All Forum Posts by: Rich Thomas

Hello all, Reaching out to see if anyone on here could recommend a commercial lender, specifically in the northshore area if possible... Any and all info is appreciated! Thanks Rich

Hello all, A bit of a newbie here, been a landlord for about 7 years but always been in smaller multi families (2-3 units homes). Anyways, I have an opportunity to 1031 into a 6 Unit residential building and had a couple of questions about the financing aspect of commercial loans... #1. Would a 6 unit building require 20% or 25% down? #2 would it be ammortized over 20 or 30 years? Any and all info is appreciated! Thanks! Rich

Thank you Patrick Ahrens

Thank you all very much, lots of great insight and ideas. I greatly appreciate it !

Hello all, Any electricians on here !? My father and I are looking into a complete rebuild project in the boston area...looking to see if there are any electricians on here that could give me some rough quotes before we obviously get some actual quotes. We are building a colonial style house 4bed/3 bath approx 2,500 sq ft...any idea how much that would cost soup to nuts all brand new including the service ? Any and all info is appreciated! Thanks Rich

Thanks Percy N. he is a close family member (uncle) that has mentioned to my father and I a few times that he would like to do something with us. We have come across a pretty good looking deal and need to borrow 300k...do i go to him and say we will return 10% on his 300k in about 6 months ? Thanks

Thanks for the reply Ken Min ...the lender would be a close family member...Im not sure he would even want monthly payments. What do you think about offering him 10% return on his investment and plan on payback in a lump sum within a 4-6 month time frame? I feel like that would be the easiest way...just wasnt sure what kind of return to offer...is 10% appropriate? Thanks Rich

Hello all, I need some advice on how to go about paying back a private loan... I am in the process of buying a house to flip and need to borrow 300k...i will be using about 200k of my own money also.. I have a close family member that has the cash and I believe is willing to loan the money, but my question is what is the standard way to go about paying this money back? And also at what percentage ? Do I pay him monthly payments with interest or repay the whole amount at the end of the project with all of the interest at once? Im expecting the project to take 3-5 months from start to finish with resale... I want to have all my ducks in a row with a solid plan to lay out before I approach him.. Any and all info is appreciated! Thanks Rich

Hey Pete Schwan , I followed this post because I think its pretty relevant to me and my area...or atleast I hope. Im on the northshore in salem..we have a commuter rail that goes through the city directly into boston. (About 35 min into north station) Your section about millenials needing housing over the next 10+ year has been on my mind alot. I currently own a couple of multi families as well as a single family (3bed/2 bath), which I currently live in with my wife. Do you think the housing need for millenials will reach out from the city to some of the smaller towns ( ie salem) ? I hope that is the case as my wife and I do not want to stay in salem for much more than 4-5...my only worry is that we will be in a real estate downturn at that time...hopefully the young millenials will keep the housing market growing. The boston area seems super saturated with condos going for crazy prices again...I have alot of friends that are the young business type 8-10 years out of college paying the rediculous rents to live in the city...Im hoping once those types start to settle down and have families they will move to the outter parts of boston and create a strong single family housing market...let me know your thoughts... Anyways, thanks for the informative post! Rich

Michael Noto thank you for the quick reply...could you shoot me a quick email on my personal email when you have a chance ? Thomas332@hotmail