All Forum Posts by: Ryan Corcoran

Carey, 

Fitchburg,Leominster, Ayer etc. 

Hey man,

I'm in the middle of doing several BRRRR properties in north central MA area. Definitely do able, mostly off market deals though and they are all 6+ unit buildings.

Hi BP, 

Looking for towns/cities outside Savannah GA, Charleston SC that have affordable duplex, triplexes for a house-hack. I am looking for a list of towns that have a selection of multi-family properties near the coast. Any affordable areas near those two major cities?

Best,

Ryan 

Hi Eric, 

I am curious as to what you mean by bridge loan. Do you know of specific loans that have decent numbers for a short term while we rehab and increase the buildings rent. We essentially have done 25% down, 30 year amortization, commercial loans which aren't too popular but we have a great relationship with a bank here. The property is 740k with an ARV of 975k ish. We plan on rehabbing two units at a time and refinance and pull the cash back out within 10 months or so. Do you know any loans that would function well as a bridge commercial loan at this time? We do usually use cash purchases for cheaper properties, but with this one getting close to 1 Mil we are opting for the bank loans.

Thank you

Thank you guys. Appreciate the response. I am going to reach out to some local banks. We have had success in the past getting 30 year loans for commercial properties but it was basically a loan that they don't offer to most of the public. 

Hi BP, 

A partner and I have locked in a 10 unit property. We have tried several banks so far and are unable to find an underwriter willing to give a 30 year commercial loan at this time due to COVID and the PPP loans taking up most of the commercial lending. Does anyone know any underwriters for banks that may be willing to lend? We are looking for 25% 30 year fixed loan. Thank you! 

Ryan 

Hi Whitney, 

Yes I have. I am just broadening my networking by posting on here as well! Trying to grow and expand, so looking to network on as many platforms as I can! I appreciate the response! 

Thank you! 

Hi BP, 

Looking for investors in the North Central MA area. Looking to connect and build a team in the area. Contractors, agents, investors etc. Primarily looking for people with interest in buy and hold and BRRRR method.

Ryan

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $275,000
Cash invested: $35,000

3 Family property I was able to purchase from a local investor looking to unload several properties quickly. Looking for a property to house hack at the time. Lived in one of the three units while the mortgage waas completely covered by the 1st and second unit inherited tenants. I was able to purchase the property 50k under asking.

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

I ran a direct mail campaign using a personal letter I had created that I had sent to most small multi-family property owners in the surrounding towns. Will likely have several more deals soon from the same campaign.

How did you finance this deal?

Private money

How did you add value to the deal?

Light cosmetic rehab (flooring, paint, etc)

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

Peter Vaillancourt - Agent in Central MA. Waverly Property Solutions

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $126,250
Cash invested: $15,000
Sale price: $200,000

Two family property that I picked up on the MLS. The owner had a death in the family and was looking to sell quickly. I was able to make a cash offer well below the 145k asking price and close quickly. One unit needed rehab the other had an inherited tenant. I fixed the unit up in about 3 months and rented it for 950 and the second unit with the inherited tenant for 850. I held the property for just over two years and the sold to buy more.

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

MLS, cash offer

How did you finance this deal?

Private money

How did you add value to the deal?

Rehabbing one of the two units as well as cosmetic landscaping.