All Forum Posts by: Joseph Freni

Hi Ralph, I'm an investor from Woburn, MA always looking for real estate. Would love to be added to your buyers list. Thanks, Joe

Hi guys, I have a property I'm interested in and my realtor asked sellers if they would consider owner financing. They said yes, send us the details with offer. It would be for myself to move into. But since it needs work (I'm turning a ranch into a colonial) I don't want the stress of selling my house and renting another while under construction. Two kids under 4 and one on the way, you get it :) House has been on the market for 120 days. Recently expired so they haven't had any luck. But it's in a top location with excellent school systems, etc. I will have at least 150k in equity after completion. Question is how in the world do I present an offer like this? What is a fair rate, down payment, should I offer collateral from my other properties? They know I want to renovate and then refi. I was considering private funding but my offer would be at least 50k less. What's a fair deal? Should I ask them what they are looking for in terms of financing? They are retired and moving to Florida for the winters. Thanks for any feed back

well I know each unit should rent out for 1500 easy. One unit has been completely remodeled with granite, etc. I did the complete gut job 7 years ago so I know it's good :) 

The other unit needs 5k of work. Roof is fine, and heating systems I believe are new but have to confirm. I'll let you know numbers soon. I think he wants 450 but I wouldn't go for that, not worth it for me. But that is def market value or below. I'm doing comps on it now to see what I would take it for. 

I have a friend who is willing to owner finance me on a two family he doesn't want anymore until I can refinance it myself and pay him off. We haven't worked out the sale price yet but I'm sure I will get it 10-20% below market value. Question I have: he has a mortgage on it now, I don't know the details yet but does anyone have experience with this? Cash flow isn't crazy but with no money down and having a positive cash flow of 500 a month seems worth it to me. Just wanted some advice and info before I seriously sat down with him to work out the numbers. Thanks

Thanks, 

I'm not an owner occupant. I have my own single family where I live and own another single family renting that out and this 3 family closing on soon. Just confused on whether to sell one and really take off or keep everything and go crazy trying to pull cash out so I can keep going. 

Hi Guys,

Excited I found this place and look forward to learning more. 

I'm from Boston, I'm a contractor and just started with investing in 2012. Slow start because every time I have to put 20-25% down and I'm out of cash after closing. 2012 I got a great rate on a single family so I really don't want to lose that rate. I bought it thinking I was going to flip it and realized the house was close enough to a university and ended up keeping it. Now I have a solid cash flow of 1600 a month after expenses. I'm closing on a 3 family in two weeks but I won't be left with 25% to keep going (which I really want to do). Here, in the Boston area, it's close to impossible to find anything where 30k cash down can buy you a house. This 3 family can generate me 2k in cash flow after expenses and I really would love to keep it. Got it for 355k and bank appraisal just came in at 490k. It's turn key, ready to make money. Since I'm a contractor and have a good network of leads, I come across deals all the time. I'm sick of losing out on them and want to keep going. Bank told me I have to wait 6 months to refi and cash out. I could miss out on a lot in six months. Any of you have some advice for me? I am considering selling one of the properties and that would really give me serious cash flow to take off but I'm afraid in 5-10 years I'm going to regret it. I want to flip RE and buy and hold. That's my main goal. But I'm stuck on the hold right now and it's slowing me down. I'm not looking to get rich over night either, don't want to come across that way. 

Thanks!