All Forum Posts by: Ted Strzelecki

Thanks guys for the assistance!

Hey BPers! So I have a scenario where I own my personal residence, another duplex and have a small HML on it and came across another 3 unit that is a homerun. Here is what I am trying to accomplish.

-I am looking to do a flip on my personal residence. Current value is approx 70K (paid off) and pull another 70 from it. ARV is 210K

-Secondly, my duplex is another project I would like to finish. I currently owe 30 on it, need an additional 30 for it. ARV is 225K The duplex is a fix and hold asset.

-Finally the three unit I have found I can obtain it from a bank for 100K and it needs merely 10K. This will gross over 2600 month. How or where can I turn to for financing help with these? I have a very strong background in construction and residential remodeling. Been a master licensed contractor for 20 years. Any suggestions on either PMLs or any other avenue for these? Thanks in advance BP!

These are all in Massachusetts 

I am almost certain it has to be better than Worcester. I nor the individuals I associate with will not touch Worcester because of the outrageous taxes the city has. Good luck Darina

My suggestion would be to look a little further west for that budget range. You will have much better success. Keep in mind this will almost definitely not be your final home 

Hey Shannon congrats! Lots of great info here on BP and really great investors here in MA. My suggestion is to employ a diligent RE agent. This will cut down on looking at properties that are not worth the time, numbers not working, and etc. You are right it definitely is a sellers market but there are still diamonds in the rough if you are willing to put in some sweat equity

If it is less than 300 a unit I have zero interest in the holding. If we have to bring money to the deal, manage it, and own the risk / responsibility....than there is a minimum I will settle for per door. 

On some of our value adds pick acquisitions we are getting more than 600. You have to scour the country and be willing to work though.

Thanks everyone for posting and replying. We ended up setting accounts at Hometown and currently using their services. Thanks everyone!

Best advice you can get on this is: Make a very transparent list of goals and rules. Both of you sign it and date it. Your rules and goals are going to be personal to your needs. Just being honest with each other and upfront will go further than anything else. I have a LLC partner in RE that is a long time friend. It can work really well. Good luck

Interest = Tax deductible

Having more cash flow from the property = greater ROI

I have to say this, and keep in mind I am doing this with the utmost respect and as an experienced investor. If you are doing a multi non owner occupied totally with OPM...you are doing it wrong. Very, very few of these end up long term wins for those that finance 100% in these situations. I am also here in MA, our market has far to wild of swings to go all in. Especially in this far too over inflated pricing index. My point is I caution you to really schedule the numbers if vacancy should increase for an extended period of time.