All Forum Posts by: Zico George

please held from to contributors

@jay hinrichs

@russel brazil

@diane g

Hi BPer,

Please help, is this worth it as either a flip or rent/hold

I've meet a owner(free and clear) of a single family who suggest to me he'll do owner finance even though i told him i can qualify for conventional loan and have the 20% down payment. He sent me an excel sheet of property below. Property is in Lowell, MA 01854 close to Lowell General Hospital.  

Purchase price of $250k, $50k down, 4.5% ( ARV ~ $325k, dont know cost to fix yet)

Bank Mortgage payment - amortized 30 Years (principle and interest)	$1,013
Water $ Sewage ( Annual $800)	$67
R/E Tax (Annual $4264)	$355
Insurance (Annual $1400)	$117
Estimated total monthly cash outlay	$1,552
Rent	$1,775
Net cash inflow	$223
Balloon Payment due 2028	$ 155,123

Greg S. thanks for making this comment, a lot of folks here don't understand how equity can impact cash flow. There is a lot to a sound REI than just cash flow.

Thanks Dan Smith and Matthew Ortins Will definitely seek your advice on the Haverhill market if I ever find a property I'm interested in. Currently looking to get multi in either Haverhill with 20% down or Framingham/Marlborough with 5% down. Haven't been able to find a good deal. Keep me in mine if you come across a deal you're not interested in

Matthew Ortins thanks for the info. Lowell rental market is all over the place. I'll say any multi about ~1 to 1.5 mile from downtown is rough...Bridge St(# streets of bridge) Broadway st(cork st, fletcher st, cross st) Lawrence st( up until fire station) Pine st & school. All the streets have bad spots. Farther away from downtown the better. Prices varies too, I have a single family in south lowell renting $1350 it's 960 sqft 3bd/1bath

Dan Smith Matthew Ortins Can you give summary on Haverhill mult-family rents. Which areas should a new investor avoid or take note. Someone I can across was house hacking a 3 family, later found out one unit was listed for $1300 in 2014. Where would I buy a multi in Haverhill and rent a 3bd/1bth for $1300+. Also can anyone compare/contrast Lowell and Haverhill rent market. Thanks guys and ladies

Job well done, thanks for sharing your success. Hope you're able to find another deal like this. What exactly is a quiet title?

@Jim Sestito @Cheng Bin Zhang

I ran into similar issue recently with a mortgage broker in Boston, i wanted to move from a SFR to condo in Boston owner occupied. Broker told me the reason why i'm moving, and i might need to do a letter of explanation as it doesn't "seem" right for someone to move from SFR to condo. I just decided to forget about

I'm not saying you should pay off the mortgage, but if this was in my market I'll cash out refi and still keep renting it.

I'm in a similar situation with my SFH, PITI = $1,008; rent $1,350; apprised ~$200k, loan balance $147k. Still wondering what to do with it, but i think keeping it is the best option even if I wasn't cash flowing. I know my property and my market to make this decision, to others it seem like a wrong move. Sometimes it makes sense to keep it even if it's costing you more money, I know a dude in Boston with 2 condos that isn't cash flowing...but he refuses to sell. Are you willing to spend X amount yearly out of pocket to received 2X equity from tenant paying down principal ?