All Forum Posts by: Eric DeGray

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $140,000
Cash invested: $1,500

Residential 3 family

What made you interested in investing in this type of deal?

This property came fully rented and cash flowing out of the gate.

How did you find this deal and how did you negotiate it?

This deal was brought to me by the previous owner that was willing to be creative with the financing.

How did you finance this deal?

Traditional loan

How did you add value to the deal?

making continuous upgrades

What was the outcome?

Still own this property. Things are going great with it.

Lessons learned? Challenges?

Deals are out there if you spend the time looking for them!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No.

I am seeking a relatively small loan to purchase my first rehab property in over 15 years. I currently own a 2 family house, however the equity is not sufficient to cash out as I have only owned it for a year. The total loan that I am seeking would be under the typical minimum of $75K. Does anyone know of lenders in MA that do smaller rehab loans?

welcome Jake,

My advise is READ,READ,READ. There is a lot of information on here to absorb,  and any questions you come up with along the way are often answered quickly and professionally on the forums.  Remember,  reading leads to knowledge,  knowledge leads to comfort and comfort leads to action. Good luck,  and remember to enjoy the journey.

Thanks for the feedback. It seems like my initial thoughts were right on. 

I recently bought my first rental property. A 2 family home in Springfield MA area, and it came with 5 year tenants that do not plan to move anytime soon. My question is based on my desire to get into the units and begin making cosmetic improvements. The tenants work all kinds of crazy hours and have small children in the house which makes doing any repair work to the units difficult to schedule. They have not complained about the property at all, however I want them to remain happy since they are good tenants. Should I just wait till they complain or should I force them to schedule a time that works for me and my team to get in there? Would I be better off to wait till summertime when they will be more comfortable taking the kids out for the hours that I need to complete the work? Again it is cosmetic work, however I feel I need to stay on top of improvements and minimize my financial impact in the event someone does move out.

Thanks for any advise.

Welcome to BP, if you spend time scanning the forums, you will definitely find some really helpful hints and tips on any topic. Good luck.

I don't currently own any vaca rentals, however I have been watching the market in North Conway NH for about a year now.

I am in the process as we speak (or type) of buying my first official rental property here in the Greater Springfield MA area. 

Thanks for the update. Sounds like a lot of good news for Vaca Rental Owners. Did they say anything about the most effective place to advertise short term vaca rentals? I guess I'm curious if the stats were across the boards or if they broke them down by rental site.

I am a Licensed Contractor from Massachusetts. I have successfully flipped a couple small single family houses about ten years ago, and am looking into returning to the investor scene. I currently work a full time job at a college (which will pay for my 4 kids education some day), and am looking to start out slowly with a rental or 2 and some easier flips. BP has been a great source of information as I collect data and begin "kicking tires" in the investment world again.