All Forum Posts by: Jimmy Murray

The first thing you need to uncover is how much is the current mortgage?

If the mortgage is large and you do not want to bring a down payment. You could always ask the seller to sell you the property 'Subject-to' existing financing.

Some folks purchase distressed property to turn them around only to sell as turn key. Its very similar to a flip but with a tenant in place. 

A lot of investors that I come across are less interested in generating a return  from turning around a property. Most are simply interested in developing residual income which makes them a perfect target market for turn key rentals.

@Jennifer Cheu I think the only time rehab costs may "sky rocket" on an older property is if you are upgrading infrastructure like Knob & tube wiring or heating systems. 

As far as upgrades on the East Side of Providence I would recommend aiming high. You are going to see a great return on your money investing in Stainless Steel appliances, granite countertops and pristine hardwood floors. 

If you focus on your tenant target market, think about the homes they grew up in. Most of these students that attend Brown/RISD come from affluent neighborhoods and are not going to be interested in C Class property upgrades. They are looking for these finer finishes and are certainly willing to pay for them.

@Christopher M. The most popular portfolio lenders in the area include Navigant Credit Union, Bank Newport and BayCoast Bank. 

I have presonally worked with Navigant and their mortgage process was seamless.

Most of the investors I work with day to day have had tremendous success with Bank Newport.

I think it is absolutely worth it! 

Particularly for the backlinks it generates for your website when you actively blog. I think it also shows other investors that you are a very serious investor who is looking to grow.

@Jeremiah M. It may be worth it to look into transitional financing so that you can close the original deal and then close it again with the end buyer. If your name is on the contract it's your deal.

I'd also recommend finding a new 'mentor'. Sounds like this one may be taking advantage.

@Kyle Cabral Would you be able to send me more details on the North Attleboro deal?

Agreed with @Colleen F. In Lincoln, RI I not only ran into an additional Fire Tax on the property but a Fire Tax on the vehicle AND a $100 per unit Sewer Tax.

@Stephanie J. Valme 

Welcome to Bigger Pockets!

I would recommend finding a local REIA (Real Estate Investment Association). Most REIA's host monthly meeting for investors in your local area. This will be a great forum for you to learn and develop a network.

Not go to against previous comments but if you head the route to getting your license you are probably going to not get the investment knowledge you are seeking.

@Alex Gallardo My advice would be to seek larger deals and partner. Partner for the down payment. Seek larger deals so that the bank is looking at the Debt Service Coverage Ratio as it related to cash flow of the property rather than your personal income.