All Forum Posts by: Tory Kelliher

Welcome to BP! There are a lot of active members from MA. Setup your keyword alerts to notify you when people are posting about your interests and local areas. It's a great way to meet other investors in your local community.

Good Luck!

Looks like a good deal. As others said it's hard to really judge the capex and maintenance costs without knowing property condition. Also, vacancy budgeted at 5% seems slim to me, but I don't know the current/past vacancy rates or the area the property is in.

One thing I notice is that your template specifically states that if the property is 6+ units your capex should be budgeted at 10%. Is there a reason why you are only budgeting it at 5%? Not saying I necessarily agree with the 10% just wondering.

Welcome to BP @Stephen Beaudoin

BP has been a huge asset in my real estate knowledge development. The blogs, podcasts, webinars, and forums are all excellent sources of info. Sometimes it seems like the information here is just endless and it can be overwhelming. One thing I would recommend is to set up some keyword alerts to let you know when people are discussing topics related to your interests or location. This will really help you get into some discussions with local members about topics you are interested in!

Goodluck!

Welcome to BP @Jessica Costa! I am fairly new to BP as well. As others have said this is a great place to get educated. I have learned a lot just from the blogs, podcasts, and forums here. Always good to see more MA investors contributing on BP!

Goodluck!

As other posters have said there are lots of options for investing with only $10k. You didn't say if you would be living in the property or not. If it's going to be owner occupied the FHA and 203k route is certainly a possibility. If it won't be owner occupied, then you will have to pursue other options. You can always try to partner up on your first deal if you need more cash to put down. You can make the financing work just educate yourself about your options and get creative if need be!

Hi Kendra, welcome to BP! I'm new here as well. I just started working full-time for a REI company in Southeastern MA. We don't usually do projects in Western MA, but you never know! Always looking to connect with wholesalers in the area.

Best of luck to you!

Hello BP Community! I am somewhat of a real estate newbie, but just started working full-time for some experienced investors in Massachusetts. I have been working hard to develop my real estate investing knowledge over the past year while working my 9 to 5 finance job. I have been reading books, BP blogs, and listening to BP podcasts regularly.  I am very excited to start my new career in real estate investing, and I look forward to being a part of the BP community!

Also, any investors in Massachusetts who would like to connect please PM me. I am always looking to make new connections and build relationships for future deals!

Thank you to everyone for the useful information. I will be meeting with my friend and his lawyer to go over all details of the transaction later this week. You have all given me great feedback and some issues for me to address.

One concern I have in this situation is that my friend's lawyer is obviously paid to have his best interest in mind for this transaction. Honestly, this is a friend I would trust with my money and my life (have known him since early childhood), but I still feel I should have my own lawyer look over the details of the note before signing anything. I plan for this deal to be the first of many successful transactions between us. Would it be foolish of me to not have my own lawyer in California look over the note?

Hi, I'm new to biggerpockets and looking for some advice on first time lending. I am thinking about privately lending to a friend who has many years of successful REI experience. One of my concerns is usury laws. I live in California and here the law limits non-exempt private lending to 10% annual interest. My borrower lives and will be buying property in Massachusetts, where the law allows private lending at up to 20% interest. Does anyone know how the usury laws apply to private lending across states? Lets say he is offerering 10% interest and 1 point. Would this violate California usury law? Also, any recommendations on a good REI friendly lawyer in the Los Angeles area?