All Forum Posts by: Robert Leonard

@Jay Hinrichs I like the prequalification idea - that's a good one! Not the end-all-be-all, but I'm sure it helps significantly.

Awesome job, @Catherine Emert!

@Jaysen Medhurst The property we're pursuing right now is in New London, CT. 

I haven't looked in the Berkshires / Pittsfield, MA in the past, but that's not to say that I wouldn't in the future. I strongly believe in the philosophy, "Live where you want to live, invest where the numbers make sense."

Robert Leonard

Always another deal!

My ideal markets are Nashua, Manchester, Concord (and surrounding), Milford, Merrimack, Hudson, Derry, Londonderry, Hooksett, and northern parts of MA. 

I'd like to stay relatively local to Nashua for a bit, but in the long run I am open to almost any market. My team and I are moving on a deal in southern CT right now, after losing the Nashua property. It's about 2 hours from where I live.

@Russell Gronsky Unfortunately, I don't see some light at the end of the tunnel - I see things very similar to how you do. I see increasing scrutiny and regulation over AirBnB/short-term rentals. BUT, I do not think they're going away completely. The strategy will just have to be adapted. 

I think the trend of people, not just millennials, wanting to be able to travel and pick up and leave whenever is going to continue. Maybe it'll be short-term leases 1-6 months or more month-to-month leases that will become more popular. Maybe a new/better solution will replace AirBnB. Maybe traditional hotels will change their business models completely and provide a housing solution to compete with AirBnB better. I'm not sure how it'll play out, but it's going to be an interesting trend to watch play out over the next decade or two.

Robert Leonard

@Ryan Rhodes If you are able to find a partner, you can likely piggy-back off of their income/credit history for a loan. Being self-employed is notoriously tough to get funding, but it is possible. You could also consider a hard-money lender for the short-term, 6-12 months, while you build a longer history of income and rental history. Then you can potentially refinance and pay off the hard money.

Robert Leonard

@David Smith In general, it's an expensive market, but we've been able to find some good deals in New England and surrounding areas (New Hampshire, Maine, Massachusetts, Connecticut, New York). 

Robert Leonard

@Olga Churkina Welcome to BP! Can you elaborate a bit more on your question? You can find cash flowing properties in many, many locations throughout the US, even at this point in the market cycle.

Robert Leonard

@Rogelio Nunez Unless investors are pushing for it hard, I wouldn't stress too much over it. I'd look at the cash-on-cash ROI for the year as a whole, not just for that month. Determine your NET cash flow for the year, then divide it by all of the upstart expenses you have (all the ones you listed). That should be good enough.

Robert Leonard

@Enzo Pazos I agree with @Christopher Phillips above. They likely won't make an exception.

I'd pass on that deal and keep looking. There is always another deal - don't get too hung up on just one. 

Robert Leonard