All Forum Posts by: Bernard Chouinard

@Brett Storro Yep same here.  I live on Leicester and Work in Waltham my 1.5 hr commute allows me time to get a ton of BP's Podcasts in as well as many other audible books and I too look forward to the commute.  Now just to be successful enough to no longer have to make that commute.  =) 

BP PodCasts + Rich Dad Poor Dad = a very enjoyable ride. 

Thank you @Bryan O..  Luckily I have yet to come across this problem, it was more of a general.  What if I posted a property on BP or even talked to someone.  Would you give them the address with out having secured a contract from either parties?  What's really funny is shortly after I posted I did end up listening to one of the BP podcasts where Brandon and Josh talk about it.  

Someone I'm talking to had a brother who died in 2014 who had a HUD loan. His brother was telling me he only owed $15K on the house however HUD wants $96K in Recovery fees.

Does anyone know what this is? In talking to a few RE Agents we're thinking it might have something to do with HUD paying for all of the property taxes. The HUD agent this guy is working with will not budge on allowing anything less thant he $96K. The house needs a total flip, updated septic and well. At best ARV would be around $160-180K. Small 960 Sqft 3/1 house but part of a dead end private association with access to a private beach (lake).

Non the less, anyone ever heard of this before?  Any ideas on how to go around it? 

HI!  Spend a ton of time on  BP and listen to as many pod casts as possible they are all so very helpful!  Good luck and welcome! 

Yes I believe they are. 

@Ian Kurela Welcome to the forums..  tons of information on here for you.  Read everything, listen to all of the pod casts check out their books and network like crazy.  Good luck to you. 

In my efforts to get into the REI field I came across this site 2 family home with large barn/apartment in the back in a very small town of north central Mass that is about 25 Minutes from Amherst, Greenfield and 50 Min to Worcester. Let me know your thoughts as to if you feel this is a good investment. Everything about it tells me it is, but I could be wrong. I've been following the pod casts for about 3 months now, read a couple of books and following posts here on BP. I have yet to go to any networking meetings which I will very soon but with that said I have yet to meet any possible partners to help finance. Should you feel or know someone who might want to partner up I'm certainly willing to put some skin in the game of 5-10% please feel free to introduce yourself and we'll see if it's a fit for each other.

Numbers:

$195,000 Asking Price

$2,250 current monthly rent

$261,891 Zestimate - Dec 2012-July 2015 It hovered around $220K

$4,191 2013 Taxes

$222,900 2013 Tax Assessment

$136,900 Town Median

6 Bds 4 Baths, 7250 Sqft

1st Floor – 1 Br Apt

2nd/3rd Floor – 3 Br Apt

2 Br Apt in the Barn in the back.

Overlooks a pond, open concept vaulted ceilings, green house. Very attractive property. I have not visited on site yet. 

So I'm curious, you're relying on finding an investor to fund a property purchase or reno.  How do go about going over the details of the property with out having to give away the exact property in fear of that investor going out and stealing the property from you. 

This question is more for when you're starting out or starting to work with an investor for the first time.  I'm sure once you've established a relationship you'll know how that other person works and know that something like that would or would not be an issue. 

@John Daley Thank you, I"m working on establishing that baseline of knowledge and have some a property in Templeton right by a lake surrounded by summer homes which I've founds simply by talking to people and are working at understanding if they area good investment and how to make it work. I might end up looking for a local mentor and "gift" that opportunity to in exchange of their mentorship. We'll see how that goes.

@Dan Smith Thank you I certainly have and will change it up to better fit what I"m looking for once I learn more. But so far kept it to the towns I'm looking into. Feel free to share some advice on how you use them.

@Bob Ebaugh GREAT Advice! Thank you for that! What is your opinion on the area between Lake Maggiare & Big Bayou?

@Ben Leybovich Thank you for that.  Increasing the rent was my own assumption based on what I've seen through my very extensive and technical research through a pure analytical site called Craigslist.. lol   I took a quick look and from what I saw.  

But thank you for reminding me that you look at the numbers of what it is not what it could be.  Something that's been said several times on in the first 25 podcasts I've listen to from BP but good to hear it from another member as well.  

Mind you the conversations I've had are were vague as I was trying to gage what some bottom numbers would be. I know there's property management involved so I'd have to figure out their costs and involvement.  

So lets say this was a "good" investment.  Keeping my back ground in mind.  What would be a recommended step for me to find the appropriate partner/investor?  Say you were in my shoes, what would you do?  I'd even be open to making the introduction to the owner if there was a deal in place to help me with other local properties.  Trying to figure out the best approach to have this be the beginning of a portfolio of long term investments. I also have in sites of a motivated seller of a single family property in Massachusetts on a popular lake surrounded by summer homes.  Just throwing that out there if there's any interest on connecting to discuss with anyone. 

@Jeff Copeland I'm not sure of the whole process just yet as I'm still learning.  I don't want to try to come off as trying to pull anything but I don't know if its wise of me to give away the address or even general area as its easy to simply find it at that point and contact the owner directly to try to grab the property.  But with what Ben is telling me I'm going to do a closer research on 1BR apartments in the very area of these apts but I do know this place is rented 100% of the time which is great.