All Forum Posts by: Patrick Lucas

@Account Closed Great work! I am very familiar with the Cambridge/Somerville market and will back you up on your tax/vacancy/rent estimates.  Definitely insulated as a rental market and you could hold essentially for life. 

Hi everyone, look for your help/advice on the following:

I have been eyeing a Fannie Mae property on homepath and it just was activated on MLS yesterday. I would be looking to purchase this two-family home as an owner occupant rental property, and be purchasing it through the FirstLook program which targets owner occupants for the first few weeks a property is listed on MLS.

The preliminary research I did showed that the foreclosure amount was for $487K and the area comps were showing between $475-$525 for similar size, condition, neighborhood. The tax assessment for this year was about $450K. The property came on MLS at $630K which obviously surprised me. I have a few questions for the BP community to weigh in on:

1. Is it possible that the listing agent is using a high price to avoid finding an owner occupant and then later selling to an investor after the FirstLook period ends?

2. Given the foreclosure amount, if I submitted an offer that covered the full amount (or slightly more, all cash quick close etc.) would the asset manager consider accepting if it was more than $100K under list price? -In essence how much does Fannie Mae consider the list price if they are making their money back?

@Derreck Wells I absolutely will reach out about my first deal.  Great advice on how to evaluate wholesalers as well.

Thanks for the welcome everyone!

@Account Closed I just joined the Black Diamond group per your suggestion.  I would also be very interested in the Medford group.  I currently live in cambridge/somerville so that would be easy for me geographically.

Hi Everyone,

I am a new real estate investor looking for my first deal in the Boston, MA area. I currently have a job in corporate America, but would love to give that up to pursue financial independence through real estate investment. I grew up in a real estate investment household, and am no stranger to REI concepts. My father has done several new builds, and my mother was once a licensed broker. This was years ago, so though I have good mentors that are familiar in the basics of REI, technology has greatly changed the way the game is played. I look forward to learning as much as I can from the BP community, particularly when it comes to finding wholesale deals, but looking for any and all advice that comes my way

Patrick