All Forum Posts by: Frank Patalano

Hi Frank! Definitely. I like New Bedford a lot too! How many units do you have?

@Frank Patalano

I have been scouring Greater Boston and Providence for transactions that fit the right profile. I went down and toured about 70 units in Providence (multiple buildings) and the rent vs price + Capex was just not ideal. Plus taxes in Providence went haywire.

I have gone down to Fall River as well, enjoyed the food, but haven't liked it enough to spread myself out more. I manage about 60 units in the Boston area and efficiency wise its best to buy nearby there. 

I am confident cap rates will evantually reflect current rates (a 1% to 2% spread over interest rates), or 6.5% to 7.5% cap rates.  And when that happens I will be an aggressive buyer. 

@Frank Patalano I’m not being held back, I’m just in a different phase of my plan. We purchased 45 units last year. We are hitting the pause button In acquisitions long enough to get these units renovated and stabilized and up to market rents. We will hop back into the acquisition phase early 2024.

Hey everyone! Just wanted to gauge some thoughts on a deal I have in my state. 

46 units 24-2 bedroom 22- 1 bedroom 

2buildings, each have a shared laundry room

PP-$1.8 mill

Rehab- $1-1.2 mill (confirming numbers this week)

Gross rent -$450k/year conservatively 

Operating expenses-$150k conservatively 

It’s in a great location, on a river that will be getting developed in the next 3-4 years so it could appreciate very well. My proforma has it at almost a 10 cap. Thoughts on this deal? When would this deal not be worth it anymore?

For me what's holding me back is fear, feeling like I don't know enough to move forward along with over-analyzing everything, not having enough in savings to afford covering expenses and wanting to move fast and take action.  A lot of things going on and knowing I need to work on my mindset, set goals and get clear about what I want. 

I am currently in a suburb of Chicago and have never owned a property.  I do not rent and am learning about house hacking.  I would like to get into a multifamily 4 unit and stay in one of the units.

 I’d love to learn more about this. I feel like it’s a bit different as a woman. I’m going to start looking for more connections on this website as well. 

Before this point, to be honest, it was fear. I am a woman entering into real estate without a solid relationship with a contractor who I can trust to help me with projects so I was always worried about that.

Also the fact that I’m going at it alone so that worried me. Now I feel more confident  because I have the education and capital to feel comfortable getting my foot in the door.

@Frank Patalano

Completely agree, im well knowledged with renovating and would be very helpful with keeping costs down, maximizing profits. Connecting with cash investors is a priority at the moment and is the main reason for my stagnation. That would be greatly appreciated if you have locals that would be looking to financially invest locally around the Chicago suburbs.

I would never want and exchage to be 1 way, is there anything I could do that you would benefit from?

I have been looking for local groups but haven't had too much luck.

Nothing is holding me back. BUT there's only 1 word to answer this question.

F E A R!!!!!!!!