All Forum Posts by: Justin Trudell

Jesse - have been trying to get to a Black Diamond event since January, but I've been out of town on business for every single Worcester event so far. Here's to hoping my travel schedule slows down so I can get to one soon.

Welcome Jesse - I just bought my first triplex in Worcester and am spending this first month rehabbing the first floor. Even a 2 bedroom/1 bath can rent for between 850-950 per month and there are a lot of options on the market for between 175-225k which will need some work but won't be complete guts. Good luck and keep us posted as you make your way into the Worcester market.

Welcome Vi! I'm a new investor and I just closed on my first multi-faimly property in Worcester. I spent the weekend gutting a kitchen, painting and updating bedrooms, and spending money on a newly minted Lowe's credit card! I decided in January that I was going to take the plunge and within 3 months, have picked up four "doors" of rental properties. Time to save up for that next down payment!

BP is an amazing site to get you ready for your first deal. Don't get trapped in the education stage though!(there is so much information to absorb that you can spend a lifetime learning and never get out there and make it happen)

Enjoy and welcome to the community.

Welcome, Jim. I am closing on my first investment property in about a month...finalizing the P and S next week. I bought a tripple decker in South Worcester and am looking forward to managing the property and to continue learning the ropes. This site is awesome and I've always gotten useful hints/tips/answers when I post questions. Keep us posted on your progress.

After two full days of making and returning calls, I found 2 banks willing to loan on 20% down. First Niagara was willing to do 20% down, but only with an ARM. Bay State Savings Bank is willing to do a 30 year fixed rate at 20% down with a .625 point increase on the rate...looking to get around 5.125%. I don't really care about the higher rate as the tenants will (theoretically) be paying the mortgage. I'm happy because I save 10k in capital!

Thanks Charles Gillis!

From what I've read, you'll have a hard time meeting the "like kind" requirement for a 1031 exchange.

the property is in Worcester. I've tried Leominster Credit Union who offers portfolio lending, but still required 25%. I will be making some calls tomorrow to the suggestions mentioned above. I didn't figure I would qualify for portfolio lending since this is my first rental property.

@Seth B. Exactly. Find a partner that can deliver the loan and half the down payment. Paper an agreement to go 50/50 on everything and ensure you write in a buyout clause in the contract. Then you keep a joint checking account for rent and expenses and set up periodic disbursals for profits. The papered agreement will help if you ever get audited. I'm pursuing a similar scenario now myself. A partner brought the deal and half the cash to me and I've got an available loan and the other half of the cash.

Find a partner with available credit and do 2 deals instead...

Thanks both. I'll give Webster and First Niagara a call!