All Forum Posts by: John Silva

Hi Dave, 

Thank you for your questions. As for details; deal wise good price for the property with equity and good cash flow. Ask price was $135k. A tired and busy landlord that just wanted to unload the property. All two bedroom units with plenty of parking, good part of town, solid building. Rents are a bit below market but grossing $2,195 mth. Not much improvements since I bought it in November as the winter months makes it difficult to do work without major interruptions. That being said. Put in new floors and repainted for the outside landscaping. Lastly, what are some of the major things you learned? 

Definitely need a team before and during your journey in investing out of state. Well, anywhere for that matter. But I'm lucky as I had a team and continue to have one hence my portfolio is growing. 

Investment Info:

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

Purchase price: $64,000
Cash invested: $5,000

JV 2 family and adding a two bedroom unit upstairs making this steal of a deal into a 3 unit. Plus a two bay garage for extra income.

Investment Info:

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

Purchase price: $110,000
Cash invested: $30,000

First buy & hold

Hi Caitlin, 

Welcome to BP and to REI. You mentioned ME, well I'm on my 4th property in 3 months as the market is much more affordable. There are areas that are up and coming. Network and stay on BP which is a great source to meet people and learn. Best of luck. Any questions I'm here.

Hi Rob, 

If the numbers work then they work. That being said research the state and the city or town that you are considering. Look for employment numbers, population shifts, housing data, economic data ie: any big business coming in. Top 5 employers, age, education etc.. Everything is on line these days to come to smart decision. Make sure to have a team on the ground. Realtor/broker , property manager, contractors etc.. to help your process. Best of luck. 

Nghi, 

Thank you for the guidance and insight again it helps a lot. I was quoted by a private money lender. 

5% interest, 1 yr, 10% or 15% down, no prepayment penalty, requires 3 month payment upfront for Covid. 

Best, 

John 

Hi Nghi, 

I intend to refinance and pull most of my money out, BRRRR. The prepayment is not favorable and the 30 yr lower payment until the seasonal period was over. Thank you for information and insight.

Best, 

John 

Odie, 

Thank you. 

Hi David,

I'm a real estate agent and local investor in Massachusetts. Area of expertise, Southcoast: New Bedford MA and 25 miles surrounding area. I have done flips and purchased MF. If you need any help or advice I'm here. Good luck and much success. 

Hi Steve, 

Welcome to BP. All the advice here is top notch and as you can see there's a lot of choices and some. Find what you're looking for your niche /strategy. Single family hack, duplex hack, multifamily etc.. and the area is important. Boston area prices are high if you need to be in that area then a hack could be the way to go. Remember it's not for ever and it gets your foot in the door. New Bedford and the surrounding area is very reasonable. Best of luck ! you took the first step and that's thinking about it.