All Forum Posts by: Jonroy Connell

I throw my $.02 in the arena for Ryan Flannigan. He's done very well by us. If anyone would like his contact info I'm more than willing to pass it along.

Originally posted by @Richard Jeffers:

we had a rehab to be done in a pinch , they came thru as advertised.  We appreciate that . Just give me a shout and i will pass on the info 

 Good find. Always take care of them and they will always come through.

Originally posted by @Lori Greene:

Originally posted by @Robert Painter:

@Lori Greene my internet is 6% much cheaper then a hard money loan. It's great for BRRRR investing you can use your equity (assuming there is enough of it) to buy and rehab then pay it back when you refinance. And repeat. I'm sure other banks do this to but American Financing dose requires a 700+ credit score for approval. That will give up to four of this type of loan of your debt to income supports it.

I'm sure you meant to say "interest", not "internet", stupid auto-correct is always doing that. Lol!!!

Fat thumbs. It's terrible.

I personally used our HELOC for the down payment. This is indeed tax deductible. I also pay toward the principal because the payments are interest only. I am now looking to Cash Out Refi the Jacksonville property and I'll stuff that money back into the principal of my HELOC and start all over again. I have a great lender locally here in MA that happens to also do loans in FL. My rate is Prime -.5%.

Bravo. BRAVO!!!!!

Outstanding reality check.

Its a common practice. There are a few things to identify 1st though. 1: Is the existing joist that is being sistered to completely rotted? If yes it's more involved than just sistering a joist. 2:  if the existing joist has some life left in it then he should have at least jacked up the house, sistered and added a lally column. 

Leaving the house leaning to one side and just sistering is a head scratcher. Unless an engineer needs to get involved some common sense and a few friends can do it. $1,000? No no no no no.

Not that easy. Depends on layout. If everything is a box, ok. But room shape, angles, etc. Region. Need more details than that.

What would you consider the bottom for A class neighborhoods?

My apologies if this is a bit drawn out. This has been a long time coming but I want to have my ducks in a row when I sit and talk with my partners. Ahem..... We own a 2 family home in a suburb of Boston not far from Tufts University. The home has been in our family for 2 generations and is free and clear of any mortgages. We have wanted to rent both units for some time but many things needed to happen before that could happen. Well. We are now moving forward. The house fell into the ownership of my Mom and Aunt when my Grandparents passed away. When my Mom passed she left her 50% of the ownership to my dad who is still with us. When my Aunt passed she left her 50% ownership to myself and my 2 siblings. Of my 2 siblings, myself and one other are educated and methodical. The other...... Use your imagination. That being said we all are on good terms with each other. For now. The siblings and I ownership is in revocable trust set up by my Aunt. My Dad. An individual. I am trying to wrap my head around creating a single entity so accounts can be created in the entity's name, rents can be deposited and things stay on the straight and narrow. I never want to do business with family. Fortunately/Unfortunately we have a cash cow that I can't purchase outright from them. How would you handle this situation? I need to present it and sell it because it will make things smoother in the long run. Thank you for your input.

Both responses very much appreciated. As I'm very green in this area I don't want to hamstring myself. I will continue my research. Gentlemen. Thank you.