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All Forum Posts by: Seth Williams

Seth Williams has started 5 posts and replied 251 times.

Post: Advice on first multi-family purchase - 5-plex

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

I find that some of these deals that are "off market" are actually terrible deals. I do think as @Account Closed mentioned we would need some more info. As far as older buildings, here in Boston that's essentially all we have, so it doesnt worry me. Just have a thorough inspection / walk through of all the systems, roof, and electrical work. If it all looks good, then I wouldn't worry too much. I say off market, because sometimes people are trying to sell something off market because its "easier". Think about what you said. Potentially problematic tenants, 5 units, means its tough to show all these all the time. Some buyers might shy away. Maybe they aren't paying a broker fee, but getting their price, so they are getting another 4-5%. I personally try and buy off market, so not knocking it, but when you over pay, it has to be for the right deal. Again, not calling this a bad deal, but since its off market feel free to press and do a ton of due diligence

Post: Can a first time home buyers purchase a commercial property ?

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

20-25% Down is the usual for commercial property, and no, you usually cannot live it in or make it your primary residence. 

Post: Using a Hard Money Lender to start investing

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

Hey @Marc A Louis-charles, Ive done this before - might be able to help guide you a bit, and in the same market. DM me if you want to connect. Id love to help. 

Post: Help me buy this 8-plex

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

@Fidelis O., admire the hustle to continue to buy property, great work. As far as this deal, I agree with the above post from  @Jeremy Miller...we need more info. In your operating expenses, are you including mortgage? They seem really high to me. Any time I am getting over 40 % of OPEX I think there is work to be done. So, maybe there are some ridiculous things happening expense wise in the building that is ruining the profit. It doesn't mean it can't be fixed, but to Jeremys point again, there might be some cash needed to help fix. Either way, more info would be great. I Can send over a sheet I use to determine some of this stuff, DM me with your email and ill send it over, or email me direct. 

GL. 

Post: New investor in Boston, MA

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

Hi @Carly M. Welcome to BP & investing! Areas should really be where you want to be, Id suggest close to home for starters for sure. I also would recommend going 3-4 units if possible, you will get the most for your return & be able to continue to invest, and potentially use this as your owner occupancy - so less money down. Feel free to DM me, id love to be able to help in anyway I can! 

Post: Purchasing on Owner Finance

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

Im not sure i understand your question.... Could you elaborate more? I would imagine you need more info on rents, mortgage, term of note, payments, and so on. Why don you walk us thru the deal and Ill be glad to help. Expert on seller financing. 

Post: Conflicted about a Real Estate Agent

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

Just call them and tell them it isnt working out, as an agent, I wouldn't fight to hard to keep working for someone if they admitted to me multiple times they didn't want to use me. This whole game is about client service and follow up. The relationship probably is not worth repairing at this point. 

Post: Massachusetts Market Keeps Rising

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

@Chris Munichiello, gotta stay persistent, there are a ton of deals out there to be had. The Southshore, specifically Quincy is SO high right now, but, its only going to continue to go up! There is such housing shortage. I know a lot about the south shore, lived down there for a while ( quincy ) and house hacking, as @Frank Benson mentions is the way to go if you are looking to jump in. DM me with more questions, id love to be able to help out any new investor. 

Post: Paying Brokers on Seller Financing Deals

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

@Josh Kredit-Phelps having brokered, and bought a few of these deals, even with 100% financing, either the seller would pay you direct their fee, since the contract of the broker should be with them, and it isn't a buyer problem...the buyer, would over pay by the fee and the seller would pay their agent, or the buyer would pay the agent direct. Since this doesn't seem to be a conventional deal ( not sure if its posted online or a pocket listing ) I would try and negotiate a lower fee. Not sure the purchase price either, but if the buyer / seller doesn't want to pay the broker who helped the transaction happen 1-2% ; or a set fee, something about this deal is shady...Especially with 100% finance, and no liquidity to just pay the broker. Consider it part of the deal. 

To @John Warren's point. The seller finance deal I personally purchased was from a broker, and I was a broker, neither of us did a fee, but I over paid for the building then forced appreciation. So overpaying is common, especially in the luxury of 100 % seller financing. 

Post: What CAP rates are you seeing in your market for multifamily

Seth WilliamsPosted
  • Real Estate Broker
  • Winthrop, MA
  • Posts 260
  • Votes 199

Way to tough to answer, I think you can look this up on irr.org or a website I can’t remember. BOSTON is like a 4/5; and it’s all area based. I’d get get on your investment criteria, that’s more important than arbitrary cap rate. Often projected caps are bull anyway, inflated by owners or agents.