All Forum Posts by: Jamie Adames

@Robert Chaiton

Hey Rob, there are brokers that don't require much interaction, more for independent agents that want a low split and then you'd sign up for the MLS.

Let me know if you need any help with this.

Also, 4% cap isn't awful. 

Hi Stephen, It might be hard to find something in that price range specially for a 3/4 unit property. If you're an investor in these properties you're going to be putting down 15/20 % which would mean your range would be 200-266, if you're willing to live in the property you can probably get into something at 3.5-5% down and might be able to get into a better investment. Lawrence and Lowell are 25-35 minutes from Boston, which would be good depending on where you work. Feel free to reach out to me if you wanted to further discuss possibilities. 

If you're okay with not getting the money back definitely hold. If you hold then you open up the doors for a 1031, and you will get significant tax benefits with depreciation and you won't be guaranteed to find another deal this good. Good luck!!

@Aaron K.

Yes it looks like 1031 is not an option.

Hey Kyle, 

If the property is for investment and you're not going to live in it, I think most lenders are going to want 25% down unless you are paying a really high interest as Chris mentioned. 

As Charlie said, I would avoid the FHA route specially if you're planning on this being used as a investment property. If you're buying to move in there are better products than FHA as well.

Do you already have a property in mind? if it's lower than appraised value you can put the 25% down and then refinance and try to get your cash out. 

I have a client here in MA that is looking to sell his secondary home to buy another. He currently lives in Florida and owns a condo, but would like to buy a single family. He would like to attempt to avoid paying capital gains tax. Since he does not use the condo as an investment i'm not sure if a 1031 exchange would still be possible, I sent an email to a 1031 attorney I know but was hoping to get some feedback from hopefully someone who has dealt with a similar situation. 

Thanks!

@saravanan - Hi what if there would be multiple parties giving loans, just give each party a copy? 

@Andrew Postell - I appreciate the advice, i'm going to reach out to a title company to see if they could help. 

I'm looking into borrowing money from friends and family members via a promissory note secured by the property. 

I'm hoping to get some feedback and advice for this process and if there are things that I may be missing. 

@Nick Fernandez

Hi Nick, Welcome to BP.

As a few others mentioned beware of professional tenants, there are classes you can take that are for landlords. I recommend starting with those immediately, try doing it for 6 months or so, if you really don’t like the hastle, hire a PM and have them make decisions under a certain dollar amount.

As for investing, I would cash out refinance, and make your money work. You can probably take out around 85%, the Lynn, MA area is actually still pretty warm depending on where you are in Lynn. Feel free to reach out to me if you have any questions, i’m glad to help and be a resource.