All Forum Posts by: Nicholas Stevens

Hi Reese - Yeah you are definitely thinking the right way. Yes, properties are more expensive in Boston area so you may not be able to cash flow right away but when you compare owning a 3 family or other rental to owning it's a no brainer for a lot of reasons. I bought a 3 family in Everett last year and was cash flow positive (in terms of PITI vers. rental income) right off the bat. There are less properties out there now versus even a year ago and is tougher now, but you will just have to keep your eye on MLS and other sources. The banks put the rental income figures towards your income too so it helps you in terms of qualifying for the mortgage.

Thanks guys, yeah I have a good job and will be putting away money to assure I can refinance, plus the value is pretty conservative estimate.

Thanks! I spent probably around $5000 in marketing. I was too spread out geographically and will now focus in a smaller area to be more effective and cost less. As far as exit strategy I will be saving so I can refinance. It is possible I would just sell but not likely.

What's going on BP, today I closed on my first deal! Well actually my second, because my first was my owner occupied triplex which has been great. I started back in April sending out yellow letters to inheritance list and absentee landlords with the intent of wholesaling any potential deals.

I went on many appointments but couldn't seem to put a deal together and find a seller that was motivated enough. It turns out that the very first appointment I went on whom I made an offer to referred me to a woman that needed to sell her house.

My first intentions were to wholesale this property but I could not get her down enough on the price and knew a little about seller financing so proposed that to her. She didn't need the cash up front and owned the property outright so she was open to it, I couldn't believe it!

Long story short, this is a 2-family that will rent for a total of $3,200/month, value of the property is approximately $340,000 conservatively. We agreed on a purchase price of $300,000, of which $6,000 due up front and $294,000 due within 3 years and interest only payments of $1,000 per month.

This worked out (or looks like it will) really well for me because my ultimate goal of wholesaling is to acquire more longer term rentals so I'm very excited.

The funny thing is I actually stopped sending yellow letters a month or two before she called me because I semi-gave up on the marketing strategy because it was so expensive. This has rejuvenated my excitement for marketing and wanted to share with anyone out there who has had trouble sinking money into marketing. Just when I thought it all went to waste it came through.

I use Rocketlease which is awesome. Very user friendly for me and for tenants, just load up the rental and it creates a URL that you can email/text to the potential tenant. They pay $35 securely on the site, apply and it sends you their application, credit check, background check and eviction report. Totally free too!! (I promise I don't work for them) www.rocketlease.com

I am selling a 2 family home in Revere, MA, cash buyers only. Home was originally a single family but basement was legally converted to a 2 bedroom, 1 bath last year (have certificate of occupancy). The basement is currently rented tenant at will for $1,200 (pay cash). The property is listed at 2,825 but is considerably more with the basement conversion. In-ground pool was installed in backyard several years ago and brand new liner comes with property (not installed yet) and also comes with 4 solar panels w/ mechanisms for connection. Almost entire backyard is concrete due to pool. Comes with pool cover as well.

The majority of the roof was replaced 2 years ago.

The "owners unit" is on 2 floors with 4 bedrooms, 2 baths and needs some paint and touching up but overall in great shape. Previous owner had dogs, no damage from dogs but there is a stench in kitchen which would need to be professionally cleaned. This unit was receiving $2,000/month in rent before tenant moved out.

Overall, the house probably only needs $5,000-$10,000 of work to make nice.

I will have pictures tomorrow night and can schedule a showing for next week.

Asking $290,000 or best offer, cash buyers only please.

Message me for property details or questions. Thanks!
Near Medford, Malden, Everett, Saugus, Lynn, Somerville, Chelsea, Melrose.

Hi @Justin Silverio thanks for coordinating. I can make it to an event after work, north of Boston. [email protected] Look forward to it!

Thanks Brandon Turner ! The outside looks rough, but new siding is really all it needs. The inside shows well. I'd say $10-15k in repairs and ARV would be in the $230,000 range.

What's up BP - I'm wholesaling, marketing steadily for deals and came across a seller that is motivated but I can't find any way to make the numbers work. Can anyone look at this creatively and let me know if there are potential options? Thx in advance.

The house shows terrible on the outside but is updated on the inside and is a nice house to live in, in a decent neighborhood. The house is currently rented for $1,200, probably below market rent of $1,350. He owes taxes on another home and wants to sell this one to net $30,000. He's willing to walk away from the house if he can get his $30k. The house is worth in current state $185k-$190k. He owes $175k left on his mortgage and is a fixed rate loan. His monthly payment is $1,200 (PI)

A subject to deal doesn't seem like it would work because he needs so much out of the property. Is it possible to keep mortgage in place, give him $30k now and then agree to purchase the house in 5 years at a price that would basically just pay off his mortgage at that time?

I appreciate any feedback, thanks.

Hey Jake - Congrats, this looks like a great potential deal. The risks look pretty low from the info that you provided. You didn't mention the heating systems but those can obviously be a big expense if they go - But all of the big expenses like the roof are off the table which is huge. Sounds like you are being conservative in your numbers which is good. Even if you can't get one of the units rented for a few months (unlikely for an extended period anyway) then you just pay a "normal" mortgage of $1000-$1200 for a few months like 90% of the population pays (for 30 years) on single family homes. If you think about the downside, where you can get hurt - vacancies, large expenses - Those look to be pretty well cushioned and I would dive in on a property similar to this.