All Forum Posts by: Andrew Schena

Welcome aboard Marko!  Feel free to reach out with any questions regarding multis, but and holds and development.  This is a great place for info, as I've learned a ton from being a member here. 

@Lior Rozhansky I own 2 two families in the Wollaston area and I'd say your numbers are pretty solid. I think depending on your finishes/location yiu most certainly can push your rental rate. Overall your overview is spot on and I always am keeping a tab on this market. Quincy is poised to reap the benefits of the people who don't want the high prices of Southie and Dorchester, which is trending higher, especially along the red line corridor. Keep up the good work and let me know if you ever need any help or opinions down there. 

Best,

Welcome aboard Paul!  How many units do you currently own?  As an experienced investor, you probably have great insights in many areas, so don't be shy to chime in on the posts.  

Best,

Andrew Schena

@Anthony Giambancowhat are the start up costs?

@Eric Schrader, I'm  going to assume you mean two bed one bath townhouses?   You need to further clarify if they are all in one building, or  under multiple roofs.  

Once you understand your unit mix, break down your income by how many units are in each building. You'll need to calculate your NOI on each individual building, so you can understand how each building performs.

Once you've done that, I would then calculate an NOI on the entire project, to understand the performance of the entire opportunity.

 Once you've got that, you'll have a much better idea of the value of the opportunity and if it makes sense or not. 

@Jeremy Ray Welcome aboard!  Lots of great people and threads out there.  I flip and sell inside the 95 Belt, and do a lot of business in South Boston.  Feel free to reach out anytime!  Best of luck.

Andrew Schena

@Benjamin Pekarek

I've been creating successful debt and equity structure syndications with private investors for a few years now. I went to Jillian Sidoti's (Taylor, Trowbridge & Sidoti) Securities 2 day workshop 3 weeks ago in late Sept.  Needless to say, my eyes were opened.  Don't get me wrong, I was doing a lot of stuff right, but I was surely doing a number of things wrong. 

Everyone is happy when a project goes great. It's when things go wrong you have to worry about. Regardless of disclaimers, if a deal goes bad, which they do, and you did not disclose properly, secure investors properly, etc and you get a disgruntled investor, you can be sure just one phone call can bring your world to a screeching halt.  

Heed @Curt Smith and @Brian Moore's and everyone else's advice. You are selling a security. Expense the cost into your deals, and use it as a template moving forward. Maybe try creating one LLC and using that LLC to do multiple properties at once, therefore creating enough margin to cover the expense. It may be a small amount you're raising from your investors, but the excuse of not knowing doesn't go over well with the SEC.

To answer your question about soliciting investors, I don't believe it's actually ok to generally solicit investors unless you are forming a Reg A fund.  My advice, again, contact Jillians office. They'll shoot you straight. I'm still wrapping my head around the ins and outs of doing it correctly, but I wanted to chime in. 

Best of luck!

@Mitchlyn Davis I've never heard of it?  

Hi Melissa,

I would be happy to help you find exactly what you are looking for. My office is located in South Boston, and I grew up in Reading (15 mins N of Boston). I can very easily help you find a great property in a great location. I not only own a residential brokerage in Southie, but my partner and I have been redeveloping multi families in and around the city for 7 years now, and currently have 3 multis under construction in South Boston.  I also own 2 multi families that are cash flow properties for us. 

Please feel free to message me, call, text, or email and I would be happy to further the conversation. 

Best,

Andrew Schena

Capital Residential Group

Capital Equity Partners

@Joel Owens

Does the LOI come first with a deposit, then due diligence, then contract? I've got a residential and development background, and I understand that commercial is different, so I am also curious to know if there is a general process followed every time, or is every deal different?

Thank you in advance!

Andrew