Flipping, Warranties, Subs, Property management 3/29 Tonight

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Flipping, Warranties, Subs, Property management 3/29 Tonight

When:

Where:WorldDepot.net 47 Newbury Street (Route 1 North, just before Sonic carhop), Peabody, MA 01960

Cost:$25

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Mike HurneyPro Member
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes

Good morning, Landlords, Contractors and Investors,

This evening we'll help you Landlords and (Plan B) Investors answer the question:

Should I Self Manage my Tenants, Hire someone directly? or Hire a Management company?

Your goal should be to have this service take care of your Tenants so you can get to the next level!

Whether it’s Buy more Property, Fix-up and Sell some or spend more time on something else like your family or a hobby.

Contractors, a couple of our members are having trouble with Warranty returns, how are you handling this?

Put your foot down and demand the credit? Put it back on your Customer? or take a loss?

Also as we all get busy, when do you decide to hire someone or should you sub contract some of your work?

Investors, What happens when you can't "Flip" a property and either get stuck with Carrying costs or Lose a Deposit? Do you go to Plan B and Rent or is there something fundamentally wrong with your exit plan, we’ll review this.

I look forward to see you tonight Tuesday, March 29, 2016 6:30PM for Networking, light refreshments, Property management, warranties, Flip contracts!

Mike Hurney, MassRealEstate.net

We meet at WorldDepot.net 47 Newbury Street (Route 1 North, just before Sonic carhop) Peabody, MA 01945 (Just North of Boston, Massachusetts and South of New Hampshire, of course within New England)

No charge to Members, Only $25 for guests, or Only $99./year to join

6:00PM for New Member Orientation and Buddy system.

(you can check those hardwood flooring specials on our website Blog)

PS Smoke Detectors part II and Alberto will give us the latest on his NEW Flipping career and the 100 Sellers he's contacted!

PPS Pro Contractor Days this week at most Home Depots - food, contests and special pricing.

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  • Mike HurneyPro Member
    OP
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
    10y

    Thanks Tim, it is 6:30PM this evening!

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  • Mike HurneyPro Member
    OP
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
    10y

    1. Good meeting last Tuesday,

    2. Movers and Shakers this Friday April 1

    3. Pro Day for us in Southern NH Home Depots.

    1. We began with How to analyze an area for the best opportunities in Real Estate deals. We did Lynn, Boston and Peabody. First, I look at Sales, 2 Quarters ago, then the last Quarter. With this data I'm able to bracket the most active price range with DOM (Days on Market). Finally we look at what's available ACT (Active) and that's where I would begin investing in an area. Most of my students/partners of "How To Become a Real Estate Investor in 12 Easy Lessons" by Mike Hurney already do this. There's no need to be working on properties that are languishing, we see what's moving and go after them.

    Next everyone spent a few minutes on who they are and what they're looking to accomplish. I'd like to get the "Buddy" system going again. Most folks networked to find who would be a good partner, advisor or helper. If you did not meet someone that you feel could help you, let me know!

    Jahlone was interesting on Property Management. Rich told us how he solved the Warranty return problems he had. Tom knocked on 80 doors Tuesday, his preferred method of finding Sellers, for him it seems to work! Mark raised his rents $200/month between increases and changing to include the new heat systems on each Tenant and didn't hear a peep. Finally a Landlords market?

    You can Blog directly on the site, I appreciate your input.

    Finally I covered the "9 Tips for Getting Started in Real Estate Investing" which is also a good review for more experienced Investors. I didn't mean to "lean on" Carl Greenler about spending time with Unmotivated Sellers (one of my old pitfalls) because he's one of the Top Brokers in Lynnfield and adjacent areas. If you're looking in that area you may want to call Carl first 781-593-3942

    2. I look forward to see you at Movers and Shakers 1st Friday of the month. It's a little less formal at Denny's of Danvers 7-8:30PM. Massachusetts.

    3. Today, Thursday, March 31 is Pro Day at the New Hampshire Home Depot (one of our Sponsors) Pro Desks 7am-2PM Food, Prizes, Gifts and Discounts.

