All Forum Posts by: Joe Rodriguez

@Brittany Myrick Welcome to the New England area! I started off with house hacking a duplex in Malden a few years back and have been able to acquire 14 more units since then. I would be happy to share my experience in knowledge in this area (MA and RI) as I continue to look to build my portfolio. 

@Dave Estochen Hey Dave, I think using your equity with a HELOC is a great idea. As others are noting, it's important to run your numbers and would probably only recommending pulling from the HELOC for short term opportunities. With that said, I have HELOC's on 2 of my investment properties. It's challenging to find lenders that are willing to be in 2nd position on an investment property, but I called quite a few during the process.

I have Baystate Bank on one property and TD Bank on another.

Hope that helps! Let me know if you have any other questions. 

Hey @Francis Nunez Not sure how far you are to Rochester but I believe NY is about 4 hours from Providence. I have (4) investment properties in Providence and I love the area (I live north of Boston). Though it's about 1hr - 1hr and a half away from me, I try to get out to Providence every few weeks to check on the properties. I have a trusted handyman in the area that helps out with renovations/ repairs. I'm also a licensed agent in RI and MA so that helps as well. More than happy to chat about investment properties in Providence if you have any questions. 

@Matt Mahowald Hey Matt! I might be interested. I'll send you a message. 

Hey BP! I am a licensed Real Estate Agent in RI and MA. My wife and I currently own 4 investment properties, 14 units total. We live in MA and often vacation in NH and Maine. We are thinking of purchasing a lake home where we can vacation as well as AirBNB/ short term rent. Since I am not licensed in NH, I am looking for recommendations for a real estate agent that can set me up on MLS. I don't plan on purchasing until early next year, but want to begin the search. Thanks!

Welcome @Ben Burgess! I'm in Melrose, so right near by. I began my RE journey in 2015 by house hacking a duplex in Malden. I ended up selling that house a few years later and investing in RI due to growing up in the area and having my dad available for repairs and maintenance as I would find, purchase, and handle all of the financing/ tenant responsibilities being an agent in RI and MA. This area has definitely become a lot harder to afford but as others mentioned, appreciation here is real. Rates are starting to tick down so this may be a really good time to make a move if you're ready. Best of luck on your RE journey!

@Mike Levene First note, I agree with others saying cash flow is a bonus, though it depends on what stage of investing you're in. I first house hacked in Malden when I bought a 2 family. This was 2015 so although it didn't cash flow, the other unit offset my mortgage by quite a bit. I quickly figured out duplexes aren't the greatest for cash flow so I sold it a few years later and started investing in RI. I grew up in RI and my dad is a carpenter in the area (was as my parents recently moved to FL) but that got me into that market with some local presence as I stayed in the Boston area. (4) properties and 14 units later, I still find myself investing in RI as the price point is about half of Boston but the cash flow is similar. I'm a construction management consultant (so similar to engineering) and investor/agent in the Boston area so I get the need to want/need to stay local. I would say target a 4 unit property as that will give you the best opportunity for cash flow (or close to it) and that's the highest unit count you can go with for an owner occupied loan. Fortunately, with Fannie Mae, it doesn't need to abide by the 75% rule that FHA has. Hope that helps!

@Sathya Priya Sampathkumar Just sent you a request to connect with my contact info. Talk soon!

@Sathya Priya Sampathkumar I personally live in the Boston area and invest in RI. I have (4) properties out there simply because of the price point compared to MA. I love the federal hill area in Providence, though it tends to be on the expensive side, but also reflects in the quality of tenant and rent that you can get. You mentioned $200k, if that is the purchase price, I don't think there is anything remotely close if I'm being honest. You're probably looking in the $400- $500k range. More than happy to assist further if you have any other questions!

@Solomon Nguyen Hey Solomon! First of all, you're doing great! I certainly did not have that much saved up by 21. I've been investing since 2015 and just closed on another investment property last week in RI (federal hill specifically). I'm curious on why you wouldn't be able to afford a multi family property. I recently bought a $1,250,000 property and only had to put down 5%. You can also go with FHA and only have to put down 3.5% (both are owner occupied loans). You have the cash. If it's matter of income, make sure your lenders are including part of the rental income. I've seen this around 75% of all rents. That should be contributing towards your income. Do you earn a salary at your property management company? Happy to talk further if you have any questions. Seems like you may just need to find the right lender!