All Forum Posts by: Peter Pezzano

Recently I have heard a few investors that I bring deals to mention "the seller holding the note or second note." I was hoping someone could clear this up for me on what exactly it means and how one would go about finding a deal like this.

@Alex Cwiakala are you buying your deals in Eastie on market or off?

@Lior Rozhansky I consider the Medford market getting strong due to the overflow of people being priced out of Somerville. Just like people were priced out of Cambridge, those same people went to the next market. The tufts market is one thing but the Wellington areas in my opinion are starting to take form due to the train being so close. As for Malden, the rents have grown strong there. I could have bought a 2 family in Medford for 500 or less 2 years ago. I'm now seeing the averages 2 family in Medford between 6-650K. I feel like Malden 2 families are in the same boat, the average is about 550K. It's more likely to find a property in Malden that cash flows better than Medford in my opinion. 

It will be interesting to see what happens in Everett. Did you buy there because of the Casino, or was the property just a solid cash flow/ appreciation play?

@Patrick Wheeler the other 2 towns were Medford and Malden. I am also a real estate agent, and I come across deals in East Boston, but am working on the financing to close them. If your looking down there send me your contact info and I can let you know of anything I come across off market.

@Thomas S.  Thanks for the advice Greg, I have a good understanding of all 3 markets.

 I'm first starting out and would like to know if it is better to focus on one specific town or multiple. Right now, I'm very interested in 2 towns that are literally next to each other. However, I am also interested in a specific part of Boston that is on the rise. Is it better for me to focus mainly on the 2 towns next to each other or include all three when I am analyzing? 

@Brent Coombs Can you explain to me how you were able to refinance into a conventional loan? I'm trying to connect how you were able to borrow money from the HML, then refinance into a 30 year fixed. How did you pay the HML back?

I've been considering buying a multi family at an auction. This is the scenario I would like to know if it would work:

I am able to buy a 2 family at auction for let's say 300K. I am able to find a hard money lender willing to finance 80% of the deal while I put up 20% of the deal. The market value for this property is easily worth 500K. After 12 months of paying the hard money lender, am I able to refinance into a conventional 30 year fixed mortgage? How would this work if it were possible?

Thanks @Jiva Segaran are you mainly looking down the south shore or do you have any interest up this way?

What time does the meeting go until, I'm not sure if I can make it by 6:30.