All Forum Posts by: Ernest Partin

I wanted to give a major shout out and a solid thank you to Brian J Allen. I met him on a BP forum. He provided great knowledge on the forum and offered a tour of Worcester if I'd like one. 

I took him on his word and he performed better than I could imagine. Brian really knows the ins and outs of Worcester. He knows the top keys players all the down. 

I highly recommend Brian J Allen to anyone multi family hunting in Worcester, Mass. 😎  

@Brianjallen 

 Thank you for the reply. Yes, I agree with the markets are all different. Competing with foreign investors in major cities is an issue for sure. I am looking in smaller towns/cities outside my major city (Boston) then take it out of state. Do you invest OOS or only local? 

@Charlie MacPherson 

Thank you for the reply. I agree what you said about the 4 plex market vs the 3 plex market. I am starting with 4 plex then the plan is to move up to more units per building. The market has lots of 3 families in South Shore for low price compared to where I am in North Shore. 

The 1% is not everywhere, you are correct. They do exist out there though. I see BRRRR potentials in Fall River and New Bedford. Do you do business in either of them locations?

Thanks again Charlie 

Hello BP,

I been searching for the right 4 plex to start my journey. I feel I took too long to pull the trigger on submitting an offer on a deal. I watched great deals go under contract while I sat on the sideline. Watching others buy deals I had my eyes on shows I was looking in the right places. 

All properties have 70% ARV as well the 1% rule AR. I am in a nice market (Massachusetts)

Question: Are all deals good if they past the 70% rule? 

Thank you 

@Kath Marie Thank you for the insight. You brought up a lot of great points. Points I put some thought into as well. I’d love to talk with you about ideas. 

@Brian J Allen Thank you for the reply. Yes, I hear Worcester rental market is nice. I would love to connect with you for a meet and greet as well as a tour. Happy New Years!!

@Patti Robertson Thank you for the reply. Those are great questions. Just saying the number of units can mean nothing I understand that. To be a bit more specific, all properties will produce a positive cash flow. Every property will be bought with all DD done as well as numbers making sense for each unit each month (Cap rates, ect..). I chose 1000 units because I have a minimum number for each door cash on cash I need and with 1000 units my financial goals are met monthly as well as paying off the massive mortgage. Happy New Years!!

@Mikhail Katz Thank you for the reply. Well said!! The same financial goals can be met with less units. I got my mind set on 1000 units. If my financial goals are met at 200 units, then I will meet my financial goals x 4. I really appreciate the insight. It does have me looking at things a bit different. Happy New Years!!

@Enis Shehu

Nice!! Yes. I have my eyes on Worcester as well. I like the prices and potential out there. 

Revere, Roxbury, Brighton are very expensive. My pockets are not that deep just yet to invest in those locations. I would love to soon. 

Have a Happy New Year! 

@Enis Shehu

Thank you for reply. Yes I agree go big or go home!! 

My plan is to acquire multi families in Mass and OOS using BRRRR stradegy.

My buying criteria is 4 plex and up for now, then larger complexes in NC & TX. I am still in need of a real financial partner to take off how I want. 

25 units is a great start, great Job!! Your next 75 will be a breeze. What parts Greater Boston are you investing in? I’m in Lynn area now. 

Thank You 

 Yes of course!! Nothing moves without the money. I was asking for a better way to go about my lending and investors. As I begin to agree on terms. Thank you for the raw truth! Happy New Year

 Yes, 30% are the terms I am hearing. Liquidity is a major factor for these deals. Thank you for the info.