All Forum Posts by: Joe Rodriguez

@Jackson Cantrell Definitely consider FHA as @Luan Oliveira mentioned. I have done it twice now after refinancing the first one to a conventional loan and then buying the 2nd with FHA again. Of course as @Anthony Thompson mentioned, it gets tough when trying to beat out other offers. So in that case, when using FHA, I would wait until properties have been on the market for over a week before pursuing them or you could use 20% during the first week to beat out other FHA users. 

@Adams Jean Baptiste Excellent advice from @Russell Brazil. I've been starting at $15k over asking if I'm interested in the property and possibly more if I keep the inspection. I recently went $30k over on an offer in RI (not even Boston market) and got beat out. It happens to all of us and I even have leverage seeing that I can make money back on the deal since I'm representing myself. It's usually a combination of highest price and least contingencies. Figure out which you can offer more of and go big. 

I'll definitely join! I cover north of Boston. Also licensed in RI for my own investing and can provide referrals for RI agents. 

@Evan Leibovitz As John mentioned, definitely a personal question but I can provide some feedback based on my investing experience. I would always go back to my vision or personal plan. For me, it's cash flow so I can plan on leaving my W2 job and work on real estate investing and sales full time. If you enjoy your job and just want to get into investing as a side hustle to get started, then I wouldn't mind a negative cash flow. However, if you goal is to some day invest full time and leave your W2 job, then I would focus more on the cash flow options. 

@Troy Scarbrough welcome Troy! I'm in Melrose, MA and I'm familiar with the North Shore area. Would love to connect!

@Rami Ibrahim Hi Rami- I have a couple of multi's in the Federal Hill area of Providence. Although I don't have many students, I can provide some feedback on your questions.

1) September 1st lease start date, possibly August 1st or August 15th to line up with the school year would be my suggestion.

2) 1 Year lease should be sufficient. Most students jump around from year to year and you probably don't want to get stuck with students for more than 1 year if there becomes any issues.

3) Parking and laundry would be bonuses. Good location. 

I haven't rented out by the room, only by the apartment, but I would imagine it would be more work by the room though you could have more cashflow. I think it's easier by the apartment as the students know each other living in the same place and there won't be finger pointing should anything go wrong when  you rent out by the room to random students. 

@Gbatoh Browne My dad is a carpenter in RI and can do just about anything. He manages my properties. Let me know if you want him to check it out. 

Agree with the others. I would ask myself the highest and best use. Storage, laundry, etc. Definitely look into all of the requirements of adding another unit (if even acceptable by the building department). Buying another multi would definitely be my recommendation as you could move into the new one and continue house hacking while continuing to build wealth through long term rentals. 

@Dedawnte Vassor Hey Dedawnte, BP is the right place to be. Let's connect. As others have mentioned, meetups and networking groups would be the best way to connect and build your team. 

@Dmitriy Fomichenko Thanks!