All Forum Posts by: Matthew Fermino

I have a 1031 exchange set up and I’m looking into buying a short term rental with the potential to pivot to rent long-term if need be in either Narragansett or Newport or one of the beach towns in Rhode Island.

Obviously it’s an unprecedented time but does anyone have any data on occupancy rates and how things have been affected in those areas

I am looking to build a two bedroom in the apartment to move my mother into our home but have a separate space for her. I am selling the condo I have that she currently lives in and doing a 1031 exchange into another investment property. I don't think there's a way to roll any of that money into an Inlaw suite so I'm looking for the best way to finance this. I don't have quite enough equity to do a HELOC as I owe about 675k and current value is about 950k.

Estimates from my contractor who I’ve worked with in the past is about 175K for the addition.  I was considering options like Hardmoney (never done this) home improvement loan (never done this) or Finding a credit union or bank that would give me the a rehab loan based on the post rehab value loan (never done this either)

Any advice would be super helpful, I’ve got a lot of balls in the air right now. Thanks in advance as always

what are the best online sites to find property? 

wow @Dave Foster that is not something I would have known that's great advice. I look forward to watching the video when you send along

and @Christian Hansen I agree I am a little weary of places that have good cash flow but maybe harder hit now but also agree being decisive and going with my gut I should be alright

@Anthony Thompson

That would be awesome those are two topics for sure that I have a lot to learn.

@Sam Albert would love to. I’m not necessarily looking to partner but I am not opposed

To it either. My main reasoning would be limiting my risk while learning through my first true investment as my investment property now sort of came to be without a clear strategy and more luck

@Dave Foster does this need to be a single purchase that’s more than the sale or can it be two purchases within the window I think it’s 180 days that add up to that amount? I’m guessing a single like for like purchase but not sure

@Dave Foster

Thanks Dave that’s great advise. I’ll look into this approach for sure.

@Dave Foster

Thanks Dave. I definitely have a plan as I would

Like to get into small multis (2-4units) in appreciating areas like Pittsburg, Raleigh, Providence or some Areas in Midwest to generate more cash flow while building equity over the next few years. I’d like to have 15 units in the next 5 years so I can spend more time with my family. Just want to maximize this asset I have the right way, knowing what I want isn’t the problem, the problem is understanding how best to execute. Which is why not everyone does it!

@Lien Vuong

Thanks this is great advice, I am a big preacher of the end in mind Franklin Covey approach.