All Forum Posts by: Patrick McCann

Quote from @Ethan Piani:

Thank you for your response!

I am currently in a lease that ends in August 2025. I'm very interested in house hacking and particularly like the idea of a live-in flip, especially with a multi-family property. My main concern is the limited cash I have available for the down payment and renovation costs. The prices of multi-family homes are just high enough to pose a challenge. I think the BRRR strategy would be an excellent option as it provides several positive exit strategies. Would you recommend bringing in a partner to help with capital and construction costs in exchange for equity in the property?

I will definitely check out Axel's podcast. Thanks again.

I think you have a pretty good cash position for that strategy actually. Utilize a 5% down conventional loan say on 600k small multI family that needs some work but is livable and financeable and that’s 30k, leaves you a good buffer for construction cost and reserves. I like the 5% conventional over fha because you can drop pmi once you have 20% equity without refinancing and the appraisal inspection requirements on condition are less strict. Could be tough to find within Boston but surrounding areas possible. Probably not great cashflow but the appreciation will make up for that and in time it will cashflow better. 

I actually got a message today about a meetup next Tuesday in Beverly MA from a friend in real estate in mass of you’re interested in more details. 

First off congrats on setting yourself up to be in great start position at a young age! I do think southern NH/seacoast are great markets to invest in with potential for cashflow and high appreciation along with very low vacancy. I grew up in southern NH and now live in the seacoast area where I invest, recently licensed in NH as well.

What is your current living situation? Have you considered house hacking a small multi? For perspective I purchased a duplex in late 2022 using an FHA loan for 444k that I've been rehabbing while living in it as well as renting one unit, once the rehab is complete this summer comps are showing I'll have roughly 200k in equity to tap into. BRRR deal could get you the cashflow and the value add payout without having to pay capital gains on the equity.

If you’re not fatalist with the Multifamily Wealth podcast with Axel Ragnarson I’d highly suggest checking it out. Axel is a young guy living in Boston that invest in NH with a ton of multifamily knowledge.
 

Hi Mitch,

I’m not in Maine but just on the other side of the river in Dover, New Hampshire. I’d be happy to discuss any questions you have about NH. I currently house hack a duplex that I plan to cash out refi soon to repeat. I have a background in construction and recently became a licensed realtor in NH.

Why would you choose Maine? Not that it’s a bad choice but what’s your reason for choosing there. If you’re not using a primary residence loan then I’d go for the triple because it would likely cash flow better than a duplex

Quote from @Kiran Asknani:

Hi Everyone,

I'm looking for suggestions/referrals for STR agents /realtors in Maine Ellsworth area.

Thanks

Hi Kiran, 

I’m pretty familiar with the Ellsworth area as my mother in laws family is from that area and her family has a camp on branch lake in Ellsworth. I’m currently in the course to be come an agent, but in NH. I’m reaching out to my network for suggestions for you! 

Hi Devon, 

I house hack a duplex in Dover with my wife and our dog. I have a background in construction and I am currently taking the course for a NH real estate license. I am very passionate about real estate investing, my wife supports it but isn't really actively involved in the real estate investing. I'd gladly meet up with you both at Flight or somewhere for coffee.

Hi Myles, 

I househack a duplex in Dover with a background in construction. Recently started LLC to start doing home repairs as well, but haven't done much with it yet. Also Currently taking the NH RE license course with plans to go with Keller Williams. Sounds like you have a great base for real estate investing!

Hi Glen, 

I’m not in Maine but just across the border in NH. Congrats on your successes in business I’m sure that was no small feat. Are you looking to be more on the active side of investing or the passive side. If you’re looking to go more of the passive route, you may want to look into investing in syndications as an LP(Limited Partner). Went for a hike last week with an investor who sold off all of his properties and invested it all into multifamily syndications and said he’s getting 3x more monthly than his pension from federal law enforcement.

4,500 seems cheap for a furnace to me, do you already have a quote? I’m in NH not far from the Maine border and paid 12,700 for a natural gas combo heat/hot water unit to be installed.

I may be wrong but pretty sure second home loans often only require 10% down