All Forum Posts by: Mike Hoefling

What’s the address and financing terms?

@Tom Colombo

Forget comparing MA to anything in the Midwest. I personally own a few 3 families and looking to expand. Cap rates are lower and some investors will buy for appreciation only. That doesn’t mean it’s the right way for you. Personally I like some cash flow and some appreciation upside.

Don’t overthink the property remember you don’t live there it doesn’t need to be perfect. Owning pre 1950s is common in MA and New England.

Anyways my 2 cents hope that helps!

Mike

I have a lead on a property that the owner walked away from, I did not realize it at the time but wish I did because I would have bought it right then from them. However I found out about 1 year to 1-1/2 years since they stopped paying their mortgage. They claim its already foreclosed but there are no court cases and the public record still shows them as the owner.

So my question is: They still have a mortgage balance with a crazy amount of past interest due. Anyone had luck negotiating with the bank for less than the full mortgage amount? Maybe ask to get rid of the past interest due? And how would i go about talking to the bank about something like this since I am not the owner? 

Thanks!

@Michal Kasza

Around the Worcester Area myself.

What are you looking to do? What type of investing?

I am looking into doing some direct marketing in MA to some small Multi-Family and Single Family properties that need work. I have read through a number of posts here on BP and wanted to see what websites people use for their direct marketing. Seems like maybe the yellow letters are not in any more. Also the question about going handwritten versus printed? Anyone in the Northeast area have any tips or suggestions on how to be successful with a direct mailing campaign?

@Nick Riccio This would be for non-owner occupied, true rental.

@Jon McCarron Thanks! I will take a look and see if Cross County Mortgage will do 75% LTV

@Shawn L. What was the recent Portfolio Lender you used? 

@Jeff Copeland Yea as I was calling around I noticed some off things like some banks wanting a completely separate escrow with 3 months of mortgage payments in it. 

I am looking to do a cash-out refinance on one of my 3 family properties in Worcester, MA and am seeing alot of lenders only offering 70% LTV on a Cash-Out. Is that what everyone else is seeing? Any local banks that lend in MA that can do 80% LTV?

Thanks!

Mike

So basements in MA need to have 50% of the square footage above ground. Most of this you see with multis on a hill so one side is a walk out. I have never done any finished space in basements but know that part of the code. As long as there are no bedrooms I think you may be able to do this, a quick call to the building department could clear this up they are usually helpful answering these specific types of questions.

I am looking at renting a Commercial Space to a Marjuana dispensary, anyone have advice on this? What should my rent increases be? How much security deposit is normal to collect? How much rent should be charged? Any clauses I should add to the lease?

Any advice would be much appreciated!!

Thanks!

Mike