All Forum Posts by: Josue Velney

Thank you for sharing this situation. 9 times out of 10 prefer to work with a local agent or company for this very reason. If you plan to buy more real estate it might be wise to get your real estate license. This way you could negotiate on your behalf and be closer to the deal. 

@Peter Carboni I hope all is well. I was in your shoes about twelve years ago. Some advice I could give you, read as much as you can about real estate and talk with investors with gray hair! Your first purchase will set the tone. It would be wise for you to learn all the different first time home buyers programs including anything the city might offer! I don't tell most people this but my favorite time to buy is between Thanksgiving and Christmas!! When everyone is buying gifts I prefer to buys houses!! Stay hungry my friend!!! You got this!!

@Erick Sembrano I don't believe BP lets members give out that information. Direct message me for the name. They are a great bank but I don't use them as much anymore. Every bank has pro/con. The second questions.... I did not talk them down at all. They already had the loan program. They just did not advertise it. That is why I said you have to ask the right questions. Asking the right questions will get you the combination code to the vault. 

@Erick Sembrano The community bank let me put down 5 percent with no PMI. The secrete is you have to ask the right questions. You must be willing to swim to the ship. You can't wait for the ship.

@Erick Sembrano Hi Erick, I am in the Boston market like you. My favorite place to buy is in Roxbury. The best advice I could give you is to reach out to community banks. They should have some loan programs that could help. A few years back I had the same issue. One of the local community banks funded my purchase. I currently have 250k increase in equity. 

@Dionne Rodriguez sounds like you need a new lender!! You are smart to ask this question on this platform. Some of my best deals I had to pitch to multiple lenders. Some lenders don't understand what you are trying to do. Some lenders are uncomfortable with your strategy. Some lenders prefer to put you in a different loan because of their portfolio. Long story short if one lender tells you no reach out to three other lenders. Every no only get you closer to a yes!! Happy hunting my friend!!!

@Brendon Kerrigan, I was in the same boat 11 years ago and I picked option C. My first purchase was in Somerville for 450k. Today the value is 1.1M. I purchased using a FHA loan because of the lower down payment. After that purchase I focused on Springfield MA. Springfield MA provided higher cash flow. This is why I say option C. Option C being both option A and B. I ended up growing the Springfield portfolio to 30 unites after I sold everything there and only focus on buying in The Boston area.

Hi @Matt D'Arco, why not have your cake and eat it too? If I was in your position I would focus on purchase closer to where you live and putting as little down as possible. After you can focus on purchasing out of state for bigger cash flow. My first purchase was in Somerville back in 2010 where I used an FHA loan 3.5 percent down. The purchase price was 450k and now the property is worth 1.1M. After that purchase I did not have enough money to buy near Boston so I purchased in Springfield. Win Win!! Good luck my friend!!

Hi @Benjamin Hoisington I would reach out to Marc Murphy from Lock and Key Realty. He helped me build my portfolio to 30 doors in the Springfield market. I now only invest in the Boston market but great person to know in the Springfield market. 

Great work!!! Keep it up my friend!!!