All Forum Posts by: Nicholas D.

@Andrew Freed ah I see, either way Congrats on the big contract and doubling the portfolio!

Also enjoyed listening to the Podcast, its refreshing seeing/hearing people talk about properties that we typically see in our area....small multifamily early 20th century balloon-frame builds.

@Andrew Freed

Congratulations! By chance is this portfolio located in the Southeast Southcoast portion of MA?

@Bernadeau C.

I am interested in this hybrid option and have been trying to play around with strategies myself. I am curious if you ended up going this route and if so have you had any luck or increased your efficiency of management?

@Leonard Leon I typically use a 1 year Lease upon initial signing with a new tenant. I have a more thorough and hands on pre-screen/screening process than what I find most PM companies use. I want to keep the turn over down for at least the first year and recoup Any vacancy money or turn over cost I may have gone through. After this one year I typically give them an option of Month to Month and TAW and have a price difference. My tenants have now become prepared for this on the year anniversaries and also I have gotten better on listing and marketing and trying to fast-track that so that when ultimately they do decide they are going to leave I am aware in advance and I can get the unit filled with little to no gap. You can wait till the lease expires and draft up a new notice and ask which they would prefer.

Just some different options to think about and that may benefit you.

@Kaiden Swainamer well you’ve started in the right place for networking. Also try this link for more of your own backyard http://gnbla.org/ there are quite a bit of landlords in New Bedford, in theory your neighbors most likely are as your immediate surroundings are more than likely multi family properties. Boots on the ground and starting conversations is a good start. 

@Kaiden Swainamer as the above members have mentioned your best bet is looking at the disclosure. I know from speaking to my lender there have been different options in the past where you "pay down 20% of the loan etc" others have been so generous to go off the "appraisal" used for the original underwriting, although this seems to be much rarer. Did your appraisal come back with a lot of equity in your property?  I'm sure you were locked in at a better rate at closing than current conditions, but with cost analysis there is always the option to refi if the value/equity is there compared to your principal balance. I would start with speaking to your lender or mortgage broker that you worked with.

Good Luck!

@Peter Carboni when aiming for smaller multifamily properties I would specifically focus in on fourplexes as you are maxing out your potential unit count with still allowing owner occupied financing for better terms. So to answer your question: I would suggest focusing on a 4-plex instead of a 3, but more units doesn't always mean more cashflow. Feel free to PM me and I'd be happy to at least give my insight on any questions you have.

@Peter Carboni You are starting off well ahead of many others. I applaud you on the layout of your post and the fact that you broke down "what you know" and "what you don't know". I too see the city of New Bedford as a growing opportunity pool of investments. It certainly has come a long way in the past 10 years. I have lived in this city, worked in this city, and invest in this city. I see that there is still plenty of potential and room to grow in the southeast region. House hacking is a good way to get started with the inspection, walkthrough of properties, underwriting, and eventually managing. When you make mistakes (you will make plenty) you will be able to immediately adjust/correct easily and quicker by house hacking and get your feet wet.

@Nick DeMarco I have not personally moved forward with Jason's Coaching. I looked briefly on his website what his coaching academy offered, but felt it wasn't that transparent. This could be my own hesitation as well playing a part. I also have not found anyone personally that has taken any part of his programs.

Have you tried any coaching programs other than his?