All Forum Posts by: Justin Hammerle

@Viktor S. - if you're looking for a 3-family in that price range I would focus in on the gateway municipalities.

@Alyssa Aleman - there are multiple avenues you could take for internships with your background.  Each one is going to give you exposure.  Investment positions are generally the most difficult to get into from an entry level standpoint because they are very competitive.  Miami is a booming market so you should have plenty of options - some listed below.  I would connect with your schools career center as a first step.

- Commercial or Residential Brokerages (Sales)

- Property Management Firms 

- Development Firms

- Construction Firms

- Investment Firms

Generally speaking your upfront closing costs will be higher because you will be charged points by the lender; if its a construction to perm no you only have to pay closing costs once, this is the benefit of using that type of loan.

Rich dad poor dad is a great book to start with!  Outside of the BP line of books I would also suggest the Millionaire Real Estate Investor by Gary Keller.

@Matt Caviness - I would start by finding a local civil engineer to do a density study on land.  Once you have an idea of max density you can work with an architect to put together some bldg footprints, which would get passed back to your engineer who can put together a concept plan.  I would underwrite the concept plan and see where you stand financially. If all is well from that point, I would connect with a local permitting attorney to help get you through approvals. I think you need to decide early on whether you plan to sell or keep as rentals this will play into the design and underwriting.

HELOC

looks like your at 69% cost/ARV less carry, seems like a good deal to me.

multifamily house hack - occupy one of the units rent the others.  Best financing options available for occupied properties and it will give you great experience in dealing with tenants.

Agree with the sentiment on finding the right RE attorney.  Its unfortunate but RI is highly political and depending on what town you are in the right attorney and civil engineer can make all the difference in getting your approvals.

Is there an executor/administrator in place?  They are charged with disposing of the asset or transferring it per the will and may or may not need your approval to do so.  I would get in touch with them immediately and if they intend to do anything that you are not in agreement with you may have to seek legal guidance and submit an objection to the court.