All Forum Posts by: Robert Granara

im an investor in ma...i currently have 14 units (on Monday it will be 17) lynn ma, a low income city north of boston...you are right there are great cash flowing properties out there right now in low income areas...there is also a ton of competition for those properties...

i would not be afraid of investing just bc we live in a liberal state, dont let that stop you from being successful in this real estate market, it just might be the best chance of our lives...just take extra precautions to make sure your units are well kept, well lit, clean and safe, make sure you respond to the little things when tenants call w/ complaints...i have had a few evictions and they took a few months, most of the time these tenants never show for court...

i try and show my face around my units at least a few times a week, and drive by almost daily...just dont be a slumlord and have pride in your properties even if your tenants dont...good luck

brian, i own 4 three families in mass...what city are these in? ...from prices and rents it sounds like maybe Worcester or Fall River / New Bedford?...at $2700 income per month or $900 per unit, I would definately want to be in this for $135K or less depending on work needed...

other things to consider, starting in importance... (1) how is the immediate area(doesnt have to be top areas but cant be war zones or you'll end up w/ worst of worst, even those cities mentioned above have decent working class neighborhoods left)... (2) is it deleaded, w/ 3 bedroom units you will get calls mostly from ppl w. kids, learn lead laws if you dont know em already (3) utilities make sure tenants pay own utilities especially heat or they'll take you to the cleaners (4) condition, make sure its clean, make sure hallways are clean and paint everything, shine up hardwood floors if they have them, those houses usually have them...(5) water and sewer, your estimates seem low, i would be doubling that #...my water and sewer bills are through the roof lately...

Andrew, belated welcome...im an investor next door in Lynn...i buy foreclosed multi's fix em up rent them out and then either sell them or rent for monthly cash flow...current market conditions tell me the bottom is in, probably last year ...don't think we'll be going up from here for a few more years but i already see improvements in the city of sin

last year 2008 , i found zillow to be way off...in my market it was way over priced...however over the last year as each month goes by it gets closer and closer to actual market values on properties...there is always exceptions and you have to know and learn your own market...

i do use zillow but you can't just go off it exclusively...its just one of the tools in my toolbox that i use

like was previously mentioned looking on MLS each and every day in your market is your best tool...i search my market for properties new to mkt, under agreement, back on mkt , solds , reactivated etc each and every day...

im refinancing out of a hard money loan into a commercial loan bc i have many mortgages and dont want to wait the 6 months seasoning required by most mortgage banks...this is my first commercial loan

i just sent a packet in for revirew to a large commercial bank in boston...they even came and met me at the property to be refinanced... the lender liked what i did with the place and likes the #'s...

he sent be a pre approval letter based on a $3,000 deposit...i almost felll off my chair...i have never put down anything close to this amount for my residential loans or refi's ...is this common in the commercial lending marketplace?

i am creating several realty trusts to hold my rental properties (which currently stands at 5)...14 units in 5 properties

my other option would be to creat an LLC to hold the 5 properties...i cant imagine creating 5 separate LLC's, its just too much work w/ 5 separate banking accounts etc...

if i go w/ the realty trusts when they do go into effect the tenants will now pay the corresponding realty trust and make checks payable to the separate trusts...

is there a way i can deposit all checks into the same bank account or do they all have to be separate?

is there a management account or something that the $$$ can be deposited into so the funds can be co-mingled?

any other suggestions?

you need access to MLS...the site is for realtors only...in my case it was worthwhile to get a license in order to have access to all MLS listings and sales info...also MLS allows to search by property address which will pull up old listings, some older listings have pics and other info that most bank owned and short sale listings dont have...most bank owned deals just list a basic line or 2 about contract rules etc...

here is my situation...in Dec i put an offer on a short sale and it was accepted...at the time of sale i showed my bank statement and cash on hand which was enought to cover purcahse...

i no longer have enough cash for this deal...if it does go through can i purchase with financing?...not sure if the bank will ask for another bank statement etc...

found a small portfolio lender just outside boston...they say they had zero foreclosures on their books last year...anywho i can refi out asap into a 5 yr ARM amort over 30 at 6%...cash out up to 70% of ARV

just what i was looking for except for the 5 ARM part

just closed on my first HML...5 pts 15% rate and i put down a good chunk...bought for $180K put $35K into it (incl pts)...will refi at ARV $300K...at 70% LTV should get most of my cash back after all units are rehabbed and rented out...

...this small lender north of boston had zero foreclosures on their books last year

ive been going to reia meetings and i keep hearing dont use HM but i have no other option...if the deal is good enough than HM should work fine