All Forum Posts by: Luan Oliveira

@Bradley Padula Christopher Craig at BankFive. Very smooth transaction. Highly recommend.

@NIcholas Hamel

I'm closing on a purchase this week of an investment property. 3 units. I was able to get 3.375 with 0 points from a local lender. Not sure how it would turn out if it was a Refi, but I'd imagine it would have probably been in the same ballpark. I'd shop around and maybe ask some agents! Mine came as a referral from an agent.

@Michael DeLaMarre

I'd also look at local portfolio lenders. BankRI will do 5% owner occupied even if you already have a multifamily.

If you're only putting 5%, sometimes the numbers can make a little more sense. Especially if you factor what you would have been paying in rent all day.

You'll want to make the new job details clear to the loan officer/broker! Different lenders have different guidelines, so that's where a broker may come in handy by being able to shop your file though different lenders!

I've heard of the other Luan Oliveira! Unfortunately for me, I can't go 10 feet on a skateboard without having to jump off!

You can still do both. 

I've used a broker before, and they often have more options. In a lot of cases, brokers are paid a commission vs a straight salary, so they may be willing to work a little harder to please you. Sometimes a broker will give you a rate with points, which equate to added fees, but you should let them know in the beginning whether you are willing to pay points to lower your rate or not.

At the end of the day, what you're looking for is a Loan Estimate from each bank/broker you reach out to. That way you can compare rates/fees against each other. Keep in mind that some of the items in the estimate may differ from each other. Focus on the first page and the Loan Costs section on page two. 

@Ronald G. I think "good" is subjective. Everyone will have their own opinion based off of their experience.

You also have to account for your own risk tolerance.

I like to drive the areas, especially at night to get a feel for the neighborhood. I also have a much higher risk tolerance than others.

If you're looking to brrrr I suggest you get in contact with some of the wholesalers on the area. You'll probably have a hard time finding brrrr properties on the MLS.

You are going to have a hard time cash flowing around Boston! I'd suggest also looking at Worcester, as they have a lot going on there and may still be able to cashflow a bit!

I'm currently house hacking a 3 family and am under contract for my second 3 family. On my house-hack, the two rents pay the mortgage and all overhead. The one thing I've noticed is that a lot of the units around here are outdated and many of the owners are not taking great care of the homes. There's still a market for people who want places that are well taken care of!

There's also a lot of under market rents! You can take a 2 bedroom unit with $900 rents and spend a few thousand sprucing (Paint, floors, fixtures) then up to bringing the rents to 1100/1200 even in the C neighborhood! A 3 bedroom can get you around 1400+. MLS homes can still be found for around $100K a door! While these probably don't appear to very seasoned investors, I think for me it offers a good compromise!

Around Boston, I'd look at any of the areas that have public transit. Everett, Medford, Chelsea, Revere! Even places like Lynn are seeing revitalization because of the commuter rail and quick access into the city! I think it'll ultimately come down to what you're looking for. Is it appreciation? Cashflow? Speculation?

I think the areas closest to Boston will see the least cash flow but are great longterm holds. The closer to transit the better, as they can become candidates for condo conversions down the line!

I'm personally in Providence, but I like the cashflow around here. It's still very possible to get above 1% in RI. Just gotta be careful about taxes, especially places with non-owner occupied tax rates!

I'd say keep it basic.

Get a good drill and flashlight. These will be used often. The I'd get some basics like screwdrivers and whatnot. Ohh, and a good shopvac.

Everything else I'd purchase as needed. No reason to have 100 different things lying around for a just in case moment.

I also like perusing the clearance sections and picking up tools that way!

I say this as a fellow house hacker too! I think the issues we all encounter are unique, so many times the tools will be too!