All Forum Posts by: Jim Sestito

@John Menton amazing the market we are seeing - that pearl st. 4 fam has been on/off market for about 3 years unsuccessfully - last one week this time around!

@Nick Montville Find an organized contractor who comes with good recommendations.  If they are indeed organized the extra paperwork, inspections, associated with the 203K should not scare them.

Would love to follow the progress of your live in flip get this thread updated!

@Edward Mills sell, sell, sell.

@Steve Bracero Would like to hear more - could even start a private Facebook group.  

Even 10 serious like minded people can do big things... 

Say if those 10 people each find $25K to invest thats a 25% down payment on a $1M apartm.... ok getting ahead of myself but count me in.

@Kush Patel would love to get an after post update here.  Let us know if they worked out!

Good luck - 

Jim

@Anthony Simboli  Curious who you ended using for a real estate attorney in Massachusetts here?  And how was your experience?

@Tal P.  How did you make out here?  Did you end finding a commercial property?  Would you care to describe the lending process

Going thru a similar situation in MA and would be happy to trade war stories!

Thanks @Kevin Siedlecki  @Josh C.

To be specific the deal would call for Roughly 100K of my funds from Earnest, Closing, Deposit.  I Have roughly 135 savings / stocks.  

I really like the deal - I think I would ask a friend for 50-60K w what I hope to be friend terms to help ease the out of pocket burden.  If they do not want in I'll just front the deal 100% self sufficient. 

Immediate cash flow does look much sweeter using all personal funds however.  

Never have dropped that kind of cash before - nervous and excited.

OK You found the deal - commercial 10 unit property - Safe estimate $100 cash flow per door after all expenses/P&I

You found a bank to lend 80% of purchase price.

Now you need 20% down payment.  DO YOU.....

Drain 65% of you savings, stock options to make this happen.?

Found raise for private money?

Other (what is your other)?

Lets hear the strategies!  

@Matthew Arnold  Did you end up closing the deal here?  Am in a similar situation and would be curious to hear the update.