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All Forum Posts by: Matthew Gangi

Matthew Gangi has started 4 posts and replied 21 times.

@Thomas Weidner

Nice, what do the numbers look like? How much was this deal? How much rehab?

Also, whats your background? Trying to figure out how everyone is doing rehabs by themselves on first deals.

Post: 22 Y/O with $20,000 to spend

Matthew GangiPosted
  • Boston, MA
  • Posts 24
  • Votes 6
Hello, 22 year old trying to get my feet wet in REI. I have $20,000 to spend. I currently live in Boston, MA which is a super expensive market so i was thinking of out of state investing. Turn keys did come to mind. Should I just keep on saving, or dive in? Thank you
Thanks a lot for sharing this. One thing that really stresses me out is that I didn't go to college, unable to afford it. I am in the technical field and I always am stressing about not getting the funds to start investing due to not having a degree.
Stephen, how do you analyze your properties? Do you buy them ready to rent the day you buy, or are you doing reno on your units?

Post: Closed on very first propery!!

Matthew GangiPosted
  • Boston, MA
  • Posts 24
  • Votes 6

Corey, does this property need any repairs? 

Can you tell me the numbers on this?

Post: Turnkey.

Matthew GangiPosted
  • Boston, MA
  • Posts 24
  • Votes 6
Originally posted by @Mark S.:

Dean Letfus , I would say it's paying FMV. If I bought the property in rough condition, like the turnkey provider initially does, and then tried to rehab it myself, I can guarantee you it would cost me more to rehab and the quality would be less. Not to mention the stress and added work. To me, it's the furthest thing from overpaying. You have to put a price on your time. My time is not best spent on rehabbing.

But let's just say, somehow, I "overpaid" a tad and the property still cash flows. Who cares?

Could my situation change in that I may need to sell? Sure. What's the difference between that and having to sell any other investment (real estate or otherwise) at an inopportune time? All investments involve risk, but I don't think that should prohibit someone from investing. Is that "high risk investing?" I don't think so.

 So, say my main goal is strictly just cash flow and not really looking to ever sell. Then turnkey is okay? Do you invest in turnkey yourself? My plan was to first invest in turnkey to gain capital and then a few years down the road start rehabbing. No time on my hands to rehab at the moment so that is why I was planning turnkey. Good/bad idea? Thanks

When you say "paid" are you paying cash or are you getting loans? And the rehab cost is out of pocket?

Post: Real Estate Journey 3 Years In

Matthew GangiPosted
  • Boston, MA
  • Posts 24
  • Votes 6
Jeff, are these properties rent ready when you purchased? Any rehab at all? Turkey?

Krystof, I would 100% add more to the expenses. If you did 8% for CapEx that brings you to $216. I'm still learning myself, but 2% seems way too low along with the vacancy.