All Forum Posts by: Nickolas Graham

For some reason I keep getting negative cash flow/numbers on all the properties I am analyzing in San Antonio/Austin TX. I'm not sure if I am maybe filling out my estimations wrong and it is leading to this, or these properties really would be losing me money (besides appreciation). It might be that I do not properly know how to enter in ARV or rehab values. I'm not too sure what I am doing wrong but it doesn't seem right.

Hey Thomas,

I would say there is a good chance that these properties just don't cash flow. I don't have much of a background in TX but from what I hear the market is super hot down there. If it is on the MLS and it can cash flow it will go really fast.

0 Votes

San Antonio, Texas

Quote from @Zachary Isabel:

Hello My Name is Zach, I am from RI and am interested in getting start in wholesaling real estate. Does anyone have any tips one how to get started or just any tips in general. Thanks

Hey Zach, make sure you do your research and understanding the contract is really important. Connect with other wholesalers in the market you plan to work in. I am also looking to do a bit of wholesaling as well. What I have learned so far is everyone will tell you a slightly different path on how to start. What makes the most sense to me is to start building a cash buyers list. When building it out find out what people want and then that will allow you to target certain types of properties.

0 Votes

Providence, Rhode Island

Quote from @Allison Yaeger:

Hi! I’m Allison and I’m a potential real estate investor in Springfield, MA. My husband and I previously owned a single family home that we rented in Maryland, but it was never our intention to rent it (we unexpectedly moved out of state shortly after purchasing it) and we had a horrible experience as landlords. Now we want to learn the business and purposefully try again. We recently purchased a single family home (that we live in) in Massachusetts, and the partially finished basement has lots of potential to be rented out. We’re also interested in buy-and-hold small multi-family properties and possibly flipping single family houses. Right now I’m just trying to learn as much as I can so we can have a focused plan going into investing.

Hello Allison,

Being an out of state investor can be hard. If the proper systems and processes are not in place it can feel like an uphill battle that is never getting easier. Sounds like you guys are looking to invest in your backyard now so you will have a presence if something happens. Bigger Pockets is a great resource and can help you on your journey. The books, podcasts, and forums are all great places to learn more about real estate investing. If you have any questions or want to connect with someone local feel free to reach out.

Best of luck on your real estate journey!

2 Votes

Springfield, Massachusetts

Quote from @Mike Fontaine:

Hello Everyone! I'm currently looking at purchasing my first property in the Leominster MA area.

I'm focused currently on an FHA 203k loan where I will live in the property and repair/upgrade it. I have a GC lined up and I have 10 years of finish carpentry experience. I also own a small property management company (62 units under management). Last 2 years I've claimed self-employed income and I personally brought in roughly 25k per year from just repairs/carpentry.

Talking to one local mortgage broker he doesn't believe I have the income to support it. This year we are booked out much more and we have increased our rates. Including growth in the property management company, I expect to at least double my income. With that, I am targeting a 3-4 family and I was under the impression that expected rents can be taken into account with the loan.

Long story short, maybe I'm just ignorant of the mortgage system but, I wanted to reach out to see if I could gather information about whether I have options or if I am stuck waiting another year to claim further income before purchasing. Any helpful info is appreciated!

Hey Mike,

Sounds like we are in a similar boat when it comes to getting financing from a bank or lender. I am also looking to purchase my first property soon but am not reporting enough from my current 1099. If you wait till the end of the year you might be able to qualify if you expect your income to double. It can't hurt to speak with other lenders they might be able to give you some advice on how much you will need to make to qualify. If you are open to creative financing or even doing a joint venture that might open some more doors for you. Since you are a PM you can leverage that when working with a partner.

1 Vote

Worcester, Massachusetts

Quote from @Jonathan Rodriquez:

Hello fellas,

I too am looking for my first multi family project. Nickolas where abouts are you looking to invest? Pat are you investing in rhode island?

Hey Jonathan,

I am looking in both MA and CT but am also open to RI as well since it's near me.

