All Forum Posts by: Damian Bialonczyk

@Jenna Walker

I don't think there's a right or wrong answer here so I will just share my experience. I entered into a 3-way partnership with two good friends of mine. We focus solely on buy and hold multifamily rental property investing. We split all out-of-pocket costs three ways (including down payment), and took mortgages out in our individual names. Once we acquired three properties (one in each partners name), we formed an LLC and transferred all property deeds into the business. We felt it was necessary to do this in order to have formal equal ownership (33.3% each) since each of our properties have different valuations.

@Tyler Darby

Tough to tell based on the information you've provided (would be helpful to know what your cash flow is after mortgage plus expenses). As a general rule of thumb it looks like you are pulling in ~1% of the purchase price per month, which is good.

I recommend checking out some of the BiggerPockets calculators under the "Tools" tab.

@Michael Hausfeld

I'm not familiar enough with asbestos siding to speculate as to whether or not what's pictured is in fact asbestos, however I do currently own a property that originally had asbestos siding - note exterior in picture below. 

Just FYI rather than removing asbestos siding you may be able to just cover it with foam insulation and vinyl siding depending on local building codes.

@Drake Holt

+1 for funding deals being more difficult (for me personally)

@Mitchell Palmer

As someone who invests in the metrowest area, I recommend looking outside of the city. It's difficult to find properties for $400k anywhere near Boston but you'll have a higher probability of finding a property that cash flows positive.

@Marco Morkous

Typically a 25% downpayment and a robust business plan that demonstrates the property of interest will bring in the minimum required income.

@J Wade

If you are working with a real estate agent s/he should be able to run a report for you with recently sold comparable properties. Probably the easiest/most accurate way of doing it.

@Michael Peters

As the PM it would make more sense to me personally that you have overriding decision rights on repairs, renovations, etc... Perhaps for capital expenses >#k you could require consensus per your suggestion.

@Nicholas Sheridan, Jr.

My broker is only registered in MA/NH unfortunately! 

@Ellie Narie

I'd opt for the 3-family. Seems like there's significantly more time/effort/risk involved with building the duplex.