All Forum Posts by: Rick Santasiere

^^ :-)

Hi @Alexis Davis! Looking forward to meeting you soon! Do not hesitate to reach out (even if it's preliminary). Sometimes starting the process early, can get you more "dialed" in to the market and what's happening in each town as you start to navigate through which areas you want, what price points you are looking in, and overall what your expectations of a property are. Call, email, text any time. 

Welcome @Filipe Pereira. Awesome that you have made the leap into REI!! I just sold a turn key MF in Windsor (on Fanueil Street) last month!! Solid returns for my client. Tenant is paying ALL but $250/month on a two fam!! Reach out any time. You can reach me on my website or my BP page for contact info. Good luck and call any time.

Nice work @Michael Noto.  Big fan of the multi's in higher class area's. Forget the comps, take the income all day.  Like you said, tenant base is huge in Class A. Good stuff!!

Welcome @Jack Palauskas!! 18 and a licensed realtor! Awesome! Welcome to BP. I wish I started that young! We are close. I am a broker in Granby (and have my own little brokerage:) Reach out any time. Congrats on getting licensed!

Good evening BP,

I am a relatively seasoned SFR investor, and have one MFR, and one under contract. SFR's never create much cash flow, but I wanted to throw this out at the forum to see what your opinion(s) are:

Turn key ranch in CT in a Class B-/C+ area.  Homes on the street have gone from $50k-$190k.  This one is a ranch UNDER 700 square feet! One bedroom is 9' 1" X 9' 6" and the other is 12' by 9' 5." I am intrigued because the place could be had for a deep discount.  Rentals (two bedroom) in the area are fetching roughly $900/month.  The figures don't make much $$ in cash flow using all the formulas, but my thought was to just keep renting it until I can get someone into a lease option to purchase. I have done several LO's as of late and they have all worked out for me and my clients.

Just wanted other people's thoughts on it.  It is extremely nice, just super small.  Thanks in advance!

Hello Seth Massey I have been looking for someone like yourself for a while now. I am a real estate broker and investor, and often find deals that I might walk away from because I don't have a "partner" to work with. I have all the experience with paper and pen, the acquisition, financing, and unloading of an asset. We should meet up soon. PM me and let's chat. I look forward to meeting you!

A warm welcome Toyyib Morakinyo !! Tons of resources out here!! Good luck and reach out any time!!

I tend to spend $$ initially on my rentals so that they need "less" maintenance in the first few years. Normally that means taking $$ from another source, which for me are HELOCS. As you know HELOCS are great, but they have to be paid back. I try to calculate the repairs up front, use my (borrowed) money and then determine what my payment would be in that loan. If the cash flow is great enough (after expenses you have all your line items taken care of), and you have cash in your pocket, I use that for quick pay down of the HELOC. Hope this makes sense, but this is what I do. The HELOC idea is something that you can do after you have made some improvements (usually in non investment property though), but is highly beneficial. If you are clearing $1,000 in cash flow per months (let's say) and you need to borrow $20k to bring to proper condition, I would be comfortable with that because my debt pay down would be less than 3 years. But I am a debt pay down guy:) I have preferred (until recently) to eliminate debt quicker, so that I can have financial freedom sooner, than the quick cash flow and reinvest. By I am learning, and growing, so... I want both strategies at play so I can build a portfolio, but also have them staggered so in a few years I have $10k is passive (debt free) income, then some props that cash flow huge (with some liabilities attached)

Jason Kushner congrats! Did the offer in deal 1 get accepted or was it sitting on someone's desk? I like The Bristol property as long as your monthly cash flow is great enough to to offset the initial repairs.