All Forum Posts by: Joe Rodriguez

@Sathya Priya Sampathkumar I personally live in the Boston area and invest in RI. I have (4) properties out there simply because of the price point compared to MA. I love the federal hill area in Providence, though it tends to be on the expensive side, but also reflects in the quality of tenant and rent that you can get. You mentioned $200k, if that is the purchase price, I don't think there is anything remotely close if I'm being honest. You're probably looking in the $400- $500k range. More than happy to assist further if you have any other questions!

@Solomon Nguyen Hey Solomon! First of all, you're doing great! I certainly did not have that much saved up by 21. I've been investing since 2015 and just closed on another investment property last week in RI (federal hill specifically). I'm curious on why you wouldn't be able to afford a multi family property. I recently bought a $1,250,000 property and only had to put down 5%. You can also go with FHA and only have to put down 3.5% (both are owner occupied loans). You have the cash. If it's matter of income, make sure your lenders are including part of the rental income. I've seen this around 75% of all rents. That should be contributing towards your income. Do you earn a salary at your property management company? Happy to talk further if you have any questions. Seems like you may just need to find the right lender!

Investment Info:

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

Purchase price: $1,250,000
Cash invested: $62,500

I recently closed on this 4 unit property in Federal Hill Providence, RI. I utilized a Fannie Mae 5% loan to purchase the property. Since I am a licensed real estate agent, I was able to represent myself as the buyer's agent. This brings my portfolio to 4 properties, 14 units total!

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

I enjoy investing in small multi-family deals (2-4 units). This property is located in the area that I've been looking and has great rents on existing tenants.

How did you find this deal and how did you negotiate it?

I found this deal on MLS. I am a licensed real estate agent and was able to represent myself.

How did you finance this deal?

I financed this deal using a fannie mae 5% down payment loan.

How did you add value to the deal?

I am currently renovating one of the units which was vacant when I purchased the property.

What was the outcome?

I plan on holding onto this property for many years to come.

Lessons learned? Challenges?

There were some challenges along the way with the lending process but I was able to provide all of the documentation required and close on time.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Cross Country Mortgage for the lender, Thumbprint Realty (myself) as the buyer's agent.

Hey Cameron! I did this twice recently. Both properties are in RI (not MA) but the lenders can do MA as well.

1. Bay Coast Bank

2. TD Bank

I tried a few lenders before these as many didn't do investment properties but I had asked the same question on bigger pockets and an investment group I belong to and got some good results. Hope that helps!
 

Hey @Nicholas D. I was running into a similar issue where I couldn't get a HELOC on an investment property. After much searching and calling, I found a few banks that would do it. I ended up getting a HELOC with Baycoast Bank for one of my properties and TD Bank for another property. Try them out. Both were very easy to work with and I had no issues. 

Hi @Rosca Nicolae! I can definitely help. Let me know if you want to connect!

@Kyle Curtin Congrats on the purchase! I bought my first multi family in Malden in 2015. I was searching in Somerville, Medford, Melrose and Malden at the time. Similarly, I was quickly realizing those areas were out of my budget but did end up finding a great deal in Malden which I later sold in 2018 for a great profit. Since then, I've invested in RI as I grew up there and my dad is a contractor who helps with most of the repairs/ maintenance. 

@Collin Van der Veen Great idea! I did the same thing. I purchased a 2 family home, lived in one unit and rented out the 2nd unit. I've since purchased three more multi-family properties in RI. More than happy to pass along any knowledge and experience to help with the process. 

@David Worsowicz I saw that! Best of luck! I'll let you know if I have anyone interested. 

@Anthony Thompson! I appreciate the insight and information once again. I will look at both of those options.

Thanks!