All Forum Posts by: Matthew O'Hara

Hi Imdad, 

I think 10% for a DSCR is going to be a bit difficult to find but if the properties need repairs and you're an experienced investor, it may be possible to purchase with a rehab loan and refinance into a DSCR. I know that my company will lend at 90% for fix and flip and that can be refinanced but generally speaking to get up to 90% we would have worked together before.

Thanks John! I sent you a message to clarify my question a bit but I can devote a few hours a day to this, at least 2-3 hours 5 days a week ideally. 

Does anyone have experience buying Pre-Foreclosures for their flips? 

I'm interested in any suggestions about staying organized and potentially streamlining the process. For example, how many houses do you inquire on and when do you know to focus heavily on a specific one? 

Hey Andrew thanks for your insight! I meant to ask you more about your portfolio at your meetup in Worcester last week, glad you saw this post. 

I'm looking to purchase some value add multis in Worcester for buy and hold. Most of the properties I've looked at, even those that are off market, seem to be pretty close to market rate once the rehab costs are rolled in. I've spoken to a few local investors that seem to have conflicting opinions. A few people have told me they're buying at market rate and focusing on potential cash flow even if their return is very small while others have told me that they're shifting strategies to flips or looking to buy elsewhere. 

For those of you still buying in Worcester, are you looking for immediate cash flow, banking on equity increase, or focused on flipping? 

Thanks @Sabrina Sanchez, I'll have to come out to that one!

Looking to connect with some agents in the greater Boston and Worcester County areas that work with investors. I source distressed and off market properties for investors but I do not do any listings. I've had a few of my clients ask me about listing their properties so I wanted to connect with some agents that may want to take back end listings or who have relationships with investors that will give them a back end listing assuming they have a distressed property to flip.  

Hi Drew, 

thanks for the advice. I've run the numbers on all my houses and gotten pretty deep into the comps so I always have a pretty decent idea of which ones are good deals and which ones are pushing the edge. But I am realizing a lot of "investors" are uneducated themselves when I start to discuss the comps and they don't understand what they should be looking for. 

I am an agent in Ma working exclusively with investors. Some of them are fairly new to the process or even doing their first flip. I'm trying to be a better resource for them by building my own list of contractors and subcontractors to refer to clients. I'm not searching for referral fees I just want to make sure I'm helping my clients prepare for their projects and I want to make sure I'm referring them solid potential contractors. Any advice for building a list? 

So far I'm messaging some people on facebook and trying to get on the phone with them to explain what I'm looking for but any other potential approaches would be helpful. 

@Account Closed I wouldn't rely on redfin as your primary source of information. Their comps are not necessarily accurate for starters, they essentially base their comps on casting a fairly wide net and comparing square footage. More information such as the condition of the exterior, the interior, the mechanics (heat, electricity, plumbing, etc), and the potential income generation if it is a rental property are needed. I'd agree with those saying the market will cool down but headlines that scare are headlines that sell, unfortunately. I'd dive a little deeper into the MLS and try to narrow down comps to a .5 mile radius and see what you come up with. See if you can search interior photos of those comps as well and identify potential structural or mechanical issues.