All Forum Posts by: Katie Robillard

Hi Mindy!  I only have 3 tenants and they each pay a different way:  Venmo, check; direct deposit.

Hi Joshua.  Thank you for your reply!  The duplex is in the Back Central section of Lowell.  Even with below market rents, I though it was unlikely that I would be able to even match the cashflow I'm getting currently- because we're not paying a mortgage.  However - there would be potential for decent cashflow and maybe more equity in the future if I purchased a couple of properties in a better neighborhood (with parking).  My goal is to grow the number of buy and hold rentals for moderate monthly cash flow and increased equity.  I don't expect to retire off of our cashflow anytime soon, but it would be nice to reduce my retirement number by whatever my properties are bringing in.  I have not been to/heard about your pints and properties meetings, but am very interested!  I will message you for more specific advice and info.  Thank you again!

Hi everyone.  I've been back and forth on this topic depending on the day and I would love to hear what others think.  I currently have a mortgage free duplex in Lowell, MA in what I would describe as a B-/C neighborhood.  Most people on the street have lived there for years, with the exception of a few rentals that turnover fairly often.  The biggest challenge / drawback of the location is parking.  We do have 1 spot in front of the house, but there are regularly issues with others pushing into the spot.  Plus, 1 spot is not really enough for a 3/1; 2/1 duplex.  Currently both units are rented.  The 3 bedroom is well under market value - due to parking and the fact that the back porch needs a little work.  The one bedroom is currently section 8, but we'll be looking for a new tenant soon as the current tenant will be entering a nursing home.  Currently the property cash flows well and it has appreciated as one would expect with the rest of the area.  However, the house is in need of additional updating and renovations, so I'm wondering if we should put the money in to this house or sell it and purchase 2-3 properties in better neighborhoods.  My thought is that no matter how nice we make this house, we likely will not get a top-tier tenant, but if we purchased a few houses in a  nicer neighborhood, we would have the potential of attracting better tenants.  Of course I'd have to analyze specific properties to determine if this would make sense, but I just don't know if I'm crazy to consider selling a payed-off, cash flowing house to take on 2-3 mortgages (and reduced cash flow).  Just for perspective, REDFIN currently has my duplex values at $349,000, but $320,000 - $330,00 might be more realistic.  Thank you in advance for your input!

@Brad Contreras Hi! I have the same question regarding paperwork with an off market deal. Did anyone ever reach out with advice? Thanks!

@Jonathan Styer. Thank you so much for your response. Yes, I was considering a cash out refinance to fund a purchase in Tennessee. I can definitely reach out to a local realtor there. That was a next step but I thought I’d have to have funding secured (or at least close) before a realtor would consider working with/ helping me. Thanks again!

Hi everyone. I currently live in Massachusetts and am considering purchasing a single family rental property in Tennessee. I've heard that financing can be a little more challenging out of state. I was wondering what others thought of possibly refinancing an in state property (I have a duplex in Massachusetts with no mortgage currently) to purchase an out of state investment. I'm wondering what benefits or risks may be - if it's even possible. Any suggestions regarding another approach are greatly appreciated as well.

@Adam Zach

I’m a math teacher turned engineer ( for last 17 years)... and very beginner real estate investor. The analysis is fun and the numbers make sense... all on paper. The doing is scary! I have two rentals currently but looking to expand while continuing my full time job.