All Forum Posts by: Bryan Devitt

@Andre P. You wont know who bought it until they move in or start renting it out. Either way, this is on you and no one else. You never pull permits without a contract. If the cash flow is that good you shouldn't have even talked about it until everything was final for this exact reason. You're going to learn a lot of lessons in life and business, this is one you won't forget. If you had $10k in cash in the trunk of a car down the street would you announce that? A cash flowing property is no different

@Michael Vu take the deal numbers, get the price for repairing everything correctly and run the numbers with having to fix/replace it all in the first two years because if you don't have the reserves, they will all fail in the first two years. Figure out how much you can pay for the place based on those numbers or what they need to fix to make it work. If they don't want to, move on but there is always a way to make it work it's just a matter of if the seller wants to do it

@Miko Lee if she can provide proper paperwork (signed paperwork from her doctor or mental health professional and not an online form) that she was supposed to have an ESA prior to her move in date, then I would refund it as it isn't worth the legal trouble. If she provides an online form, tell her your insurance company doesn't accept them and it must be from an office of a local doctor. If she's full of crap and just was told this was a great way to avoid fees, she will probably drop it

It was dismissed with prejudice, I think that is the end of the ball game legally but I could be wrong.

Whatever the cheapest money is is usually the best money to get, that is usually never hard money. HML are higher interest (10-18% plus 1-4% in fees) that you take when you don't have other options usually.

It is bothering me that you say the realtor needed to be assertive about the price. So you hired a professional, they told you what it was worth, you disagreed, it didn't sell and now it is their fault? It doesn't sound like you're taking any responsibility for this project. They could have given you a higher ARV when they sold it, they could have been wrong or your renovation could have been far short of what they expected or you said it would be. One major difference between successful flippers and 1 and done failures is accountability. Every failure from start to finish is your fault in one way or another. The initial ARV estimate was wrong? Why didn't you get multiple opinions and back it up with your own research? Reno went over budget? Why did you let it? What did you miss? Who didn't you babysit good enough? Price is too high when you list it? Why didn't you listen to the realtor? Why didn't you do your own research and if you did, why was it wrong? The realtor is supposed to get people in the door, the house is supposed to sell itself. They did their job, you didn't know your jobs good enough to be successful

If it is like normal income taxes then you pay for the transaction in the state the business was done, but if the tax would have been higher in MA then you need to pay them the difference. You should definitely talk to a MA CPA though 

 The prices are insane. Too many "investors" counting on appreciation and hoping to break even in the mean time. They're only 1 professional tenant or recession away from not being able to pay the mortgage and getting foreclosed on. Not many of these "investors" can afford to float the $700-1200/month they're short, plus legal fees, for a year if a tenant knows how to play the system. 

Should I buy a truck or a car? No one can answer you without knowing all of the financials on the building and what your short term and long term goals are 

 He bought it in 08. Good luck finding a 3 family for double that in the city right now.