All Forum Posts by: Logan French

My wife and I are considering using a owner occupied loan to purchase a 1bed 1 bath condo in the Fenway area for around $450K. We would live there for one year and renovate/decorate the unit for a STR.

We are new to real estate investing and short term rentals. Does this seem like something that would be profitable? Are there any regulations for STR in Boston that we should be aware of?

@Alex Evans What do the "X" and "$$" represent in your map? I actually used to live in one of the "X" areas before moving to Boston. 

Hello,

My wife and I just moved to Boston, MA and we are looking to start investing in real estate soon. From what I have been told so far, it seems like it difficult for new investors with limited starting capital to be able to purchase a cash flowing property in or around the Boston market, and I have been told that MA is not a landlord friendly state. This leads me to think I might should invest OOS. I am originally from Arkansas and the lived in Memphis, TN for some time, and I know it would be easier to cash flow in those markets. However, everyone I have spoken with has told me my first real estate investment should be local. 

I am conflicted if I should invest locally in a more challenging market for new investors, or invest in OOS markets, like AR or TN, that would be easier to cash flow. 

What are your thoughts? Also, if anyone knows of a great area around Boston, or even outside of Boston, to invest in 2-4 unit properties, I am open to any and all suggestions. Thank you! 

@Nicholas L.

Thanks for responding to my post. I do have a few questions for you. 

What type of properties do you have and how many? Do you self manage or hire a PM? How do you balance your time between your career and your RE investing? 

@Nicholas L.

I was just going to ask when they started investing in RE, when they decided to start their own dental business, and how they decided how much they would invest in RE vs how much they would reinvest into their business or opening new locations?

Hi,

I am dentist who just moved to Boston. I am looking to begin investing in RE using the BRRRR strategy on 2-4 unit properties. I am hoping to find other dentists in the area who also invests in RE in order to discuss strategies, goals, and how to balance RE investing with a dental career.

If you know of anyone, please let me know, and if you are a dentist who invests in RE in Boston, please feel free to reach out. Thank you! 

@Alex Breshears Thanks for the detailed response, it was very helpful! What if my wife and I formed and LLC together and we were the active partners, and this LLC raised capital from passive investors (which would be from friends and family at first), how would we structure this? Would it just be the LLC taking loans from each individual who wanted to invest or is there a better way to structure their investment?

Hello!

I am getting started in RE investing, specifically looking at multifamily properties. I am currently exploring my loan options and I am being told that money from friends and family, or "gift funds", cannot be used. However, I do have friends and family who want to invest (not gift me the money) in my deals, but they do not have enough capital to purchase an entire property. What can I legally do to allow my friends and family to invest in my deals without it being considered a "gift fund" so I can still qualify for loan options to purchase a property and a rehab? 

I spoke with a lender today who recommended that my wife and I use a medical professional loan (0% down, no PMI, ARM 5 yr at 4.75% or 7 yr at 5%) to acquire the property. Then use a separate construction loan for the rehab. We would live in one of the units ourselves for one year as a requirement of the loan. Then refi. Does this sound like a good option? Or should we try to do the fix and flip loan and then refi? I am not sure of the details of the "construction loan" he mentioned. Does anyone have experience with these types of loans?

@Nathan Gesner Thanks for the response. That number was just an example of a possible physicians loan we could get and we were just curious about if we could combine loans. We are aware of the 1% rule and would do an analysis prior to purchasing any property at that price.