All Forum Posts by: Justin Hammerle

@Jacob Ankney - agreeing with the guidance here on education and once you are ready and comfortable taking the next step I would strongly consider a multi-family house hack utilizing an FHA loan.

@Ramin M. - I think you have the right idea of markets mentioning Providence, Worcester, Springfield, and New Haven.  I would also mention you are likely to get some good rent/value ratio in the I-95/495 spoke of southern ma in areas like Attleboro, Foxboro, Wrentham, Mansfield, Norton; its a great rental market and area that is experiencing a good deal of growth from a population and commercial standpoint.

@Tayeisha C. - glad to recommend an insurance agent for you if you're looking for additional quotes.  Feel free to message me and I would be glad to provide you the info.

I would stay clear of zestimates. In absence of using an agent CMA; you can easily use the livable sq ft of the property and run comps with finished properties that are within 200+/- sqft. You'll get a sq/ft value and you can multiply by your properties sq footage. You can then make a qualitative adjustment based on bed/bath ratios.

@Weston Homa - I am assuming you have three separate parcels where each of these properties sit?  If so, it could also be the case that the commercial zoning allows residential use through some form of special permit by the municipality.  

@Apoorva Paruchuri - in an expensive market like Boston with very high appreciation I would be focusing on properties that cashflow when they are fully occupied by renters assuming you have moved unto another property.

I second Henry's response - are you approaching the builders from the point of them squatting on the lots? Or are you trying to get them to buy them outright? If you haven't it may be worth considering because it allows the builder to market their plans on MLS and sell to a buyer without much risk.

@Stephen Torti - I've always thought this model was questionable at scale but can see it does work in theory assuming a positively cash flowing property; however I think the risk is a black swan event causing a dramatic drop in values. I think in this climate we should be conservatively leveraging our properties to the extent that we can.

 Yes definitely RI Real Estate Investors Group - https://rireig.com/

They generally meet twice a month a lot of good speakers and networking opportunities.  Hope to see you there sometime.

@Daniel Dexter - Some missing info here as noted but the typical exit structure for family member financing is getting them their money back first and then a 50/50 split on any profits.  If your family wants a return while you hold the note I would factor that into the profit share on exit.