All Forum Posts by: Eric Williams

When you said "I funded my most recent project with the same lender for 9.99% And 2.5 points so it does get cheaper with experience and relationship."

What is the difference between the rates AND the points?  Are you referring to paying points to buy down the rate?

What lenders and contractors did you use?

Mark, I live in the area as well. Were you able to find a handyman? I am also looking. 

All in around $750k. 2 beds rent for $2150 and 1 bed $1800. 

Investment Info:

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

Two 2 bed and One 1 bed.

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

Great potential for both rental increases and appreciation.

Anyone know of any places offering HELOC for investment properties (3 family)? Every place I checked out only offers it for owner occupied. I would rather go with a local bank or credit union. I find the terms are better.

Jason, real good point. A customized search on Redfin or Zillow with comparables is easy to do. Crazy to think some people don't do any further research besides what they see on Roofstock. 

Was it really absolutely necessary to paint and replace the carpet? I have units in Boston that rent good $ and I don't paint after every tenant. If they stay a few years and the walls noticeably need it than I do it. I would personally rather do hard wood or even laminate flooring. 

Reading every page of this thread. Good info. Looks like the sellers fee is 2.5%. I live in Boston and most rentals are in 1 year leases so you can not really deliver units vacant. Still feel like as a seller even paying the extra points (especially using Redfin who takes the least) you could sell for overall higher price factoring in fees using an agent. Maybe they get deals for listing multiple properties or it works in markets that are not as hot going through traditional broker. 

Most real estate brokers will sell for 4-5%. Less even w/ Redfin. This seems to be most expensive costing the seller 5% and buyer .05%. What is the incentive to the seller if it will cost the same? Seems like you would get a better price on open market through broker.