All Forum Posts by: Nathan Estochen

@Jordan Moorhead PM'ing you, thanks

Looking for local REI meetups that I may have not found through a google search already. Who's attending or hosting meetups that you recommend? Have they gone virtual given the current environment? Thanks in advance

Is your title company still open, closed, or working remote without a hitch? Curious.

Take into account what a buyer for your flip would look like based on price point. Are they at an increased chance of being laid off? Service industry is being killed by bar/restaurant closings. Tech and other companies already on board with working remote policies, not so much.

Yes most will help with finding new tenants and screening and it's also a way for you to screen the quality of the property management company. They'll charge something like half of first months rent. If you find a good one they'll probably offer services to look at properties for you too; your growth is their growth.

Look at past home sales in the area, anyone flipping or building? Doesn't hurt to put in an offer to see what you can get.

A STR in East Austin I've seen the numbers of (not mine) had on average an 80% jump in revenue in the month of March year over year, no doubt due to SXSW.

Outside of REI it's going to be interesting to see how local businesses rally to still hold events.

@Matt T.

I grew up next to Lowell, rented in the highlands area and I currently am under contract for a 2 family house hack in south Lowell. The city has definitely improved a ton over the years and is still improving - that being said, every city still has it's bad areas, just do your research. I would say generally south of the Merrimack river and around UMass is fine. 

If you want to scoop up a house hack you have to be extremely vigilant. I really doubt you could positive cash flow unless you rent out rooms in the unit you'd be occupying but that's just been my experience with homes on the MLS. You can find some off market gems if you put in the work.

Calculate rent/expenses as if you weren't occupying to assess the deal then figure out what you would be paying out of pocket. For this 2 family I'm paying a LOT less per month what I would be paying to rent and have tons of extra space, freedom and am building equity.

Last bit of advice, if you're not handy yet you can learn. It's all on the internet. If you think you can handle it, go for it and save the cash. If it's something that should be done right, it's always worth it to dish out the cash to the professional. Use your best judgement.

Send me a message if you want to discuss more.

-NE

Hey BP,

I'm looking for my next multifamily to owner occupy and am limited by my income and prices in the area - but need to stay somewhat close to Boston, MA for my full time job. 

I have a close friend with a large amount of cash who wants to lend me money to speed up the rate I can acquire properties. The plan is acquire 10+ unit multi's in the future but I need a place to live in the short term and thought this is a good way to get their toes wet with involvement on a first deal - a sort of proof of concept.

For this particular deal I'm still interested in bank lending and would use the friend's money as a down payment to increase the variety of locations I can buy.

My question is what are ways around the fact that a bank would not see the friend's money as a legitimate down payment, but as another form of a loan? How does my friend need to be worked into the deal for the bank to honor it? Co-sign? 

Thanks,

Nate