All Forum Posts by: James Brisson

Hey all, so I'm currently in the process of doing a cash out refi on one of the triplex's I own in Fitchburg, Ma. I have a rate of 3.75% Current PITI is 2180 and other expenses monthly are roughly $200. Gross rents are 4550 so cash flow is roughly $2100. ( yes I know I need to factor in cap ex. Maintenance and vacancy to get a more accurate number). I would be able to pull about roughly 100-140k (appraisal depending) with a new piti of $3960. The rate would be in the mid to high 8's. My goal is to scale the portfolio and hopefully be able to replace the lost cash flow by adding additional units with the cash out proceeds. The closing costs would be 19k with 5k in prepaids, with 14k in closing costs including broker fees. Is this competitive or does this seem expensive to you? Also the cashout refi is a no income low doc loan that looks to the DSCR ratio of the building for qualification along with my credit score. Details for closing costs are outlined above. I'd appreciate ANY feedback positive or negative !!!! Thanks guys and gals !!!!!

 Thanks for the response, it’s something I’ve known I need to do I just have always had the mindset to put in work rather than network. I have a feeling this could be holding me back though so I’ll take your advice and get out there more! 

First of all thank for for your insight and response, I recently had an off market lead that failed to sell through a wholesaler, and like you said was just asking more than it was worth and the amount of work needed was extensive to say the least. If you ever come across anything and I could be of any help whether that be in contracting needs or a possible partnership if you need more funds let me know I’m always open to possibilities. I’ve been wanting to get into the southern N.H. Markets for quite some time so would also love to hear your thoughts on Nashua and Manchester, or any area you think has potential in the future! 

Hello my name is James Brisson. I currently own (2) triplex's in Fitchburg, Ma and my primary residence (which I plan on renting when able to purchase next home.) I am a licensed contractor and have 15 years of construction experience as I'm a union carpenter and purchased my first home in 2008. I've used only MLS at this point and the market has become to heated in the central MA area so nothing makes sense in terms of cashflow now that prices have steadily increased in the past couple years and now with interest rates almost doubling, prices have not adjusted yet. I am specifically looking for a project to which I can add value and rehab but preferably not totally rehab as my current liquid funds will not allow so. Would like to start an off market campaign and or meet/ network with local wholesalers to find my next project and keep the deal pipeline flowing for future projects. Not sure where to go from here as refinancing my first triplex with a lot of equity doesn't seem to make sense with the higher rates and both loans for triplexes being in the 3's and already have a HELOC on primary residence. Any advice or strategies would be greatly appreciated! Thanks guys/gals in advance !!!!!