seeking to network RI and Mass

7 Replies

Hi everyone - I'm  not really new to real estate investing. I have a 2 family rental property which is owner occupied,  I have owned and managed this property for 5 years. I have read a lot about investing in real estate through bigger pockets and I am ready to build my rental portfolio.

I am looking for investors, partners, and mentors in Rhode Island and Massachusetts markets. I  reside in Rhode Island, so I am familiar with these markets, in addition my property is in Rhode Island.

I like the BRRRR method, and will like to use that to build my portfolio. I mostly inclined to 2-4 multifamily units.

My goal is to acquire 2-3 properties by the end of next year.

I talked to various banks this year but none was willing to invest in a property that needs rehab.

If anyone can help me out on how to secure loans or finance my BRRRR movement..

Looking forward to hear from you guys.


Thanks,

Larry


Welcome to Biggerpockets!! Nice to meet you!! Hope for the best for you going forward! Congratulations on 2 properties. On doing the BRRRR strategy you may have to use 2 lender. For the purchase and rehab a private lender or hard money. Then refinance with conventional lender

Hi @Larry Sanni , welcome to BP. Have you tried the hard money/private money road for the rehab property? I'm a licensed MA realtor and would be happy to connect with you and or connect you with some hard money lenders if needed.

@Larry Sanni welcome to Bigger Pockets!

For networking to find investors, partners and mentors, I highly recommend looking for local groups of investors that meet on a regular basis. For example there is RIREIG that meets in Warwick RI every month and Black Diamond REI that meets in Burlington and Worcester MA. I've been to, and recommend, both groups.

At the last meeting of the group that meets in Warwick, which was a few days ago, there were presentations from four different lenders, all of whom specialize in variations on rehab and BRRRR loans. For example, one specialized in non owner occupied LLC loans while another specialized in owner occupied house hacking type 203 K loans. I'd be happy to share my notes of that meeting with you, if you'd like.

Those groups are also great ways to hook up with private and hard money lenders, which you might need for some of the more substantial rehabs as Anthony and Sam were saying. But at this point there’s so much money out there chasing so few borrowers, you really should be able to find a lender for just about any project, especially since you already have some experience owning a rental for five years. So I think it’s just a question of broadening the base of lenders you’re talking to about rehab loans.

Originally posted by @Anthony Thompson :

@Larry Sanni welcome to Bigger Pockets!

For networking to find investors, partners and mentors, I highly recommend looking for local groups of investors that meet on a regular basis. For example there is RIREIG that meets in Warwick RI every month and Black Diamond REI that meets in Burlington and Worcester MA. I've been to, and recommend, both groups.

At the last meeting of the group that meets in Warwick, which was a few days ago, there were presentations from four different lenders, all of whom specialize in variations on rehab and BRRRR loans. For example, one specialized in non owner occupied LLC loans while another specialized in owner occupied house hacking type 203 K loans. I'd be happy to share my notes of that meeting with you, if you'd like.

Those groups are also great ways to hook up with private and hard money lenders, which you might need for some of the more substantial rehabs as Anthony and Sam were saying. But at this point there’s so much money out there chasing so few borrowers, you really should be able to find a lender for just about any project, especially since you already have some experience owning a rental for five years. So I think it’s just a question of broadening the base of lenders you’re talking to about rehab loans.

 Anthony I'd LOVE your notes! I keep trying to dive into a project here (many offers out) and the rehab portion escapes me.

Thanks for the Black Diamond shout out, @Anthony Thompson

The rehab situation is easy to remedy.  You finance the purchase and rehab with private funds and then refinance using conventional.  To find those lenders, you attend RE groups, like RIREIG and Black Diamond, (which I host).  I also lend on exactly this type of situation as well as house flips, so if you have questions, feel free to reach out.    

If you are seeking traditional financing, you may need to utilize a 203k.  You could also explore commercial loans.  Private financing and or hard money may be able to assist initially prior to a refinance. 

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