All Forum Posts by: Ben Staples

@Ben G. for my property, it was on the MLS. For finding practice numbers there are two great options:

1. Find a buyers agent that could set you up with an MLS feed. You would then be emailed with property information any time a new one comes on the market. Feel free to PM me if you need any recommendations for an investor friendly agent

2. I've found Realtor.com is a great place to get property listings without needing an agents help. While it might not be as accurate as the MLS, it is definitely usable for practice.

That book definitely helped me a ton with learning more about the numbers.

Welcome @Ben G.  Always good to have more Bens here!  I bought a three family in Malden last year after looking for a long time.  I know things are tougher now, but there are deals out there!  Make sure to know your numbers and don't let your emotions take over your decisions. 

My best advice for getting involved in this market would be to meet as many investors as possible.  Meetups are a great way to do this.  Some great ones in the area if you're interested in learning more are Black Diamond (Ann Bellamy), Justin Silverio's meetup, and the Boston Wealth Builders (Willie Mandrell).

Best of luck and let me know if you ever want to talk more!

Ben

Hello,

Does anyone have a recommendation for an attorney that has experience forming condos from a multi-family in the Leominster Massachusetts area?

Thank you
Ben

@Michael S. thanks so much for your response.  I didn't think to first click +Add a filter when looking for a saved filter.

Much appreciated!

Hello,

Apologies if this has been asked before, I can't find anything on it.

I've saved a search I created in the BP Marketplace, where in my account do I find my saved marketplace searches?

Also is there any way to receive alerts for new postings in my saved search criteria?

Thanks

Ben

Hey @Farouk El Khatib

Saw your message, thanks for that.

My triplex has 2 2beds and 1 1bed.  Both are small.  I have a roommate in my unit, it is rehabbed with rental grade finishes (nothing fancy :) ) and could, if I moved out probably get around $1700 or so.  My other 2 bed has below market rent, but the unit needs a lot of work, new kitchen, new bath, etc.  My tenants are great, pay on time, help out with cleaning up around the yard and such so I have not raised the rents yet.  I'm currently building rehab funds and will probably go after renovating that unit, as well as the first unit in a bit.

One thing that I have definitely found is that Craigslist has the most accurate rents from what I've seen.  I'd triple check there to make sure but it sounds like you're doing your research.

@Ryan Murdock thanks for this response, you make a great point. I understand what you mean by differences in amortization. I am pushing for a 30 year but this is the least solid of our discussions as of now. 

The balloon does scare me. While this deal looks great from a cash flow prospective, it is not in a high appreciation area. Additionally the seller has kept the property in very good condition so opportunities for forced appreciation don't seem very apparent. 

Thanks for your thoughts!

Thanks @Account Closeds point that I meet the lenders standards. 

When I refinance, could I put it into an LLC or should I buy it in an LLC now to avoid complications down the road?

Thanks again!

Hello,

I'm working on my first seller financed deal and have a few pretty silly questions.  I've worked out the terms so that they are favorable to both myself and the seller, now I just have to actually execute on it to make things happy and am looking for anyone that has used seller financing to buy a long term buy and hold.  Here is what I've got for context, and then I'll follow up with my questions:

* Buyer with no mortgage, interested in holding the note

* We have agreed on a down payment that works for both of us, at an interest rate that works for the seller and still allows me to cashflow.  

* This would be a long term amortization between 20-30 years

* I don't yet have it under agreement, just looking to understand what to do next as we finalize things *Knock on wood*

My questions: 

* Are there specific real estate attorneys that focus on handling closings on seller financed deals?  If so how do I find them?

* Do I write up my own offer to purchase?  Any guidance on how to do this?

* For monitoring payments, in situations like this do people just write checks to the seller?  Or do people use some sort of escrow service to keep track of the payments and the loan amortization?

* I've read about people using balloon payments and refinancing into a conventional mortgage.  I am employed full time, so getting the financing would be no real issue.  I guess what I'm stuck on, is that right now I don't have the funds to put 25% down to go the conventional route, and have negotiated a lower down payment with the seller.  In 5 years, I would have been making payments to the seller, so it's not like I would be accruing the funds for that 25% down payment.  Am I missing something?  Is there any way to transfer this long term seller financed buy and hold into a conventional mortgage?  

Apologies for my ignorance.  If anyone has experience doing this and would be willing to hop on a call, please DM me!

Thanks

Ben

Hey @Farouk El Khatib congrats on the duplex!!  

I have a three family in Malden and my tenants are young professionals that commute into the city via either the bus or the orange line.  There are definitely a bunch of families that rent in the area as well, it just depends on what block you're on in Malden really.  

I'm not sure where the house is located, but those rents feel a little high to me.  It sounds like you're getting them from a few sources so I could definitely be wrong, but I saw inflated rents using a few tools versus what I could actually get during my close.  Rentometer was the biggest culprit mainly because there are a lot of high end luxury buildings charging overpriced rents driving up averages that it pulls in.  I've found Craigslist has been the most accurate.  Just my two cents.

Good luck!