All Forum Posts by: John Silva

Hi Odie, 

It's a 30 year fix and if you have experience or opinion about LendingHome that will be great. I asked if they report to the credit bureau every month, the answer is no. Just a one time pull which is fine. But they do choose to sell their loans. So, whoever buys my loan will that new company report every month. The LendingHome rep. said no. But I think the new company will, maybe not. Your thoughts?

As a investor I don't want every loan for a house on my report. 

Thank you. 

Hi, would like BP feedback on a hard money approved loan. The numbers are based on a specific property. 

Interest rate: 6.75%, Mth pymt P&I: $778.32, $2k orig. fee, $1k service fee, $360.00 pro rated interest. With the downpayment of 25% total out of pocket $43.3k. Not including title, appraisal or property insurance. There is three mth upfront payment for Covid 19 = $2,334.96 in escrow which will be used for the 1st three payments then I start paying. All said in done $52k out of pocket. PP $160K, ARV $235K, rent $800, second floor needs $8k work before to rent. That will take 3 months for work and tenant. Gross rent month 5 $1500.00.

What do you think? all comments are welcomed. 

Thank you. 

Hi Jonathan, 

Welcome to REI. I would like to share RE ideas and investment strategies. I have done investments in New Bedford Ma area and looking to scale and do JV's. I'm willing to listen to all opportunities to see if it's a fit. Everyone on the tread it goes the same. I will send everyone a dm.

Hi Harrison,

Welcome or rei and best of luck with your goals. I 100% agree with Jaron also keep in mind properties in Cambridge start at $700k and that’s without renovation cost. I just priced a 2 family, off street parking for 4 cars, one parking permit, needs work but functional $1.2mil.

Hi Ralph,

I’m late to the party but hopefully I can add some value. I have used school tech. teachers for my flips. Electrical and plumbing teachers. They will be about the same per hr or cheaper. For junk removal. Best bet is a dumpster and call it a day but if you know of junk collectors they will haul anything of value for free. 
Best of luck.

John 

Hi Nicholas and Steven, nice to see everyone coming together to brainstorm some ideas. I’m a MA lic realtor with investing experience. Is it possible to join the zoom ? I sent each of you a message. 

Thank you. 

Welcome Nicholas to BP and much success in your rei. I’m not familiar with Medfield or the surrounding towns and cities perhaps a local realtor can help. I’m a lic. Realtor and investor and if you need any information or data points feel free to contact me. 

Hi Michael, safe travels to Fall River. I am an investor in New Bedford which is the neighboring city of Fall River. For a local meet up try Bay State Real Estate Investor Group. They meet every month on the third Monday. Next meet up is March 17th at the Fireside Restaurant 30 Bedford St. Middleboro MA at 6pm. I have not had a chance to attend their meetings but I heard good things. This next meeting could be my first. You can message me anytime. Best of luck. 

John  

Hi Ryan, 

I used Humphrey, Covill & Company in New Bedford on Kempton St for a single family flip in NB. Although, your looking for a 3 family quote it might be worth your while calling them. Great service &  price  and they use Llyod's of London as one of their carriers. I'm currently looking for a a multi in the area and I will call them again. Best of luck !!

John 

Colleen, 

I had hot water radiators and the section I replaced was in the bathroom a small four foot baseboard the piping was right there. You won't lose heat in a small area plus I installed a heat fan in the ceiling. I agree that painting them are a pain but cheaper than the alternative.