0 Votes

Providence, Rhode Island

Hello Venkateswaran

I am also looking to break into the multi family space as well. So I do not have the experience of owning a property but just things I have gathered from other investors and research I can help you in that aspect. When buying you want to do your market search that being rental rates and tenant laws those are just a few things to consider. Running the numbers on the property is important. The great part is you can use the tools on this website will allow you to do that pretty easy. If you are going to own across the United States getting a good property manager will be vital to your success. Having someone boots on the ground can help with day to day tenant issues. You will want to also create systems and processes so you can more easily run your business as well.

Hope that some of that insight might help you in your investing journey.

1 Vote

Hartford, Connecticut

Hey Patrick,

Awesome to hear you are getting your first multi. Best of luck with the renovations on it. I am also looking to purchase my first multi in the next year as well. Would love to see updates on how things are going for you.

1 Vote

Providence, Rhode Island

Quote from @Kyle Bunko:

Hey everyone,

I just recently became eligible to take my real estate salesperson's exam in CT, which I plan to do ASAP. However, I am also very interested in wholesaling. Are licensed agents allowed to wholesale properties in CT as long as all the necessary laws are being followed? Or is it more or less up to the sponsoring broker to decide this? As long as people are aware that I am licensed and no conflicts of interest arise, then it should be allowed right? Thanks in advance for any insight.

Hey Kyle,

You are allowed to wholesale with your real estate license just make sure you join a brokerage this is ok with it. Not all brokerages will have the same rules or even know much about wholesaling. If you are licensed you will need to let people know you are a licensed agent before getting them under contract.

0 Votes

Hartford, Connecticut

Quote from @Avery Smith:

Hi Just need some advice I am a first time seller and I am trying to get an opinion from other realtors here. I am trying to sell my multi family house in hartford CT and will I still attract some buyers if I sell it as sight unseen? It is just the tenants dont want to be bothered. I am having a hard time with them so I just want to get some advice on listing it where buyer cannot see the house but we can send pictures of the house.

Thank you so much

Yeah dealing with tenants and trying to sell a home can be tricky. What I have seen other agents in the area do is a group showing. Once the property is listed on the MLS you select a weekend and tell the tenants that during this time I will need you to be out for a set time. All showings will be deferred till that time and you don't need to go through the hassle of when you can get people in.

0 Votes

Hartford, Connecticut

Quote from @Chris Lyons:

Hi all!

I am getting ready to buy my first multifamily property which I will be house hacking and living in! I got pre approved for an FHA loan, and I really want to finance with an FHA loan so that it is low money down and will have higher cash on cash return.

However I was told by my agent that with how competitive the market is, it is unlikely for an FHA loan to be accepted when there are so many other offers with conventional, cash, etc.. It was suggested that I try to get a hard money loan (25% down) so I can make a cash offer and then refinance or try to just do a conventional loan.

My question is: Is it better to stick with the FHA loan and just make really aggressive offers, or should I go for a higher down payment loan that is more likely to be accepted? Appreciate the help!

Hey Chris,

When it comes to the Boston area and multi family homes the competition must be high. I am in the Worcester market and the same can be said out here. Also got to think of the condition of some of these homes as well. One of the biggest challenges my clients have is the restrictions of what FHA will loan on. So to make your offers more competitive say you will cover "x" amount in repairs regarding FHA standards or something of the sort. You will lose out on a fair amount of them but stay committed and just keep with it. I am not big on the idea of getting a hard money loan due to the interest you will be paying on it.

2 Votes

Boston, Massachusetts

All Forum Posts by: Nickolas Graham

Nickolas Graham has started 3 posts and replied 19 times.

Post: Rental Analysis Tool

Post: How to start wholesaling

Post: Looking to learn in Springfield, MA

Post: First Multi Family Purchase

Post: Aspiring Multifamily Investor

Post: Any Multi-family investors in Hartford and neighbourhood areas?

Post: Aspiring Multifamily Investor

Post: Wholesaling as an agent?

Post: I am trying to sell a multi family house in hartford

Post: FHA Loan or Conventional / Hard Money?