All Forum Posts by: Ryan Emrich

This sounds great, looking forward to it!

A bit about me: My name is Ryan Emrich, I am a 27-year-old finance professional (CPA/financial reporting) and real estate investor currently residing in Somerville, MA. In 2019, I purchased two triple-deckers (3 units each) in Worcester, MA with a friend. For 2021, I currently have the following goals:

1. Invest in a commercial multi-family property (5-20 units). Seller financing opportunities of special interest.
2. Sell one of our Worcester properties, and refinance the other.
3. Acquire a 3/4-family in the Boston area for my personal residence (via FHA/203K loan). Given I want a good off-market deal, I am experimenting with mailing letters in my current neighborhood.

I invite you to connect with me prior to the virtual event!

I greatly enjoyed the last event and I am looking forward to the next!

A bit about me: My name is Ryan Emrich, I am a 27-year-old finance professional (CPA/financial reporting) and real estate investor currently residing in Somerville, MA. In 2019, I purchased two triple-deckers (3 units each) in Worcester, MA with a friend. For 2021, I currently have the following goals:

1. Invest in a commercial multi-family property (5-20 units). Creative financing will likely be needed.
2. Sell one of our Worcester properties, and refinance out of the FHA loan for the other.
3. Acquire a 3/4-family in the Boston area for my personal residence (via FHA/203K loan). Given I want a good off-market deal, I am experimenting with mailing letters in my local neighborhood.

I invite you to connect with me prior to the virtual event!

This will be one of my first real estate networking events in the last 18 months - I am looking forward to it!

A little background about me:

My name is Ryan Emrich, I am a 27-year-old accounting professional (CPA, financial reporting) and real estate investor based out of Somerville, MA. In 2019, I purchased two triple-deckers (3 units each) in Worcester, MA with a friend. I am now looking for my next real estate deal (and maybe even a business partner to jump into it with).

In addition, my lease in Somerville will be ending in August 2021, which I see as a potential opportunity to find some real-estate-minded individuals to live with.

I invite you to connect with me prior to the virtual event. Otherwise, see you there!

This will be my first real estate networking event in over 18 months - I am looking forward to it!

A little background about me: 

My name is Ryan Emrich, I am a 27-year-old accounting professional (CPA, financial reporting) and real estate investor based out of Somerville, MA. In 2019, I purchased two triple-deckers (3 units each) in Worcester, MA with a friend. I am now looking for my next real estate deal (and maybe even a business partner to jump into it with).

In addition, my lease in Somerville will be ending in August 2021, which I see as a potential opportunity to find some real-estate-minded individuals to live with.

I invite you to connect with me prior to the virtual event. Otherwise, see you there!

My two cents: 

Finding Deals: When properties hitting the MLS are constantly going over asking, that is a sign to me it might be the time where we should be getting creative, putting in the effort to find great deals that dozens of other people are not actively competing against us for. Just recently (Tuesday) I asked my landlord if he would be willing to sell (he said no), and now I'm going to my friends and seeing if they think their landlords would be willing to sell. Just a 5%+ discount off the FMV is thousands of extra dollars in equity now, and probably more down the road. At the very least a small discount is a buffer should market prices decrease. If you do not use a realtor, that is even more money the seller could keep and you could save (if you agree to split the savings between the buyer/seller). I used to always wonder why anyone would sell off-market rather than use the MLS, but now as an investor & landlord, my business partner and I see some of the advantages.

Financial Analysis: I live in Somerville right now, and as you can imagine, everything here is insanely expensive; I think I would be lucky to find anything cash flowing at even one-half of the 1% rule (I am thinking of this from an owner-occupied/rental property perspective). It is important to know how the property in its current state would cash flow, where you think it will cash flow under your management (pro forma), and what the break-even cash flow would be. If there is a decent buffer between your pro forma and break-even, that is a good sign that even if the market did sour a bit, you have some wiggle room to stay afloat. This is why I would advocate for some better cash-flowing markets like Worcester, MA (2nd largest city in New England), or Providence, RI (3rd largest), where the ratio of Rent to Fair Market Value is more favorable. 

Congrats @Phil K.

Brian Allen is making his mark - I just bought a 3-unit property on Vernon Hill through Brian. I am living in the top unit and will be renting out the bottom two units. I also have a friend that just closed on a multi-family over by Clark University - similar living situation for him as well. We have decided to team up to manage the properties rather than hire it out.

Once we build up some reserves we are thinking of looking into commercial properties next, something in the 5-10 unit range. 

Of course it will depend on the area of Worcester, those $1,800 quotes were for properties near Clark University which I guess the insurance companies view as a little nicer. Keep me posted with what you find, especially if you find any quotes that come in even better - good luck!

Hi Hugo, I have been looking in Worcester and should be closing on a property within the coming months. Chris McCall over at McCall Insurance was able to get me quotes around $1,800 for a couple 3-unit properties I looked at. Might be a good place to start. https://mccallinsurance.com/homeowners-insurance/

@Seth Williams thank you, I’ll look into those few items a bit more to try and get more realistic figures

Hi BP Community,

I am looking to improve my CapEx estimates for properties I own and/or make offers on. I am based out of Massachusetts for price-point reference.

I think of CapEx from the perspective of each property, as well as each unit within the property. I attached a table I have made with my current assumptions. For example, a 3-unit multi-family would have annual CapEx estimates of $780 + ($2,140 x 3) = $7,200 / year.

If you believe any items are under/over-estimated please feel free to comment. If youre wondering, areas I make offers in include Worcester, Haverhill, and Lowell, MA.

Thank you and please feel free to connect with me!