All Forum Posts by: Jim Sestito

@Mike Hoefling Thank you very much.  That was what I had been reading/ wanted to hear.

The selling agent was very concerned about moving forward and having this be a possible issue at closing.

- I'll put an update on this thread when we move forwards.

Hi Guys,

I am purchasing a 4-Plex in Massachusetts built in 1912.  This means the house most likely has lead based paint (on the inside- outside is vinyl).

Has anyone ever purchased a home with lead based paint while using an FHA loan?

Any guidance / stories would be great.

@Ryan Dossey mentioned. After about 6-10 months of making payments I will explore refinancing. Converting to a conventional loan will most likely mean paying closing costs and also using current interest rates (which could even be higher than my current FHA rate + PMI)

- Just things to consider.  Good luck investing.

http://www.zillow.com/advice-thread/Can-I-refinanc...

@Derrick Craig Lets find a deal in the Music City and I'll get you front row on the 50 yard line! 

@Dave Visaya

@Dave Visaya Thanks for the welcome.  Your bio looks very interesting.  Awesome you can work from afar like that.  This may be more of an IT question but do you know how to change your forum post time to Eastern Standard Time where I am located?

@Kyle Cabral Returning the welcome!  I can relate to the pressures of having a full time job, maintaining good personal relationships, while also working on your investments.

Something that worked for me; I asked my employer if I could change my hours temporarily.  After a while with the change and maintaining the same level of productivity I was able to make the new schedule permanent.  I now only have to be at my full time job until 2:30 pm which opens up my afternoon and nights (and traffic is much better at those times).

Podcast 45 touched on 'finding your unfair advantage' and that really stuck with me as well.

Good luck with your investments and will most likely see you at a meetup.

-Jim

@Brandon Turner with a verified check mark, impressive... thanks for the welcome - from what I have seen you do an awesome job on here.

@Ali Boone Hello Ali... the first property I offered on was a duplex with an asking price of 109,000.  Potential rent was 2,100 which would have made this the first 2%er I have seen yet in Massachusetts that wasn't a complete rehab.  I offered 129,000 as I knew their would be multiple bidders (I even sent a nice letter and a small edible arrangements package) -- got the idea from @Brandon Turner from a podcast. --

The house went for 120,000ish to a cash buyer.  It was really discouraging at the time and I didn't understand why the sellers would leave 9K on the table for cash, I know a little better now.

- As mentioned earlier in the thread the current 4 plex I am after doesn't have the best cash flow on paper - but the house in turnkey and my partner on the potential deal is a licensed contractor which would bring great saving to all cap ex issues through this properties lifetime.  Also I am running the numbers with just about 100% financing (3.5% down).

- I noticed in your bio you invest in Indy and Philly.  If I cannot come up with some deals in MA those were two markets I had target as potential interest places to invest.  Also thank you for reaching out and I would really enjoy to hear your thoughts on the situations mentioned above.

@Mike Hurney It is not under contract yet.  And if and when it is - it will be my first rental property....  

Marblehead and Dartmouth - sounds like you enjoy living near the coast.

@Jared Cacciapaglia Hello there neighbor... have you done any deals yet in MA?  PM if you'd like would like to hear about it.

@Dmitriy Fomichenko Thank you for the welcome.

@Account Closed ahh spring fling memories... We had Talib Kwali, Gym Class Heroes, Drake, and someone else.... 

@Shaun Reilly Thank you for the welcome and advise.

That $3,100 is total rent without me there.  The rents are estimates and very conservative but either way I agree it is very tight.  Many of the major cap ex items (roof, windows, heating system) have been updated within the past five years.  Also on this particular deal I have a partner who is a licensed contractor- therefore we will have a heavy discount on any repairs/ maintenance.  

I am trying to be careful not to talk myself into a deal.   I have been searching for properties and making a few offers on the ones that work for the past 8 months and have come up empty handed so far.  I know there are cash flowing properties here in MA out there somewhere....

@Paul Timmins Thank you for the welcome.  Also thank you for the content recommendations.

- Always nice to hear from Massachusetts investors especially ones who hang with members of the Shark Tank.