All Forum Posts by: Nick Bennett

@Ronan Donnelly Thank you! I have been attending local events and cramming audio books in to every hour I can. However I am definitely more of an introvert, another obstacle to overcome! 

@Erik Hatch Thank you! ordered and already 3 hours in to the audio book as a result of your recommendation- I had honestly breezed over this book in the past- honest judged this book by its cover/title. Thank you!

Hello!

We presently have been self funding our properties either through the equity we build or saved cash.

We are continuing to scale up with each transaction (Started with 2 units building, then 3, then 4)

In our market the competition on properties as they get larger is seemingly more intense and puts them further from our reach and capacity- but we are looking to get in to a 6+ now.

Rather than liquidating, we prefer to hold what we have, so we have begun exploring and reading about private funding and are curious what people structured deals people have found success with early on.

What resources/books might be a good place to start or have helped you with finding the path that works best for you?

Do you prefer private loans or have you done something more along the lines of co-ownership? Have you funded deals with multiple investors? What were repayment terms like and interest like ?

I've seen a couple posts on the topic- some I can follow- some is a bit outside my realm of understanding so a direction of where to best educate ourselves would definitely be most helpful!

Nick & Leticia

@Justin Frytz that would be gross cash flow 

We are currently doing a cash out loan for a couple of properties here in MA to provide the down payment on a few more multi-families( specifically units over 1000 sq ft with 3+ units for the property).

We are self managing for purposes of re-allocating those budgeted management funds to principle payments until we decide to distance ourselves and hire managers. We are specifically targeting full renovations that can use a bit of creativity and marketing to increase their value while keeping maintenance and repairs down in the short term for a more steady cash flow.

Anyhow- MA has been booming inside the 495 corridor- so much so that it doesn't present much opportunity for the buy and hold strategists like us seeking specific cash flow (12-15%), not so much looking for the equity at this time.

Question is- when buying properties are you more apt to focus in on a single city/town/radius or have you found benefits to spreading out a bit. Obviously managing can be more difficult with mileage but we are comfortable in that arena.  Of the two- why? do you go interstate? if so for which strategy? 

We both work busy jobs so our tolerance for renovations at this time even within an hour of us is almost too burdensome so out of state renos are out for us as well.

I must admit the desire to buy in a climate where snow is not an issue and the dollar goes further is awful tempting but I fear it might be greed driving that curiosity more than it is wisdom 

@Account Closed that's awesome!

I stayed in Lubbock on business a few years back and have considered investing here as I loved the area

Nice work!

Hi Carnet,

I live in a competitive market and fast growing economy luckily.

But I've been analyzing and doing offers out of state on a particular set of statistics that I see happening.

From Boston west, there are minimal multiplexes/rentals- there are high end towns- so i looked on the outskirts of these primarily single family towns and saw massive growth- from there I tied back public transportation and local amenities. two places could be the same distance from Boston and border a high end residential town but not have its own public transit tied to Boston and differ significantly.

Another tip is watching the big developers. I've watched several areas break ground for a mall or condos seemingly in the middle of nowhere to have it only explode 3 years later.

Example( and this is magnified) my first investment was in framingham as it was being dug out of a hole...but the surrounding towns east toward boston were getting cramped and overpriced-I got a location within a mile of 2 commuter rail stations and within 10 minutes of the mall and local university. 6 years later its worth double what I paid and unit 2 covers the entire mortgage - taxes and all!

Walking/biking distance to public transit + Drivebility to sizeable shopping + education + Lack of surrounding "rentable town" = a buy and hold dream

3 + unit or very large 2 unit with 1200/month cash flow after 25% down - looking for already rehabbed under 400k

Bristol area is nice I have family there 

@Ashley Rummage what is your question? What is your goal with the property? Are you taking out a loan for the down payment?

@Ema Maile I highly recommend buying a multi and living in it.

Low startup capital.

-Jim Rohn