All Forum Posts by: Nicholas Mitrano

yes i know certain MA areas can get that affordable but only few towns and far from me. i'm in boston/everett/medford and would rather leave the strict state of MA for a smaller cashflowing property if it will only be a few hundred dollars a month i'd hope the difference in taxes will make up for paying a PM, plus i'll have a relative within the city down there.

i appreciate you using your energy negatively rather than ignoring or contributing. my post was asking for first time experiences not just in fayetteville, and asking if anyone would like to connect. if you have an issue with me wanting fresh replies rather than searching years of responses then you couldve kept it moving bud. have a nice day and happy thanksgiving.

Hi all, I'm a Boston investor and I have an immediate family member moving to Fayetteville NC. I'll be down for a weekend in Dec. helping him get situated. This accessibility is sparking a thought of my first time investing out of state. here in my market a mediocre midsize single family is easily $500k+ and 2/3 family gets up between $700-900k+ so when i decided to browse the market down there i was blown away with the potential. to put this in further perspective the cost of the home seems to be almost 300% more up here, but the rent amount is only about 150-200% more.

what were your experiences on your very first out of state deal? 

do you live or invest in NC now? I'd love to chat or meet with anyone while i'm down there next month.

Hello everyone.my name is Nick, im in a HOT market on the edge of Boston.  quick introduction; 2 years ago i purchased my first property ($620k, 10%down, 4 units, $6100 gross/mo.) i have a single family flip that is wrapping up, expecting to make 20%/90k. i started a business to manage the rental property and got a credit line approval for flips. 

BUT now i feel like i stumbled into a great oppurtunity. about a year ago my father sold his auto repair business and building to Wynn resorts as they built a Casino across the street. i convinved him to 1031 exchange his way into some properties (4 small multi's, almost $4mil worth) and i now help manage them. he is rather fed up with one of the the houses which is a "C" building at best. and wants to sell it to a developer.

OK now the good stuff. he bought this home for 800k roughly, its about 8,000 sq/ft lot with a 2700sq/ft 3 family home on it, the house makes money but it is too problematic. he spoke to an agent who said if he gets plans and approval they'll get him 1.5mil, this seems a bit high to me but i can imagine its possible. i was going to shop the property around to developers for him until i thought, wait i've heard of syndicating deals on the podcast... why cant i do this? the property is long, very slightly wider out back than at the street line. without having too much to base this on i assume a 12-16 unit building could fit, if it can be 3-4 stories at least. what if i structure a deal for my llc to buy the property from him, i'll manage/coordinate the entire process and reach out to some people i know to source funding, or just propose the project to someone with experience who can help with the process.

i would greatly appreciate any input, ideas, strategies etc.