All Forum Posts by: Justin Repp

@Vy Mai I would absolutely talk to a lender first.  I would recommend going to a local bank rather than Quicken, personally.  Either way, talk to a lender first and simply explain to them your plan.  They will be able to explain to you whether or not it is even feasible and if so what specific steps you need to take to make it happen.  Once you get pre approved, you should then speak to a Realtor who can help you find a property that works once you know what your budget is.  

@Vy Mai $67,000 won't get you very far as you get closer to the city.  As you may know, chances are you are going to need to put down 25% if borrowing from a conventional bank.  They will also want to see a few months of reserves in the in case you have some vacancy or surprise expenses.  Not trying to deter you, but you should just be mindful of these things.  I would first talk to a lender before you go and take out the Heloc.

I think your idea of getting a rental property near Umass Lowell is great idea.  You will always have a solid pool of rental candidates.   Shoot me a PM if you need help finding a place.  I am Realtor based out of Beverly.

@Josh McCullough congrats on taking the plunge!  

Be ready for a roller coaster ride.  I am about 6 months in and it has been up and down.  I love it, but it has many challenges.  A few tips

-Find a good mortgage broker now.  Take a couple out to lunch and see who you like and think that you could see yourself doing business with.  They will be huge for you in your first year.  You want someone that you trust and meshes with your working style.  They want to meet you...trust me!

-Go to as many networking events as possible.  

-Find your broker now!  I started taking in house classes at my brokerage a month before I got licensed which allowed me to hit the ground running once it became official.  I would be happy to share some more details about Keller Williams via PM so give me a shout if you want some more details...I have been very happy.

-Start spreading the word to those closest to you now.  I can't tell you how many people I know that bought or sold in the first month that I was licensed that I wish I had made aware that I was getting into the business.

Good luck!

I have seen a house restricted to a 2BR septic due to the size of the lot.  It was in Hamilton MA.  So that certainly can be the case.  A trip to town hall should answer that for you.  

@Kent Byron I love this idea!  I wish you the best of luck.  I could actually see this idea working well closer to the city.  Although the land would be much pricier, I think this idea would resonate well with the millennial generation who are already overpaying in the crowded city.  Just a thought...good luck!

@Kristin Sundberg Welcome to the BP community.  As someone else said, definitely set you keyword alerts so that you can be on top of any topics that pique your interest.  The blogs are also fantastic.  Give me a shout if you ever want to talk shop.

Wow!  Tons of good info.  Thank you everyone.  I will keep all this in mind as I explore all my options.  

Thank you everyone.  Good info.

@Sam Leon the MF has 3 units.  One unit's rent includes water only and is on gas.  The other two include Heat, water, and electric and are on oil.  The heating and electric is the thing that I am most concerned about.  Especially since winters here are brutal and heating costs with oil will be astronomical.  Since gas is in the house already, and one unit is already seemingly separated, perhaps this would make it easier to separate the other two? 

Ultimately, since my line of thinking is that the $ up front to do this could be worth it for a buy and hold investment as it will a) pay off in the long run as I save a little bit of money each month and, b) instantly add value to the property once completed.

Hey folks.  I am looking at a MF property that is priced pretty well and is in good shape.  The cap rates with heat, electric, and water/sewer included in the rents are respectable but would be double digit if I could separate the utilities.  If I can do this I can see this as a great value add for this property.  Does anyone have experience doing this?  I know it will cost $ and I can talk to the right people to figure out pricing but I am sure there are some of you out there that have experience with this and can share some insight.  Thanks!

@Eric D. we should talk sometime.  I am in the early stages of planning my investment strategy and I live right next door in Beverly.  I also am a Realtor but I haven't delved into the investment side of the business yet.  Shoot me a PM if you want to meet up and talk shop.