All Forum Posts by: Mathew Allen

@Raysa Pena Awesome!! Thanks for the advice, I will be sure to check that app out.

Hi guys!! What are valuable assets that a young person can offer a mentor? Can you have a mentor relationship and also strive for a potential partnership?

@Ned Carey @Dmitriy Fomichenko Thank you for the tips and the warm welcome! I will be sure set up the keyword alerts and find members in my area. Happy Friday.

Hi everyone! 

I am new to the BP community. I have been online for about a year and intune with the podcasts and books, but have never made a formal introduction here in the forums. 

I am 24 years old, from Long Island, NY, living and working in Boston, MA, and investing in Portsmouth, NH! My goal is to have healthy and striving portfolio so that I could get out of the 'rat race' and go into RE and work for myself full time.

Before my first deal a year and a half ago, my RE experience was limited to a minor in RE at Suffolk University, getting my RE Salesperson License in MA, reading BP books and listening to the podcast! I am happy to become a part of the online community and look forward to participating in the discussions!

Here is the link to my first deal. I did with two of my partners who are also 24 years old. We seem to have a balanced skillset, I am the PM and entrepreneurial aspect, one partner is on his way to his CPA and the other works in commercial lending and has a strong finance background. 

Best,

Mat

P.S. If anyone knows of a meetup in the Greater Boston Area please let me know!

Hi everyone! I am new to the BP community. I have been online and intune with the podcasts and books, but have never made a formal introduction here in the forums. I am 24 years old, from NY, living  and working in Boston, MA, and investing in Portsmouth, MA! This deal was my first and did with two of my partners who are also 24 years old. We seem to have a balanced skillset, I am the PM and entrepreneurial aspect, one partner is on his way to his CPA and the other works in commercial lending. I am happy to become a part of the online community and look forward to participating in the discussions!

P.S. If anyone knows of a meetup in the Greater Boston Area please let me know!

Best,

Mat

Investment Info:

Single-family residence buy & hold investment in Portsmouth.

2 bedroom 2 bathroom condo in Portsmouth, NH!

What made you interested in investing in this type of deal?

Portsmouth is a hot market and it was very evident at the time of purchase (9/17). The condo was an off-market deal and only required heavy lipstick and some elbow grease to increase the rent 28%. Currently it is rented 42% higher than that at acquisition.

How did you find this deal and how did you negotiate it?

Via a family members agent.

How did you finance this deal?

Partnership and Commercial Mortgage

How did you add value to the deal?

We added value to this deal by making the following cosmetic changes:

- Repainted the entire unit
- Updated all outlets and covers to be uniform (a few USB where applicable)
- Updated all light switches to 'flat panel'
- Updated kitchen cabinet and drawer hardware
- New stove & range
- New sink outlet
- New kitchen ceiling fan
- New toilet
- Deep clean & high quality post/advertising to emphasize the value the condo has to offer

What was the outcome?

Increase in collected rent at acquisition by 42%. So far have been through one couple as tenants and I am currently on my second lease with an elderly retired couple.

Lessons learned? Challenges?

Out of state investing. I am based out of Boston, MA and the unit is ~1hr away from me. The fact that the condo has a great super has helped managing at a distance for a first deal work very well.

Know when your market is hot. We bought the unit vacant in September. We made our upgrades and then posted it for rent and experienced ~2 months vacancy. Had we had a unit listed in the early spring/summer it would gathered more traction.

Tenant Screening was a learning curve.

Investment Info:

Single-family residence buy & hold investment in Portsmouth.

2 bedroom 2 bathroom condo in Portsmouth, NH!

What made you interested in investing in this type of deal?

Portsmouth is a hot market and it was very evident at the time of purchase (9/17). The condo was an off-market deal and only required heavy lipstick and some elbow grease to increase the rent 28%. Currently it is rented 42% higher than that at acquisition.

How did you find this deal and how did you negotiate it?

Via a family members agent.

How did you finance this deal?

Partnership and Commercial Mortgage

How did you add value to the deal?

We added value to this deal by making the following cosmetic changes:

- Repainted the entire unit
- Updated all outlets and covers to be uniform (a few USB where applicable)
- Updated all light switches to 'flat panel'
- Updated kitchen cabinet and drawer hardware
- New stove & range
- New sink outlet
- New kitchen ceiling fan
- New toilet
- Deep clean & high quality post/advertising to emphasize the value the condo has to offer

What was the outcome?

Increase in collected rent at acquisition by 42%. So far have been through one couple as tenants and I am currently on my second lease with an elderly retired couple.

Lessons learned? Challenges?

Out of state investing. I am based out of Boston, MA and the unit is ~1hr away from me. The fact that the condo has a great super has helped managing at a distance for a first deal work very well.

A major lesson is to know when your market is hot. We bought the unit vacant in September. We made our upgrades and then posted it for rent and experienced ~2 months vacancy. Had we had a unit listed in the early spring/summer it would gathered more traction.

Tenant Screening was a learning curve.

@Oren K. , I am trying to send you a private message, I cannot figure out how to do so successfully. I am evaluating a portfolio in the Cleveland area and seeking reputable PM firms. If you have any that you recommend please let me know. Thanks in advance.