All Forum Posts by: Kaiden Swainamer

 This worked flawlessly! Was able to get the info needed thank you!

Hi Everyone, 

I am a multifamily investor is southeastern MA! I am currently looking for my second investment property and slowly learning the ropes. 

I was able to find a 4-plex in my area that is sitting completely VACANT! The building is in pretty decent shape with some minor cosmetics that need to be done. I was able to do a title search and find that the city has tried to take this property back every year for the last 4 years due to the owner defaulting on taxes. It sounds like this property has been a massive headache for the current owner, and I see nothing but opportunity.

I am stuck at finding how to contact the owner, and begin the direct mail/phone call. I cannot find a primary residence mailing address or phone number online (easily that is, after about 15-20 minutes of searching, I came here!). I assumed when I did the title search, it would list the mailing address as well but to no prevail. 

I know I am missing a small step, so what is it?? Thank you! 

 Hi Trevor, 

That is a great question. On paper, it sounds easy to do. In order to partner on a deal you need to bring something, management, cash, or credit are normally the big three. From here, identify what you do/do not have, and find someone that can offer what you can't. This makes perfect sense, and is the principal of finding a partner, but am struggling on how to start the networking process. 

Additionally, closing on my first deal was easy because it was all my cash into the deal. I have reviewed quite a few deals, and looked at a ton before closing on my own, so I know the math that goes into it pretty well but I don't have a full understanding of financing options. I am thinking about calling some banks and just getting on the phone to learn more... As I look for another deal, should I be looking at a commercial loan, a personal loan, a portfolio loan, etc. Obviously, one day I would like to buy a home for my family, and am wondering how all this might effect my ability to do that one day. 

I guess I know the process, but just need a push to get going. I feel like once I get going, it will snowball and I will get in the grove, but just don't know where to begin. Should I call banks to explore loans? Should I start to network to find a partner for a down payment? Or should I find a deal, and figure out the rest? Hope that makes sense! 

Hi Nicholas and others above, with the FHA structure on my loan, the mortgage insurance payment is always on it and the only option to get it off is a refi. Obviously rates are much higher right now than when I locked in my rate almost this time last year, so at this moment in time it would not make sense. Refinancing is my only option if I want to get out of the payment and I understand that!

I guess what I am really stuck on is to how to go from the first one to the second one and how to start scaling. Using my FHA loan already, the investor style loans in my area would require over 100k to close on a deal. In my area, there is not any REA's that I could find online. I want to network and find partners to bring in to help me fund a deal, but am stuck on how to start the networking process. I have learned a ton from the books and podcasts, but am struggling on how to apply that. I don't have any family or friends that are into real estate, so am stuck on how to get the networking process going and starting to build out. I'm not afraid to put in the work, just don't know what steps to start with.

When working with a commercial lender, I too am looking to move into the commercial space. What credibility do they look at in an LLC/Corp? How do they process loans for a new company, and what steps can a new company do to prove their credibility to acquire funding?

Hi all, 

I currently closed on my first multi-family rental in May of 2022 in New Bedford Mass, and have been doing a house hack ever since. I bought the property in decent condition, with two of the units updated. Since purchasing the property, I fenced in the backyard, installed washers and dryers, and completely renovated the third unit. I purchased the house with and FHA loan and am currently paying about $300 in mortgage insurance.

My goals for this year, is to purchase another property by the end of the year, I would love a 4 unit! I am hesitant to look any larger because that would require commercial funding and I have not navigated that option yet, nor have any connections in the commercial market. I'm really not afraid to get my hands dirty on a project, and enjoy self-managing the units (for now). In addition to getting another property, I also want figure out if there is a way to drop that $300 a month mortgage insurance bill on my current property, as this will help cashflow significantly. 

Would love to connect with anyone that can help me take that next step, whether it be zoom or an in-person meet, coffee or lunch on me! I have listened to literally hundreds of episodes of the podcasts, and have read a good number of books as well, but am struggling to apply that knowledge to real life.

 I wrote a hand written letter and had a picture of me and my girlfriend as well! The seller never said if that swayed him one way or the other but the offer did get accepted!

@Eddie Davalos

Hi Eddie, 

Congratulations on getting started in your search! I just recently closed on a house hack in southern mass. with an FHA loan. I lost out on a couple deals because I had FHA financing and the sellers went with lower cash offers. The deal I ended up closing on was listed on the MLS for $399k (Below market for this area), the cash flow numbers on it worked all the way up to 470k for what I was looking for. When I made my offer, one of the contingencies was that the seller will sell at the appraised value or the offer price of 470k which ever is lower. The seller accepted this offer and contingency and when it came time for the appraisal, the appraisal came back lower than expected at 435k. He tried to back out because he claimed he had cash offers for more however at this point we were under contract. I believe he chose the offer because of the total offer being very strong but luckily the appraisal brought that number down.

I definitely had some luck on my side on this one... But depending on what your state laws are, a contingency like this can ensure you come in with a strong offer and get your offer chosen with FHA. I would only suggest this if you have a pretty good understanding of your local market though. My numbers showed the market value was about 440k but the rents being collected justified up to 470k, I was comfortable closing all the way up to 470k if the appraisal came in that high. Definitely some risk involved, but it worked for me in my market to get my FHA offer selected and the contingency helped me close below my offer price!

Hi All! 

Just recently closed on my first deal, and it is a triplex in South Coast Massachusetts! I am doing a house hack and the rents from the other units cover the mortgage! I am looking to connect with any real estate investors in New Bedford, Fall River or surrounding areas to grab a coffee and talk about real estate. Looking for someone who has multiple multifamily or apartment complexes to talk about growth strategies in this market, and to network with, either in person or a quick phone call. If there is anyone out there, message me! Coffee on me! 

@Jon Olson Based on what you said, nothing you are doing is wrong as long as the landlord is aware of the situation. I had a family member who did a similar thing with no issues at all. She was signed to a lease with a sub-lease option and her job moved her from Maine to Utah. She was able to find a sub-leaser to take care of the lease payments. 

Rental arbitrage is extremely popular for people using places on AirBNB and VRBO for short-term rentals, while I have never heard of someone doing it long-term personally, this model is used around the country to generate cash flow. So overall, as long as the relevant parties know what is going on, looks like a savvy way for cash-flow to me! Good luck in your investment journey!