All Forum Posts by: ToRena Webb-Thomas

Thanks, at the time, I was not as knowledgable and I was thinking of paying it off. I hadn't understood the rules yet. LOL

Update: raised the rent and received new TAW agreement back. Starting the year off correct. Thanks!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Springfield.

Purchase price: $159,000
Cash invested: $49,000

4 units, 2 2-bedrooms, 2 1-bedrooms

What made you interested in investing in this type of deal?

I kept reading about building an investment portfolio. I wanted to start one.

How did you find this deal and how did you negotiate it?

The same owner was selling two houses right next to each other.

How did you finance this deal?

15 year fixed.

How did you add value to the deal?

Rents hadn't been increased in years.

What was the outcome?

Cash flowing.

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Springfield.

Purchase price: $159,000
Cash invested: $71,000

4 units, 2 2-bedrooms, 2 1-bedrooms I purchased this with an adjacent multi family right next door for the sma e price.

What made you interested in investing in this type of deal?

Kept reading about owning a small multifamily. I have 1 3 bedroom and live on one floor. I wanted to see if I could add another.

How did you find this deal and how did you negotiate it?

Originally asked $164,00, negotiated to $154,000

How did you finance this deal?

15 year fixed Conventional

Lessons learned? Challenges?

No challenge, but wondering if I should've done 30 year mortgages on rental properties. I'd like to find local contractor to renovate/rehab the bathrooms and kitchens.

Hello BP Family, I’m an investor. I have 3 multi families in MA. I have 1 3family in boston. I Airbnb 1 full floor, live in another unit and rent the third unit.

I have 2 4-family properties in springfiled Ma. 

My goals are to purchase a single here in Boston, build a team near CT or Springfield Ma made of contractors, a lawyer and a handy man. 

I would also love to partner for 1 flip, or buy and hold. I enjoyed the forms and love the knowledge and education that everybody brings. Looking forward to chatting. I’m pretty good at goal setting and laying out financial plans.

Agreed. If you live in it can you house hack it? You want positive from day 1.

@MarcAnthony Bonanno congrats. Yes I fully agree with Scott. Start with a multi family and house hack it. That’s what  me and my then boyfriend did. Started with a 3 family during the 2009 downfall. Rented 2 floors and rented rooms on my floor. Got married had a baby then air bnb on 1 floor and rented the other. Cash flow allowed me to purchase 2 other multi families in Springfield. Good luck. Take advantage of fha first time home buyers benefits before you make too much. If you do 203k talk to a lot of people for advice. Have a backup contractor. It’s very time consuming. 

Hi try Dante, https://m.thorntongroupfinancial.com/. 

When I first started out I used Michelle Thornton. If anything check the website and have a conversation. Tell her ToRena from Boston sent you. She also educates for max benefits. Good luck. 

Your probably done with this post by now. I am a small investor with 3 multi families. I send each a handwritten card thanking them for being wonderful, taking care of the property and choosing to rent with us. I also send a $25 movie pass. Most have kids and the feedback I received from my pm is that they love it. I’m human and I want to say thank you for renting from me. I have 10 units, $25 each and I right it off.

@Aaron Smith thanks. I own 3 multi’s. I house hack is the term used here in the third one. All are 4% or lower interest rates and 15 year fixed mortgages. Thanks for the PenFed rec, I’ve already requested info. 

 I received a good deal $154 each for the 2 that need work. I want to renovate at the lowest cost possible so I don’t have a large mortgage because homes aren’t valued as much in that area. Zillow interestingly has a high zest image on my properties but when I look at others on the street they aren’t in as good condition.