All Forum Posts by: Justin Hammerle

Hi @Luz N Taveras

I don't, but I am familiar with the Newport area and don't live too far from there. STR in Newport itself as you may know is restricted to a few zones making it fairly expensive to acquire properties for STR use.

Have you considered long term rentals at all? imo the boston metro area is one of the best markets in new england for long term rentals.

Analyze and consider both options; you could pro-forma them out based on your investment time horizon counting both the appreciation and cash flow and see what yields more at the end.  

Hi @Luz N Taveras

MA in general seems to be bearing down on STR legislation. Some areas you may want to consider outside of the Boston which may be a little more friendly: Cape Cod, Southshore waterfront (Plymouth-Hingham), Foxboro area, and the Berkshires.

Hi @Dylan Cross

I think what Erik suggested - finding someone to take a second on your other investment properties may be your best bet based on what your looking to do.  Assuming the maturity ties in with your refinance; I have a few connections in the hard money space that may be able to assist.  Glad to chat more.

Not knowing the complete financial picture, the recommendation was to seek out a CPA to determine whether or not an entity made sense.  I hope I didn't misrepresent that.  To throw out the idea of using an entity to protect yourself because of some claim that it only works 50% of the time is dangerous imo.  There are some additional benefits outside the reduced liability component, particularly for holders - like owner privacy/reputational risk and tax efficiency using the strategy that Joshuam alluded to.

I think in general when purchasing investment property outside your residence, it is always best to consider and explore taking ownership through an entity regardless of the programs/grants available.  If you haven't already, consult a CPA on timing.  We all have unique financial situations and a CPA would be best qualified to advise you on whether it would makes sense given your current standing.

Though I would tend to agree; I would say the labor market is the outlier here. If unemployment stays low and wages continue to increase, we are likely to experience more hikes outside the hike that is already expected tomorrow.

Hi @Rachel Murphy

Best to consult a closing attorney on the best way to structure the loan and deal with closing admin.  As Jacob alluded to, the likely best way to take ownership of the property when using private money is through an entity; ideally through a non-recourse loan avoiding any personal guarantees.

Hi @Collin Van der Veen,

I grew up and live in the area and know the Providence market fairly well, have a background in multi-family investment working for a national developer.  Also worked in the private money space and have some connections there if you are trying to explore some creative financing options.

Providence is a great market to get started, glad to connect and chat more.

You're starting out in the right place!  The best thing to do first is to invest in real estate education.  Even consider a real estate degree if your so passionate about it.  Once you have a degree there are multiple avenues of employment whether it be property management, sales, or assisting on the principal side.  Working in the real estate industry in the beginning will expose you to other real estate professionals making those needed connections and gaining experience which can eventually lead you down the path of investing on your own and working for yourself.