All Forum Posts by: Jason Regan

@Erick Sembrano hey man your in my home town! I actually own a 2 family in Fitchburg that has the same information and know the area of Leominster you are speaking of has the same issue.  It is in a flood zone, but we have never seen anything close in my lifetime.  I had an elevation survey done on my fitchburg one with no luck, but I did find an insurance company who sold me Flood insurance for less then $400.  My guess they looked at it and said no way this thing is flooding.  I can give you the insurance persons name I used if you want.  Shoot me a message

@David Shapira House hacking in Boston can be great but its more of an appreciation play then cashflow when you move out.  The multis out there don't cashflow as well as the areas farther away from the big city, but the value of your home will go up  much faster.  Basically you need to ask yourself is this something you want or are you really looking for cashflow now.  If its indeed cash flow I would suggest you take a look at some other towns a little further from Boston such as Framingham and Lowell.  You will get a mix of cashflow and appreciation there.  

@Jon Silva I am struggling with this same thing right now.  I have a  2 family with a lot of equity in it.  I am trying to think if I should REfI or 1031.  I am either looking to REfi and take that money to get into the AirBNB world or 1031 into a much larger multi.  I am leaning towards the larger multi but would love to hear what other people have to say.

@Jon Kelly I don't have any out that way.  I manage my own in Fitchburg. Those are not bad rates.  What's your average purchase price?

@Ben Healy I would be concerned about a Heloc to buy a hold because of the nature of Helocs. I would do what people and myself are doing with their multis with equity. Perform a cash out Refi on your own home to bring you back to 25% equity in your home. The rest can be taken out to be used as a downpayment for you multifamily property. The nice part with this too is it is now your cash and can be used to buy in an LLC if you desire and if your loan officer allows it. Some loans wont lend to an LLC so you will have to buy in your personal name if you are doing that. I recently had to do that in Cleveland. I dont know of any lenders that will give you 100% loan unless you are using a VA laon (USDA may work too). This is a risky venture for the lender as you can just walk away from the property and let it forecloser, losing no money. Banks dont like foreclosing and holding property. I live in Central Ma. If you ever want to talk shoot me a message and we can meet up. Ill be glad to figure out how I can help

@Jon Kelly I thought about expanding my search to that area for multis. Right now I have one in Fitchburg. What does your cashflow look like and CAP rate out there?

Ill be there if I dont have to meet my plumber in Athol

@Ian Joshua Kawere I agree with what people said here.  There is the implication that the note is called due since its a "sale" technically.  What about just holding in your name and getting a balloon insurance policy to cover them?

@Ross Francis nice to meet you man! I am glad you caught the Real Estate bug! My next read will be the multifamily millionaire when it ships out!

@Danielle Wilson shoot me a message. I have a good one I use in central ma and can give you an intro