All Forum Posts by: Justin Hammerle

@Connor Morrow - Do you currently own?  You're first step could be house hacking a multi, that would give you some great personal experience dealing with financing, property management, and construction.  The Providence area has some affordability in comparison to Boston if that's where you're already working.  

@Account Closed - $730k is quite a bit of capital to leave in there.  If you are taking a harvesting strategy which it appears you are; I would take it out and put to work in other properties increasing your equity buildup.

You also have some interest rate risk at the end of the 5 year term which could see your cashflow shrink some.

@Xavier A. Malave - what does your current financing situation look like?  Does it allow you the time to do the garage and then refinance once?  My opinion is that would be ideal in regards to limiting your fees and increasing the amount of capital returned to you.

@Maria M. - You should confirm the exact zoning of the property by trying to lookup the most recently updated zoning map of the municipality rather than using the appraisal website. Once you confirm the zoning, you can look up the specific uses of that zone in the zoning by laws. The uses will tell you if multifamily is allowable.

You could also simply call the town and ask, but my experience has been that not all town staff know what they are talking about.

best of luck

@Inderpreet Singh - Welcome to BP!! Hard to lose looking for rental properties in towns along the Mass Pike; best of luck to you.

@Mario Morales Safah - whatever brokerage you decide on, stay active within the brokerage; agents can have multiple mentors for multiple reasons but the more people you meet, the more likely you are to be inspired by someone.

@Amelia Cooper - safest way is to hire an RE transaction attorney to draft all the necessary docs.  They will also provide advice on any other boxes that need to be checked.

@James Li - I would also mention that whether or not a property is going to cashflow with a BRRRR; if it doesn't and you are not occupying, you sort of are forced to sell.

@Kui Kapu - just quickly reviewing the terms they seem fair and reasonable for a hard money lender.

@Thomas Lebens - if this is your first property and you plan to occupy why not consider an FHA? You can refi into a DSCR at the 1-year mark, buy another - rinse and repeat.