All Forum Posts by: Josue Velney

Hi Steve, I am currently in the same position as you. My plan was to do the BRRR strategy – buy, rehab, rent, refinance and repeat. I have completed everything but repeat. The two areas I'm looking at are Somerville and South Medford. I believe the only thing we can do now is wait. Think like a sniper one shot!! Just keep waiting and the opportunity will come to you. Finding great deals does not come easy! Two things you can do now is drive for dollars and keep telling people what you are looking for. You can win in any market just need the right mindset.

Semper Fi 

Like Mike I also invest in Somerville. I also agree with Mike's comment. If I were in your position I would have my cake and eat it too. I would get a HELOC. You would be able to keep the house and invest money somewhere else. Getting a HELOC would take about 30 days where as selling the house could take a few months. You have a lot of good options. The best option is the one that lets you sleep great at night!

Hi everyone,

Long story short I have been a buy and hold investor for seven years. Last year I decided to rehab one of the new properties I purchased. I had a conventional loan and paid for the rehab myself. I am currently working on refinancing the house and look for a new project. (BRRRR) Can anyone please send me some contacts for hard money lenders? Thank you!! Pictures for your time!

You are correct! 4 beds at that price will most likely attract 3-4 young professionals! My 4 bed in Medford MA is going to be rented to 4 young professionals at $3,800. Move in date is May 1st.

I have found lately that I am out growing some of my real estate relationships. One relationship that has changed is with my insurance company. The reason is my old co gave each one of my properties a different policys.  The new co will be able to put all my policys under one binder. I will save 4K yearly. It was not an easy decision but it was the best decision for my portfolio. Somerville MA investor/realtor 

Can you send me a inbox msg? I'm looking for a new accountant.

Evan Cochran you seem like a smart guy with a lot of options. Try not to over think it so much. Many investors including myself has been where you are right now. Speaking from experience taking a line of credit was the best decision I could of made. I'm sure you are enjoying the income your rental is making and worry that the income will be less once you pull the money out but think how much more you can make with another house. My logic is as long as my loan pay down is being done by my renters I'm happy. The problem I think you are having is knowing that the cap rate in Somerville is about 5 percent, no room for error. I used to look at it like that myself but now six years after my first purchase I am house hacking for free and was able to purchase more with my line of credit. I also don't think the election will effect are market due to the fact that are market is so strong.

Winter Hill bank is great. Ask for Rich!! They are a small local bank. Rich will get you a great rate and if he can't he will tell you straight up.

I believe the value will keep growing. For one some people are not completely buying into the green line coming. Ball sq is maxed out, Union Sq is getting to max but Magoun Sq and Medford street behind the high school has not reach the top yet.

I agree about the green line extension. I been looking in the Magoun Sq area the most. Good luck with everything but if I was in your shoes Medford might be a good option.