from Southington, CT. We frequently visit Darient, CT to visit my wife's parents. How is the multifamily investing opportunities around your area during these crazy year?

@MalikaMukhamedova I have lived here in Boston only for a few years but it does seem to have slow down with moving into rentals during the winter months. The further out you are north from Boston the less expensive it gets but also less availability of multifamily properties. I would like to think that if you keep on looking, there's going to be better deals than others that may work for you. Do you happen to have access to off market deals or doing some activity to help look for one? I always hear about driving for dollars, letters, cold calls, and networking!

Good luck Malika and keep moving forward!

@MalikaMukhamedova Yes, the property came with inherited tenants and were paying below market rents. After we upgraded the units, we were able to place new tenants for 2 units this summer with the help of a real estate agent. How far north of East Boston are you considering to look for a multifamily?

@SebastianBock Yes I hear you, it seems quite a high bar to get into the first multifamily in high cost areas such as yours and around here. I used a conventional loan and added my own savings to fund the deal. Curious to know from others how they fund their first house hack deal especially in expensive areas. I've heard in one podcast episode where he borrowed money from his mom to fund his first multifamily property to get started in real estate here in Boston. What kind of multifamily / house hack deals are you finding around your area in Tacoma, WA?

Investment Info:

Small multi-family (2-4 units) buy & hold investment in East Boston.

Purchase price: $820,000
Cash invested: $120,000

Bought our first multifamily property to use as a house hack. We made some updates into each unit, mostly cosmetic upgrades (fresh paint, new fixtures, repair doorbell, change bathroom vents, new door locks, new gutters, HVAC replace, etc), and live in one while renting out the others.

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

House Hacking to help with one of the monthly biggest expense which is rent payment (housing).

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

I found this deal with the help of my rockstar Real Estate Agent (Lien Vuong) as an on-market listing.

How did you finance this deal?

Conventional Lending with ~8.5% down payment.

How did you add value to the deal?

Painted all the inside of the units (walls, trims, cabinets, doors, etc) and the exterior of the house (front door and entrance, trims, etc). Then upgraded the inside of the units with appliances to stainless, changed cabinet fixtures, new doors locks, lockings mailboxes, bathroom fixtures (lights, vents, vanities, medicine cabinets, etc), and applied high gloss to the hardwood floors.

What was the outcome?

I'm currently house hacking, living in one of the units, while renting out the other 2 units. Was able to drop down my monthly house expense to $ 271.68 while living in a high cost of living area

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My real estate agent (Lien Vuong) is a rock star and couldn't have done my first deal without her help. Looking forward to more deals working with Lien around the Boston area.