    I'll be visiting Salem, NH, Londonderry, Manchester, Merrimack and both the Nashua stores (in that order) this morning. If you're around those Depots you're welcome to text or call my cell 781-405-1845 The item I'm focusing on is the Suite Appliance package. 

    That's where you purchase a whole kitchen of appliances at once, for a significant discount (in addition to our 2% cashback which our members enjoy).

    Mike Hurney, Director, NewHampshireREIA.org PO Box 1560, Nashua, NH 03061 [email protected]

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  • Mike HurneyPro Member
    OP
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
    10y

    overs & Shakers last Friday 4/1/16,

    We had some interesting networking at our Movers and Shakers meeting (1st Friday of the month at Dennys).

    By the way, it was good to see all you Contractors at the Home Depot ProDays in Southern NH last week! [email protected]

    I began Movers with that update on Inventory for Lynn, Boston & Peabody (it's also on the the Blog at our website). Yes, things are seasonally slow but I'm expecting Big Inventory to hit the market in the next couple of weeks despite the ?SNOW? and cold. Please no more selfies from you snow birds in Florida;-)

    I'm also anticipating a leveling off of the Real Estate Market at the end of this year for two reasons:

    1. I'm seeing a greater disparity between the Average Sale price of homes and the Median household income.

    2. There should be a new (maybe not that new) Administration taking over. Will the $15 minimum wage, in some areas, transmit to more buying power? maybe not.

    You've probably done your own research on the market and I'm glad to post it on our Blog. Bottom line - Remember Musical Chairs? I'd advise you not to get into any lengthy projects towards the end of the year.

    Movers - Bill has got Kathy working on a project - Multi-families for folks with disabilities. Kind of a niche market.. Don't forget the vast majority of the market is Single Family, Owner Occupied houses. Odds might be better to get a deal there?

    Moving on with the Buddy System, we encouraged Kathy to spend a little time with Tom, a Broker from KW in Beverly who's a Door Knocking - Listing machine! (for some Persistence and Chutzpah) and Steve the big GC from Marblehead (for a better understanding of housing Construction and costs).

    Jason's got a couple of projects in New Bedford which seems like a good cash flowing+ area.

    Joshua, a Broker, is looking to get in on the Income Property business as a Landlord, himself.

    Alberto started his Direct Mail campaign, to reach out to potential Sellers for properties BEFORE they hit the market. He sent 479 postcards out, You've got to see these cards, you won't believe them;-) Two responses immediately and I predict many more. The successful DM campaigns I've seen allocate about $5k/year and are consistent, that's every month with a new message. I feel it's better to contact 1000 people 7 times rather than 7000 people only once.

    Joshua said the latest study KW showed them, had a 30% response after 12 contacts. I hope that didn't include Restraining Orders;-)

    Brad's looking at more commercial property.

    Bill has money to lend but we advised him of a couple of minefields to be careful with. i.e. Owner Occupied and High LTV.

    Steve's got his big project in Lynn moving closer to completion and he's had good success with a hybrid of the "Appliance Suite" program Home Depot has with us. That's where you get a very competitive price on bulk Appliances or a whole room (kitchen) of Appliances that you can mix and match.

    Tim had to bail out of a complicated Flip he was in and there's a little trouble with his deposit. His advice, "Do not deal with an Attorney yourself, use one of the Attorney's at our meetings." Dealing with an Owner/Seller is ok but a Lawyer does have an advantage over you.

    Tom the Plumber is in a dispute with an Owner and GC. I see you Contractors working your asses off and I hate to see you get cheated out of that hard earned cash. In our members section Attorney David who's a specialist in Contract law has placed a downloadable Legal, Massachusetts, Contract (between an Owner and a Contractor) which you are free to use. He'll even give you a 45 minute COMPLIMENTARY consultation on the document. That way if you ever need Representation, you've already met him and followed his guidelines which should make it much easier to collect on.

    I look forward to see you Tuesday, April 26, 2016 for Housing Court issues with the Judge!

    Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 781-631-8018 Office/Fax

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