All Forum Posts by: Garrett Rodrigues

+1 to pre-approval.  Don't work for Chase, but I will say the were able to run the application and get me a pre-qualification letter in < 8 hours on a weekend.  Kick things off with the online app, and they should be able to get back to you quickly.

Piedmont neighborhood.  What do you consider when looking at location?  And what makes Worcester's market so crazy relative to others?  I've been listening to the BP podcasts and it sounds like there are great multi opps all over the US.  I just chose this b/c of a meetup, and it's close enough that I can actually see the area and homes on weekends.

Any updates on the Worcester investment?  What did you end up doing and how did it turn out?  I ask because I'm about to do something similar (looking for more turnkey than distressed).

Hey BP, I'm brand new to the real estate world.  I went to a meetup a few months ago, looked at properties every other weekend for 3 months and ran analysis and bunch of them. I finally found one that looks good to me based on both the numbers (rents just about meet the 1% rule) and the property itself.

Details: 3 units with 3 bds/1ba per

Sale Price: ~350k

Current Rents: 1100 per (avg: 1446 for the area and median: 1350)

Property Managers: 7-10%

Property Condition (1-5): 4

The place cash flows with the current rates and could obviously do much better with higher rents.

Anything else I should consider?  How does raising rents work?   I'm super excited/nervous about this as my first deal.  Are there others in Worcester with thoughts about the place?  It seems to be a super exciting market as multi's get snapped up quick.