All Forum Posts by: Eric Rosiello

Hi Mack,

There are deals to be had in and around Boston. You just need to be patient and stick to your numbers.

My generalized advice for you would be to buy a small multi family (2-4 units) and live in one of the units. People on BP refer to this as “house hacking”.

I can explain more - feel free to send me a message if you’d like to chat.

Best,

Eric

Hi BP community!

I am looking to hire a high quality property manager to handle tenant inquiries, rent collection, repair management, general maintenance, etc. for a 3 family property in Hyde Park.

Unfortunately the company who manages my other properties (and is excellent!) operates north of the city and this property is out of scope for them.

Does anyone have a recommendation for a property manager that does a great job and that might be interested in taking on this property?

Thanks!

Eric

@James W.

Thanks very much for the response. Understood on better aligning interests. Very interesting!

@Monique Rene Coates

Sounds like a great strategy for investing with nothing of your own at stake (infinite profit!)

@James W.

Sounds like it was a successful deal. I find the deal structure very interesting and have a few follow up questions if you don't mind explaining!

* Am I understanding correctly that 95% of your invested capital was returned via the first payment? If so, how long after you invested did you receive the payment?

* For number 4, what did those payments consist of? Are they strictly monthly (or yearly) cash flows? Did they include any deferred profits from the renovation / refi cash out?

* Is the 6-8% return you mention a guaranteed return? Or is that your average yearly return based on your share of the deal?

If you find it easier to go into more detail yourself rather than answer the specific questions, that's great too. Thanks for your initial response and hope to hear more about this deal!

@Scott Morongell

So the investor would put up 33% of the required capital in return for 25% ownership. That sounds about in line with what I've been hearing. Thanks Scott!

@Theo Hicks 

Thanks Theo. I knew property manager didn't sound right and had some overlap, but couldn't find the right term(s) at the time. Thanks for the tip.

@Hai Loc

@Theo Hicks

Thanks much for the responses! It sounds like invested capital should be worth 60-75% of total equity, with the remaining 25-40% going to the property manager.

Thanks!

Eric

Hi BP community,

About six months ago I posted on these message boards asking for advice and recommendations regarding property management. I am happy to report that after an extensive interview process I hired a property manager that was recommended by you guys! And thus far, working with the property manager has been a pleasure and has done wonders for my business.

I’d like to reach out to the community again for advice when partnering on a deal.

The situation is this:

• I am looking for an investor to put down 50% of the down payment (10% of the property value).
• I would put down the remaining 50% (10% of the property value).
• I will supply the renovation funds (10% of the property value).

I’m looking for a 6-8 family in the areas surrounding Boston.

How would a deal like this be structured? Looking for any and all ideas from those with experience.

Thanks all!

Eric

Hi BP community,

About six months ago I posted on these message boards asking for advice and recommendations regarding property management. I am happy to report that after an extensive interview process I hired a property manager that was recommended by you guys! And thus far, working with the property manager has been a pleasure and has done wonders for my business.

I’d like to reach out to the community again for advice when partnering on a deal.

The situation is this:

• I am looking for an investor to put down 50% of the down payment (10% of the property value).
• I would put down the remaining 50% (10% of the property value).
• I will supply the renovation funds (10% of the property value).

I’m looking for a 6-8 family in the areas surrounding Boston.

How would a deal like this be structured? Looking for any and all ideas from those with experience.

Thanks all!

Eric

@James E.

Thanks everyone for your responses! I believe I've gotten back to everyone on the thread and have also contacted several PMs on NARPM. I could not be more appreciative for the input from the community.

I plan to schedule calls with PMs for next week, so if there are any further recommendations please don't hesitate to respond on the thread or message me separately.

@Nathan G

@Jason Muth

@James E.

@Seth Williams

@Dick Rosen

@Rob L (via James E.)

@Jarrett Lau

Thank you!

Eric

@Nathan Gesner

Thanks so much for the advice. This is extremely helpful.

Hi BP community!

I began my RE career by house-hacking two multi family properties near Boston (Malden & Saugus). I've self managed the properties to this point (it's been 1.5 years) and have learned a TON. However, I would like some of my time back and want to hire a high quality property manager to handle tenant inquiries, rent collection, repair management, general maintenance, etc.

Does anyone have a recommendation for a property manager that does a great job and that might be interested in taking on my properties?

Thanks!

Eric