All Forum Posts by: Scott Graham

I am looking to acquire a triplex (rental property) that needs a significant amount of work. I will need to pull a loan to mortgage the property and to cover the cost of the renovation work. I am finding that the banks will only lend to me if the property is owner occupied. The home doesn't have a finished roof, bathroom or kitchen AKA it is not in any sort of livable condition. 

Any suggestions on how I can finance a deal that is under these kinds of restrictions??

Best,

Scott

Great to hear @Jim Mitchell! I was actually visiting North Conway this past weekend and I was shocked at how busy and lively the downtown area is. I immediately started researching the area and the purchase prices on properties is relatively low. Would you recommend buying a single family property or a condo? My thought with a condo is you have to pay an HOA fee - but in return the exterior of the property is managed. Whereas a single family home - I will be responsible for taking care of the exterior.

Has anyone invested in single or multi family vacation rentals in North Conway or Seabrook, NH? What are the pros and cons of these areas? Have you found that it is difficult to rent these homes out in the spring and fall? Best, Scott

Anyone familiar with how much it will cost to do an interior fire remediation on a 2,000 SF single family home in southern NH?

Hi All!

My partner and I are looking to network with wholesalers in the North Middlesex and North Worcester counties in Massachusetts. Please private message me if you are wholesaling in these areas!

Best,

Scott

Hi BP!

I am currently between jobs and I am in a position to roll my 401K over to a new investment account. I am considering opening a Self-Directed Roth IRA.

I am looking to speak with someone about their successes and failures with using a Self-Directed Roth IRA as a way to invest in Real Estate.

I am attracted to this account because one pays the taxes on the front end opposed to a Self-Directed IRA or a 401K where one is required to pay taxes on the back end. Ultimately, I want to pay taxes on the seed - not the crop.

One of the companies I am interested in working with is Equity Trust.

If you have advice, guidance or a recommendation of someone to talk to please let me know!

All the best,

Scott

@Matt McConkey Thank you for your advice. Both of us have backgrounds in graphic design work so hopefully we will be able to do that work on our own. But ya never know depending on how busy we get! Its certainly a great problem to have. 

@Ann Bellamy Thank you Ann for your comments! I was certainly skeptical about opening an LLC through a different state. And I figured Tax-a-chusetts would want paperwork filed through the state as well. But Jim and I will continue to door knock, direct mail, and work with investor real estate agents to find our first deal. I look forward to seeing you at the next REIA event!

@Daniel Hyman Since we are both trained as architects, our strengths are in flipping properties. The goal is to use the profits to purchase buy and hold investments. We have partnered up with two guys who flip 15-20 properties a year. Granted the properties they purchase are under their name, not ours. But our short term goal is to start putting in offers under our name within the next 6 months. Seems as if we want to start 'building' a website, Facebook page, and LinkedIn profile and we will delay making the information public.

@Joseph Catalano Do you happen to have a contact that I can reach out to at Laughlin & Associates in Reno, Nevada? Do they do any work in Massachusetts? Thank you for the recommendation.

Hi BP!

When is the right time to open an LLC, build a website and a brand for a real estate investing business??

My partner and I have been developing our network for the past 6 months and we are trying to figure out when we should start to build a website, brand, Facebook page, LinkedIn profile, etc. 

Do we wait until a few weeks before we close on our first property before we open the LLC?

Does the website, Facebook page, and LinkedIn profile come after we finish renovating our first project?

What are your thoughts? When did you start to develop these mediums for your business?

Best,

Scott