All Forum Posts by: Ann Bellamy

Listen to @Jay Hinrichs.  If you are in CA, use a local lender.  In fact, you should almost always use a local lender if you can, for several reasons:

1. A local lender has local connections which can sometimes help you, ie, buyers, real estate agents, contractors, inspectors, whatever.
2. Local lender should know the market and can help you on ARV. If your ARV is way higher than your lender's, that should give you pause.
3. Local lenders frequently have local market knowledge and do their own appraisals.  They are often real estate investors taking an easier path.  So you won't have to pay appraisals, application fees, etc.  Always ask about all the fees, both at close and at the back end.  

Are you looking for investors to buy the properties you find?  Or are you looking for investors to fund your purchases?  You're not clear.

But either way, you attend real estate investing groups.  There are many, you can find some of them on BP in the events section and you can find a whole lot more on Meetup.  I host a group called Black Diamond that alternates meetings between Burlington and Worcester.  We target intermediate and advanced investors, and have lots of wholesalers attend.

Thanks, @Enis Shehu.  Here is a link to the Worceser Black Diamond event.  You will meet lots of investors from the area, we are expecting 80-90 for this meeting. Bring lots of business cards and arrive early about 6pm to network.  Be sure and grab me so I can say hello.

Not only might you have trouble evicting, you might have trouble getting title insurance when you buy, which can be a problem.  Talk to a good real estate attorney pronto, don't consider buying without very specific advice from someone well versed in this kind of title issue.  

A previous poster had an owner still in residence in a foreclosed house he bought, and several years later (and tens of thousands of dollars later) he still wasn't able to get him out.  Massachusetts courts are known for creating their own laws as they go.

Rosa, I'll be at Black Diamond in April.  Here are a couple of tips for attending the first time:

Sit at one of the round tables, and chat with people you meet at the table.  If you arrive about 6, that time from 6-6:30 is specifically for networking, so take advantage of it.  You'll find that there are many people at the event who are also there for the first time, and are wondering the same as you.  

There is an introduction segment, where anyone can stand up and introduce themselves for 20 seconds.  Make sure to participate, and tell people what you do.  Or want to do.  

Soon you'll start to recognize people from previous meetings, and you'll be reconnecting with old friends.  It takes time, it happens gradually, but is worth it.  We're expecting about 80 people for this event, so bring plenty of business cards.  

See you there!

Your local NH group is NHREIA.com. There is also a Seacoast REIA.   I host Black Diamond, which meets in Worcester in April  and Burlington in May.  You should also check NewEnglandREIA.com in Chelmsford.  There are lots of local real estate investors, you just have to show up and meet them.

If you travel to Worcester @Stephen Perez, you might want to consider attending a local event.  Black Diamond is hosting the former Mayor of Worcester Tim Murray, who is currently the Executive Director of the Worcester Chamber of Commerce.  He will be talking about the $3 billion being poured into Worcester development.  Just the thing for investors looking to leverage this progress.  It is posted here on BP

@Matt Lefebvre, thanks for the shout out.  Although it sounds like Nate wants to lend, not to borrow.  

Just to clear up a misconception, if a multi is in distressed condition, or low or no occupancy, or both, then hard money can be a good choice to acquire, rehab and stabilize to make it ready for take out funding at better rates on conventional, whether residential or commercial.  I do a lot of that lately.    

Erik, I bought them separately metered.  Water is cheap in the municipality where these are located.  That may not be the case in your area. 

If the numbers don't work to separate them, well, then that's that.  But consider if you are going to hold long term.  The cost of water will only go up.  Likewise, the cost of the contractor to meter them.  So paying a contractor with todays dollars may save you grief with tomorrow's water bill.

Our speaker for this event is a redeveloper in New England Opportunity Zones, and we are working with her on a local project.  This will be an interesting locally focused discussion.  Hope to see some of our regulars at this event.