All Forum Posts by: Kyle Curtin

Goooood afternoon BP!

I purchased my first 3 family property in Leominster, MA and chose that market after a just about year long search in different markets in northern MA. I started in Lowell, and absolutely love that city for REI, got two deals under contract that fell through, and after the second unsuccessful transaction, I realized something. I absolutely DIG 3-4 family properties, but was playing in a pricepoint that was waaay out of my league at the time. This led me in search of 3-4 families closer to central MA that fit my budget much better, and Leominster became the spot that I ultimately purchased mine! 😁

Where did you buy yours?! Comment below!

#lowell #boston #manchester #worcester #leominster #fitchburg #gardner

Quote from @Michael DeLaMarre:

Hey, thanks for posting this. It's very good info to have in one's back pocket.

 Thank you so much Michael! :)

Hey guys! As you probably know, I am pretty new into the heloc space and in the process for opening my first one as we speak. Through networking, I have heard about 3 local credit unions that offer 100% LTV helocs, but PLEASE LET ME STRESS that I know many folks who have used these banks, but I don't know anyone specifically (that I know of) that has gotten 100%. I was offered 85% with Hanscom Credit Union, but will be asking many more questions as we continue the process (I had to open up another tradeline so the process is extended another month for my new card to go into effect) to see what is required to achieve 90%, 95%, or 100% LTV on a line.

Here are the 3 banks below, I have direct points of contact that I could introduce you to for 2/3 of these banks, and an extended POC through another investor that I know for BayState. If you would like an intro to any of these banks to have a conversation, drop a comment or send me a message and we can chat! I HIGHLY recommend creating a relationship with the lender and not just filling out the form on the website, it will help you in many more ways than one!

1.) Hanscom Credit Union:

There are 22 branch offices spread throughout Eastern MA. They are who I am going through for mine, and I know multiple investors that have successfully used them as well. They require 4x tradelines, & the subject property needs to be owner occupied, but they can do owner occ. multifamily. This is an awesome option for a househacker!

https://www.hfcu.org/borrow/ho...

2.) Triangle Credit Union:

I heard about Triangle from some of the NH investors, and heard great things about them. They are based out of NH and have locations spread throughout southern NH. They service Hillsborough, Merrimack, Belknap, Rockingham, and Cheshire counties in NH, and also Franklin, Worcester, Middlesex, & Essex counties in MA. The only thing to keep in mind, is I was told that they can only do the HELOC on an owner occupied single family, which I certainly do not have haha. But definitely a great bank to keep in mind depending on your strategy!

https://www.trianglecu.org/hom...

3.) BayState Savings Bank:

I just heard of Bay State less than 48 hours ago from an investor in my network. They have 6 locations around Worcester and right under Worcester. I can’t speak for this one from personal experience but definitely another bank to check out!

https://www.baystatesavingsban...

Do you guys have any more banks that advertise 100% LTV/ very high LTV home equity lines in MA & NH? Do you have any tips for folks going for helocs for the first time? Drop them below!

Happy Saturday guys! 😁

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#househack #massachusettsrealestate #realestateinvestor

#Gardner #leominster #worcester #massrealestate #multifamily #realestateinvesting #Candorealty #realestateagent #realtor #investor #assets #cashflow #Lowell #Boston #Duplex #Triplex #Quadplex #smallcommercialmultifamily #commercialmultifamily

My vision is buying a local commercial Multifamily property by the end of the year! 😁

What is your vision? 🤔

Happy Friday guys! 😁

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#househack #massachusettsrealestate #realestateinvestor

#Gardner #leominster #worcester #massrealestate #multifamily #realestateinvesting #Candorealty #realestateagent #realtor #investor #assets #cashflow #Lowell #Boston #Duplex #Triplex #Quadplex #smallcommercialmultifamily #commercialmultifamily

Quote from @Andrew Freed:

@Kyle Curtin - Great topic! I think we all feel that a little bit, imposter syndrome. I can definitely relate. 

One self limiting belief that took me over a decade to conquer was the courage to fail. In society, we are taught to be perfectionist and are rewarded as such throughout our schools by letter grades. Failure and non-compliance is very much discouraged in our educational system. However, to be an entrepreneur, you have to not be afraid to fail and have the courage to try something new, fall flat on your face and get back up like nothing happened. Once I started embracing failure, life and business just became so much easier. 

Thank you sir! I totally agree! 

A self limiting belief that holds me back from my goals occasionally is actually feeling worthy and deserving of what I what I envision. This belief is something that becomes much more minimal the more that I talk to people in our sphere and support each other through mastermind groups to show that we are ALL deserving of what we can build and the sky is the limit…

What is holding you back?🤔

Happy Thursday guys! 😁

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#househack #massachusettsrealestate #realestateinvestor

#Gardner #leominster #worcester #massrealestate #multifamily #realestateinvesting #Candorealty #realestateagent #realtor #investor #assets #cashflow #Lowell #Boston #Duplex #Triplex #Quadplex #smallcommercialmultifamily #commercialmultifamily

Quote from @Bjorn Ahlblad:

As a buyer I make an offer contingent upon inspection of financials and property, if accepted, we then move into the due diligence period, any discrepancies are dealt with prior to going under contract. I would not expect any negotiating or concessions after going under contract. Does this fit with the process y'all are describing here?

 Hi Bjorn! That makes a lot of sense for all parties! Thank you! 

Quote from @Scott E.:

I sold an office building last year and the buyer "retraded" after their inspection when they discovered that 6 of the 8 AC units were about 20 years old and were near the end of their life.

They estimated the need to eventually replace the units to cost in the $50k+ range and asked for a $50k reduction on the purchase price. We ended up meeting in the middle and I gave them $25k.

There is nothing wrong or offensive about this. If something major comes up during due diligence that was not expected or disclosed, then buyer and seller just need to have a conversation (through the brokers of course).

 Hi Scott! Thank you for that! I definitely see the balance there, that makes a ton of sense!

Quote from @Brian J Allen:

@Kyle Curtin.  I try not to ever go back on anything in the deal, I would rather have my client walk after an inspection then try to renegotiate.  This is one of the biggest issues with agents that I encounter.  If you do not have the expertise to evaluate a multifamily and know 95% of the issues that will come up at inspection and price for them, you should sell single family houses and worry about colors and wallpaper.

The best way to address these issues is to PRE NEGOTIATE them.

eg. If the appraisal comes in short the buyer will pay X over the appraisal, or both parties agree to the bank's appraisal as the purchase price.

Negotiating after you have the property under contract is typically sign that you have not done your due diligence as an agent.  I had a listing earlier this year on a Flip that was great.  The buyer's agent tried to renegotiate so we told the buyers they could have their money back.  Turns out they were willing to take the house as is for the original price. Imagine that.

Brian! Top of the mornin’ sir! Thank you so much for the comment man! I love that concept of beating the issues to the punch and already knowing the vast majority of what’s going on before and the pre negotiation in the contract to be a buffer for the few unknowns that may/may not come up. Absolutely awesome!

Quote from @Stephen Jones:

@Kyle Curtin

Great topic here! Will be following. Most of my assets are B class assets, but on my next purchase I am considering buying for cash flow, so I might have to start looking in a C class location. 

 Hi Stephen! Thank you so much! I love that, that is a great idea! I definitely gravitate my attention towards buying in smaller sub markets outside of the cities that really have a strong population growth :)