All Forum Posts by: Jim Sestito

@Tony D. Great question.  I imagine this is raising an issue if and when the sellers team calls for proof of funds.  I'll be following this thread as I am curious to see what answers come up here.  Massachusetts , Franklin , Boston 

@Robert Anderson last name is Anderson and you have a window question.... sorry couldn't help myself!  

My last project I used Home Depot - competitive pricing - had them in stock - but certainly it depends the price point of your flip - Over that 500,000 K Price range you may have to step up a notch - if you go window specialty stores get many quotes - a lot of guys will price match their competitors.     Good luck

@Christian Allen @Ricky Beliveau  Here is what scares me about East Prov area (I personally like the area as well)  

The sheer @ of houses / apts currently for rent seems super - check out the craigs list map compared to Boston  -would love to hear you guys' thoughts on this.

Hey BP,

Currently refinancing a property I bought (MA, Massachusetts), rehabbed, and rented.  Now it is time to cash out refi for down payment $ on the next property.

My lender quoted me a value and has now sent out an appraiser to confirm.  The appraiser works for the mortgage company so I feel good he will appraise the house to the value quoted.

Is this normally the case?  Are there any small improvements I can do in a week time to get a stronger appraisal dollar amount?

Any insight on the subject would be helpful.

Thank you - Jim 

@Kevin Schneider Those are very realistic goals - next step is figure out actionable tasks that will help you reach those goals!

I am in your area - feel free to reach out to connect. 

@Lior Rozhansky I'll be honest I only skimmed the data.... and I'll also say this, your certainly doing your homework - more so than I before buying my first rental.  

Last question - as you walk each street/ neighborhood do you feel comfortable there?  Trust your gut - run the #'s on a few multis in your target areas - math out what your offer should be, and make a few - be careful you may just get one accepted! 

Good Luck... 

@Alex Rice Welcome welcome, Alex - great strategy focusing on commuter friendly areas.... Those units should always rent - for how much and to whom will need a little more due diligence.  - Jim 

@Nate Jackson Welcome aboard, where abroad  do you plan on taking your investments?

@Max Mozes Fellow Mass road cyclist / REI over here! (Strava JJ Sestito)

I am focused much south of the city towards Norfolk and Bristol counties - A because prices are a better for a rookie like myself and B because this is where I grew up and know the area well.

Would love to talk a ride sometime / talk real estate during some post ride coffee!

Best,

Jim 

@Ashley Wolfe  The first renal property I acquired had been on the market for 180 days+

Being the new guy on the block this was my strategy - since no one was going to call me with off market deals I thought I could buy under value by getting a property that had just a little too much work for other investors.  

Did it work out?  I would say yes.  Did it take a s--- ton of work to rehab?  Yes again... but I am looking to cash out refi now with over 80K in equity to put a down payment on the next one...

Good luck