All Forum Posts by: Eric Sullivan

Haha yeah man plenty of money up here to rent a nice place as well.

I invest on the north shore (Salem specifically) and I think like any deal in any market, it all comes down to what you buy the property for. Understanding the market conditions and what you can get for rents and working through an accurate proforma you could really assess any property in any market. When I first got started I invested down in Nashville and it's gone great but I find myself enjoying being able to drive to my properties as I like doing the work. Boston I tend to find to be a real big boys market where you need cash and a lot of it so I personally have not spent much time looking there for anything.

Hey Blake good to see a fellow from the North Shore like myself on here. I live in Salem currently and have been acquiring a bunch of properties in Salem specifically. If you are willing to do the door knocking and find the multi family opportunities I would love to hear about anything you come across. I am too busy with my full time job to do the lead part but have the ability to buy stuff pretty easily. Feel free to shoot me a message to connect if you would like.

You guys should just do it on the North Shore haha

Hey Andrew great to see you are doing well. I live up on the North Shore (Salem) area which has been an awesome area to invest in. You aren't buying property for 80k a pop but if you can find the right deals you can definitely get the nice returns. That is if you are looking at something closer to home which then you can save on the property management company. I have found just do things right from the beginning, address the problems during renovations and you can save yourself a lot of headaches. A good plumber and electrician go a long way.

Also don't forget that after you buy something and put work into it you should have some equity and could refinance out and get some cash back. You make money when you buy the property at the right price. Market has shifted a bunch so deals are harder to find but they are out there. If you are paying cash for properties you should be then putting a mortgage on them and pulling out some capital to then go buy more.

On another note while I agree you want to save as much as you can and I am constantly investing myself I would say you can't get time back so while a lot of people are basically saying don't leave your house, don't eat out, don't go on vacation you are going to miss out on a lot of opportunities of experiences that you can't do when you are in your 40's compared to you now in your 20's. I was laser focused on business and did really well selling a few tech companies but the mindset never changed and my now fiance straightened me out on the whole balance thing and I have to say I am really grateful for that. 

Happy to connect sometime since we are both local.

Always plan for surprises (ironic huh?). Literally every project I learn a load of new things that I just never had to deal with before and be prepared to problem solve on the fly.

I had been wanting to get into real estate for a while and had saved up the money. A buddy of mine called me with a duplex opportunity in Nashville. So we decided to buy it. We renovated each unit, and turned one into a long term rental and one into an Airbnb. 

One thing is if you are that limited by cash the bank may not loan to you as they usually will want a few months mortgage payments covered. But if you can pull it off, you can add on say 5k to your offer with a condition to get closing costs returned from the seller upon closing to help cover it. That is if you can come up with the initial closings costs required.

I am too much of a numbers guy and know the odds to put any money into gambling haha.

I just did this with a 3 family I purchased. If there is a lot of competition on the offer front you could throw him a month for free which is what I did to make it look more appealing. Other option is you charge them for the 30 days. I would make sure to in the terms put a daily price if he stays longer. Typically a higher number to deter them from staying past the 30 days.