All Forum Posts by: Ryan Corcoran

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $580,000
Cash invested: $17,000

Duplex, Oak Hill/East Side Providence. Long term Hold A class location.

What made you interested in investing in this type of deal?

I typically do not invest in small-multi family anymore, however this off-market deal presented its-self and we hoped on it.

How did you find this deal and how did you negotiate it?

Off-market from an agent

How did you finance this deal?

Conventional

How did you add value to the deal?

increasing rent

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Providence.

Purchase price: $580,000
Cash invested: $10,000

Duplex in Oak Hill/East Side Providence... A class property.

What made you interested in investing in this type of deal?

I typically do not buy or entertain properties under 6 units. however, this presented itself as a great deal, off-market, brought to me by an agent. Property recently flipped, requiring zero work. Should cash flow $400/month right out fo the gate. Surrounding duplex selling at $615k+

How did you find this deal and how did you negotiate it?

A good friend and rockstar agent of mine brought the deal to me.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kyle Seyboth - Real Estate Agent

Hi, 

Looking to connect with any larger multi-family investors in New Bedford MA. Looking to gauge the market as I may have some leads in New Bedford. If anyone knows any 5+ unit investors in the area please let me know as I would love to connect with them! 

Ryan

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,592,000
Cash invested: $5,000

13-unit downtown Bristol RI.

What made you interested in investing in this type of deal?

I buy 5+ unit multi-family investments.

How did you find this deal and how did you negotiate it?

The deal was found through networking, I have been connecting with many agents, and one of them brought me this specific deal "off-market". The seller was not even contemplating selling it until I reached out to him via a direct-mail letter. The agent did not earn commission on the deal as it was off-market and the seller and I handled the transaction. I paid the agent a commission fee anyway as he did not need to tell me about the specific owner, knowing he would not make any $.

How did you finance this deal?

Financed using bridge loan 90% LTV, with 100% of the construction covered by the bank, will refi into 30 year term loan in 12 months from purchase after stabilized. The 10% required at closing, was raised from a partner whom owns 50% of the deal. I paid for appraisal and inspection...

How did you add value to the deal?

All the units need TLC and updates throughout which will bring in excellent tenants and demanding rents. The property is less than 0.75 from waterfront on a beautiful st.

What was the outcome?

We will refi and the value will be $2.2M per the as complete appraisal already completed. My partners get back 50% of their initial investment. We split the asset 50/50.

Lessons learned? Challenges?

Immediately evicting tenants, Bridge loan interests rates are fairly high.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Mike Lima - Attorney

Thanks @Aubrey Lambalot and @Khadime Celestine I appreciate the response. 

Hi, 

Looking for someone who would be able to chat with me regarding short term rentals in Maui HI. I have about 100 rental units right now in the Northeast but Ive recently been asked by another investor to jump into some Maui short term Condo rentals. So naturally, been researching like crazy. But, I would love to chat with someone who owns units out there! 

All the best,

Ryan

Hi BP, 

I am relocating from Massachusetts to Warren RI. I have predominately been investing in central/northern MA and southern/central NH thus far in multi-family and large residential/commercial real estate. My team will continue to invest in those areas, but with the move, looking to potentially expand to RI. Looking to connect with investors in Warren RI, and surrounding towns to discuss the market, potential market trends. My fiance and I have decided to move to be on the coast while it is actually closer to her day job at the same time. Looking forward to chatting! 

Thank you!

Ryan

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $730,000
Cash invested: $5,000

9-unit multifamily property consisting of a 5 unit and a 4 unit building in the gentrifying town of Laconia NH along one of NH most popular and largest lakes.

What made you interested in investing in this type of deal?

Multi-family value add opportunity

How did you find this deal and how did you negotiate it?

MLS and able tog et it under contract within 1 hour of posting on the MLS

How did you finance this deal?

We used a commercial loan, and brought private capital for the down payment of 20%.

How did you add value to the deal?

Cosmetic rehab in each unit, turning each unit over increasing rent by $200-300 per unit. Adding coin-op washer and dryer. Increasing income, decreasing expenses = increase overall value.

What was the outcome?

Cash flowing 9 unit property purchased at $80k per unit, in a market where units are being bought at roughly 100k a unit.

Lessons learned? Challenges?

Deals are getting slim on the MLS, when a deal pops up you need to act quickly before anyone else. In this case, we happened to hop onto the opportunity before anyone else saw it, made an enticing offer and had it under contract in roughly one hour from listing time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real Estate Agent: Trish Marchetti - Berkshire Hathaway

Investment Info:

Large multi-family (5+ units) buy & hold investment.

Purchase price: $1,670,000

27 unit Gardner MA off-market deal from direct mail marketing.

What made you interested in investing in this type of deal?

Large multi-family deal sourced from direct mail marketing. Upside in great location in an up and coming city where rent is increasing, property values increasing due to gentrifying location.

How did you find this deal and how did you negotiate it?

I run direct mail marketing to source deals outside of the MLS. I had sent a letter, roughly 8 months later the seller reached out to me stating he was ready to sell as he was aging and felt it was time to off set the buildings. Negotiation was simply multiple conversations, we offered a price and he accepted the first offer.

How did you finance this deal?

Financed using commercial loan with private capital from investors.

How did you add value to the deal?

Adding value by cosmetic rehab and increasing property income.

What was the outcome?

outcome - initial purchase price of 1.67M, as complete appraisal came in at 3.2M. Essentially purchasing 3 buildings (27 units) 50% less than the appraised value came in at. I will retain 10% of the deal which will bring in roughly 110k/yearly in total, so a little over 10k per year, $0 invested.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yun Rhee - Keller Williams
Matt Swierk - Keller Williams
Michael Marchetti - Partner

Investment Info:

Large multi-family (5+ units) buy & hold investment in Conway.

Purchase price: $385,000
Cash invested: $85,000

5 unit mixed use property in great location downtown Conway NH.

What made you interested in investing in this type of deal?

Property has a lot of upside in terms of appreciation and with it needing mostly cosmetic work, we are able to BRRRR and pull out a decent amount of our initial investment (which came from private money, HELOC and personal).

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

We used hard money for the loan with interest only payments for six months, which we will then refi into a conventional commercial loan. 50/50 with a partner each of us invested 42500 for a total of 85k. Looking like at this point we will be pulling out roughly 55-60k of that initial investment leaving us with roughly 12-15k each into the deal.

How did you add value to the deal?

Mostly cosmetic work, will increase rents

What was the outcome?

Will cash flow roughly 3500-4000 per month split 50/50