All Forum Posts by: Nicholas L.

@Nick Anderson

"if we had listed it 4 weeks prior, we'd have had 30 showings and multiple offers"

How do you know that?

@Stan Constant with prices so inflated right now, it's tough to make most on-market deals work.  So, it's great that you're digging into the numbers on them.

For a few years I was looking for a property in Stamford to BRRRR. Occasionally a single family would hit the market at around 300K that might have worked but I never pulled the trigger. I think there is opportunity to do this in Norwalk and Fairfield. But to do this you need funds.  BRRRRing is expensive.

@Will Barnard

Question for you - just as it's tough for a newbie to self manage, as you noted, don't you think it's also tough for a newbie to find a syndication and get those "double digit annual returns?"  A lot of HNWIs who post on BP looking for yield get told to "invest in a syndication"... and in my opinion, just as it's tough to get started buying properties directly in today's market with no contacts, no Core 4 and no experience, I would think it would be equally as tough to quickly find a viable, reputable syndication and start making 15%.  Maybe I'm wrong about this - I want to own properties directly and am not interested in syndications at this time.  But, I'm just skeptical of this being a good option for newbies.  

Any thoughts?

With that said, thanks for all the effort you have put into the forums over the years.  I have benefited tremendously from your posts, and whenever I see your name I know it's going to be valuable advice.

@Stan Constant great post... I am always hesitant to give advice though when the poster is asking about decisions that will impact family, lifestyle, etc.  I can't tell you whether or not to sell your primary residence - only you can make that decision.

So, I'll give the same advice I give to everyone on BP in response to your question 8 - home state first? - I say YES to this.  Of course you could invest in Ohio or Arkansas or Hawaii - but why not invest in a place where you can go to REIAs in person, build relationships in person, go see 20 houses on the weekend with a realtor, etc.?  If your immediate market is Boston or a place that seems to expensive, go one hour or two hours away.  Attend REIAs.  See houses.  Build relationships.  You get the idea.

Are you comfortable saying where in NE you are located?  I own a condo in Stamford CT that does well for me.

Hope this is helpful.

@Jason Sung call a bunch of lenders and ask.  I just did this, and the lender's policy changed while I was finishing the rehab; they had told me it had to be leased, but then it changed and so I closed about a month before my tenant moved in.

@Aaron Wadsworth OK - great!  My dad grew up in Maine so I can confirm - it's a beautiful state with lovely people!  Cold winters though =-)

@Aaron Wadsworth I am just going to ask you some direct questions...

-Out of curiosity, why Maine?  Job, family?  

-Are you keeping your SF portfolio in Australia?

-Will you have a significant amount of cash to invest, or will it be tied up in other investments?

-Have you considered renting while you get your feet under you?  I know that BP makes you feel like you have to buy right this second, but renting in the short term is a great deal... it's finite, and there are no closing costs, taxes, transaction costs or realtors fees.  When your lease is up... you move out.  And I promise you... there will be still be RE in ME to buy after six months or a year.

@Daniel Muscarella

If it's on Zillow, you didn't "find" it - the entire world can see it.

If it's listed for 160 and needs work and the ARV is 200 (and the Zestimate may or may not be accurate) it's not a deal.

Do the math on it and you'll see.

@Shane Power 

I have a condo in an A-class neighborhood that I manage myself because the building has on-site engineers and handymen.

My other properties are under property management and I worry about none of this.

@Bryce Callihan no offense, but if she is looking to sell at "top dollar," it seems like this would be a good deal for her and a bad deal for you.