All Forum Posts by: Nate Fournier

Mechanical and Aerospace Engineer, class of 2013. Have been investing for 5 years, have completed 10 flips and own 6 doors. Out of the industry for 3 years, have been doing sales for an insulation company now starting my own edible landscaping and construction business! 

Welcome! There are plenty of opportunities here but don't expect good deals easy to find... most investors in greater Boston are starting to look towards Worcester since it has a much more favorable price point. But don't worry, there will always be enough run-down three decka's to go around if you can find them!

Welcome @Adam Duffy ! I bought an off-market 3-family on an FHA loan, moved into the second unit and have been upgrading it over the last year. Looking to refinance soon, cash out, rinse & repeat! They're hard to find for the right price, but they're out there.

Give me a call as soon as you close and get your first National Grid bill and I can get you scheduled for a Mass Save Assessment ASAP! Sounds like a great deal, good job! 

@Taylor Shapiro We are working in Southern Worcester County, in the towns of Auburn, Oxford, Dudley, Charlton, and Sturbridge. While these towns currently have a relatively healthy absorption rate, be weary of towns such as Southbridge, Spencer, and Webster as they are colder markets with a less desirable tenant base.  

After about a year of reading, listening to, and researching everything I could about real estate I met someone at a local networking event who wanted to sell their 3-family in Worcester. The property barely needed any work and had two units rented. About 45 days after meeting the guy I closed on the property and moved into the vacant unit. I paid $235k with ~$8k down on an FHA and bring in $1950 with the other two units, which cash flows about $20/month while living there. I'm fixing up my unit and will move out soon and get ~$1100 which will be pure cash flow.

Just keep it up man! Spend an hour a day learning something new about real estate and most importantly NETWORK! Go to every Meetup group and local REIA meeting you can.

The hardest part is finding a good deal right now. It will be very unlikely that you will find a good multi deal on the MLS so I'd recommend sending letters to high-equity multi family owner lists.

Keep that up and you'll have no problem getting a deal by August of next year!

Hey @Mark Terry , with the experience you have and resources at hand you won't have any problem getting up and running. As long as you have the hustle to make it happen! Hard money is definitely the easiest point of entry, and they will help review your deal to make sure it's a good investment before they lend. 

Otherwise, just start asking around the office to find other people who are already in your circle who might be interested in private lending. Learn how to pitch it to them (I love asking "have you ever considered investing in real estate?") and have your script to work it into everyday conversations and you never know who has an extra $100k+ in a retirement account or the stock market who are looking for better returns. 

All the best! 

Can you pull a corner up to see what's underneath? I've never seen that either, but knowing what's underneath will help you make a decision. It's most likely horse hair plaster, in which case you might be better off just covering the walls as-is with 3/8 drywall but that won't be cheap. Ideally, you can just paint them after a quick cleaning and prime with a stain blocker. 

I used Seed Capital to get off the ground, and while it gave me the required funds to put the down payment on my first success flip, I'm still paying some lingering costs associated with it. 

My credit score took a big hit, albeit temporary, that made it difficult to get approved for other loan types in the few months after the first round of funding. I went ahead and pulled a second round about 1 year later, which came out to be much less than what they had told me. This threw a wrench in my plans, as most of the cards I was approved for did not allow balance transfers so I couldn't pull the cash out for my next deal. 

I know that after my next (3rd) flip, which will be on the market in less than a month, will finally put the lingering debt to rest, which just recently started charging interest (it had been 0% for 12-18 months). 

Now that I have a better track record, I will be able to get some better forms of financing. If you have no other option, they provide a reasonable service but just know that your score will take a hit and it may be a year or more before you're able to pay them down.