All Forum Posts by: Marc Beaulieu

Does anyone have an example of what they presented to a hard money lender? I have two potential lenders that I have no previous relationship with.

What if the seller hired a realtor? Would the realtor still get his commission? If the seller still owed money on the property would I have to pay it off in order to do seller financing?

Does anyone have a first hand seller financing story they could share? In general how do you set up the deal? Do you need a lawyer to create a contract between the two parties? Does this cut the realtor out of the deal? In addition I am particularly interested if you had to pitch the idea to a seller that had never heard of it before. Please let me know your thoughts.

I am trying to calculate the taxes I would have to pay on a house. I bought the house 11 years ago for 370,000 have an offer for 350,000 and owe 285,000 on the house. I lived in the house for ten years and recently purchased another house to live in.

For people who manage their own properties what are the most difficult or time consuming administrative tasks. For example, my most frustrating task is breaking out my profit and loss document by property at the end of the year for my accountant to do my taxes. Please share

Hi Calvin and welcome to bigger pockets. I am a RI investor who started out just like you. I saved and bought my first property a few years after college. Feel free to reach out with any questions.

I currently own 5 houses (10 units total) and it is becoming more difficult to manage everything myself while also working a full time job. I have a few property management questions for everyone. 1. When did you know it was time to hire a property manager? 2. What type of services did the property manager provide? 3. What are the typical costs of their services. Thanks for the help.

Hi Kevin, and welcome to Rhode Island. I have lived in RI my whole life and consider myself a novice investor. I will give you my two cents on your plan. RI is the second most densely populated state in the country. We have a ton of multi family houses and a large rental population. We also have high real estate prices and property taxes. I have priced out many deals over the years and investing in single families is much more difficult to hit a reasonable cash flow number in our market. This coupled with the fact that you are planning on leaving in a few years makes me think it would be extremely difficult for you to make an investment in a single family that has the return you are looking for (especially with the added cost of out of state management once you move). If you can convince your wife to at least invest in a two family it would be much easier. I went through the same discussion with my wife but once she realized how cheap our monthly housing cost was she was on board. Feel free to reach out if you have any questions.

I live in Rhode Island and am looking to find a lender that I can develop a relationship with. I currently own five investment properties and would like to tap into some of the equity I have built up. My goal would be to do a cash out refinance on one property, establish a line of credit on another and get pre approved for a new investment property. Has anyone had a good experience with lenders in the area? I have used a different lender for all five houses and would like to bring all my business to one person. 

I currently own five properties:  

Property	Appraisal Value	Debt	Equity	Rent	Mortgage, taxes, insurance	Cash flow
1	110,000	90000	20,000	1400	1100	300
2	250000	230000	20,000	1200	1800	-600
3	230000	100000	130,000	2125	1100	1025
4	230000	100000	130,000	2400	1100	1300
5	150000	50000	100,000	2000	700	1300

I bought my first property around 2011 and through rental income and my job have been able to save up enough money for a down payment on a rental property once a year using conventional financing. Over this time I have seen the benefits of implementing the BRRR strategy. Specifically, the benefits of buying a property with cash. Unfortunately I do not have the funds to do so. Two of my five properties are highly leveraged (1&2) but I have three properties (3-4) with enough equity to give me some choices. I see myself having three options:

1) apply for a HELOC on all three properties with equity

2) cash out refinance on all three properties with equity

3) sell two of the three properties

What would you do and why?  I am leaning towards a cash out refinance of all three properties as they should still cash flow with the larger mortgages.  If I go that route does anyone have any experience going through the process with three properties at the same time?

Thanks