All Forum Posts by: Francisco Feliz

@Jose Martinez Thanks so much for posting on this topic, as I know it helps everyone in the community as well. Which CRM did you end up going with? I've heard good things about Podio but it sounds like you didn't like it? For me, I value most being able to have the calls from sellers from direct mail be auto-loaded into my CRM, and then i can fill in the rest. Do one of these CRMs (outside of Salesforce) allow for that?

Of course, if others have additional input as well here, I'd much appreciate it. Thanks all! :)

Hello, Happy Holidays, BP! Question for you guys: with the impending legalization of weed, can landlords legally require their tenants not to smoke marijuana on the private premises? Thanks.

Thanks for reaching out, guys. Let me know if there are others interested in partnering. The good thing about working with me that many who know me can attest to is that I'm not a greedy person, so I want to share in the wealth because I care much more about growing quickly. 

Let's work together. PM me for details. Thanks, Mass BP :)

Hello,

Some may know me, but my name is Francisco Feliz, a rehabber in the Greater Boston area. I am looking to do the good work of continuing to expand my business and share in the progress with investor-friendly agents who are motivated to join for the ride! I buy rehab properties north and south of Boston within an hour drive (without traffic), and I would like to offer agents double to triple commission. I have lenders behind me and a track record, so I am a serious buyer and can close as quickly as is needed. My goal is to form a long-term relationship with you, and as a young buck, I hope I have much runway to make that happen.

PM me for more details, as I'd also just love to expand my network in the Greater Boston area. 

Thanks,
Francisco

UPDATE:

In case anyone was following this post and wanted to learn on the topic, I wanted to return the favor here and respond with what ultimately happened. The original coat of Old Masters was the underlayer for what was the final coat of stain from MinWax Ebony that we ended up using above it. We tried Dark Walnut, English Chestnut, and Ebony inside a closet floor. We let it dry for an hour and then we chose the one that seemed to look the best on the floor. Before all of this, we had considered Ebony and thought it was too black but it actually dries up very nicely.

So, I was there as they put this next coat of stain and saw that it wasn't going to hide up the pet stains perfectly but the dark color really was way better. The floor seems to have a lot of character. One of the pictures in the original post was in the kitchen and that's where there is newer white oak wood, whereas the rest of the flooring is red oak. One thing we came to observe is that the kitchen still ended up somewhat spotty. Not sure if that has to do with the way that white oak retains Old Masters (first layer) or MinWax floor stain, but that's just a data point for us now.

Happy to answer any questions if there are any. Hope this helps. We are ultimately very satisfied with our floors and have put the 3 coats of satin poly to protect the floors and not give too much gloss, which would attract too much attention to the floors.

-Thanks, Francisco

it's so good to hear from all of you. I'm getting a mix that they did a bad job and that pet stains have done us in. Seems like this isn't as simple as I hoped! Thanks for giving us your input. We are going to try to go for the $400 to let them try to stain again and do as good a job as they can. We will see what happens. 

Thanks. 

Hey everyone,

I'm turning to this great resource that I've learned so much from over the past year for a real-life situation. 

The images below show a floor stain job that was done yesterday (Wednesday). No poly has been applied, although we intend to go with semi-gloss unless anyone has other suggestions. But, as you can tell from the pictures, the stain looks really uneven. There are many light spots, you can see the original hardwood square perimeter design on the kitchen floor, and some pet stains are still visible. We used Old Masters' Floor Stain (Espresso), not MinWax. 

We want to ask how people think we can correct what looks terrible thus far in the most cost-effective way? Adding another coat of stain would be $400 from the floor guys and they complained that it was a thick (not water-y) stain so it was harder to apply. (MinWax is what they seem to be used to.) Would adding another stain not help because it would make both the light and the dark spots darker? Should we try with another type of stain? We want to show some of the wood grain but we want to go for this darker color in as even a way as possible! 

So we are definitely out of answers here and we are hoping someone could point us in the right direction. Maybe these guys just did an awful job and we just need to get them to do whatever it takes to get the job done properly since it's their fault? Let me know what you think. Would love to hear from those that can speak from experience on how you've handled this! Hope this is enough detail. Thanks!

Hi all,

After working for 4 years as an equity analyst at a large asset manager in downtown Boston, I have been investing in real estate full time, focusing on single-family rehabs within 1 hour drive of Boston (see my profile bio). I am currently working on a deal in Walpole that I need either private money or a JV partner for. It is a very simple rehab (I can email you more pictures or we can go see it), needing only cosmetic repairs and can be put back on the market in 75-90 days. Numbers are below. Please email me at [email protected] for more information. You can also call me at 857.362.8085. (Since this is the last time I'll be reposting this ad, please reach out to me today. Thank you!)

Acquisition Price: 270k
Rehab: 60-70k
ARV: $430+

Man, this is fantastic! I want to thank all of you for taking the time to reach out and thoughtfully provide your input on this - and it looks like I got a diverse group of responders here!

I take away from this that the math makes it such that small percentage point moves really amount to significant dollars in terms of cushion and overall safety in the deal. Thank you for running that scenario, @Shaun Reilly, as I just needed to see that math done out like others here also said. Looks like I just need to run out the numbers, try a few different formulas, and just keep in mind that the 70% rule is a guide - and only that.

Thank you all !

Hi BP,

I am currently based in the Greater Boston area, considered by many reports to be the second most unaffordable real estate market in the country. Just like anywhere, finding deals isn't easy, but the question I have for you is if abiding by the sacred 70% rule increases said difficulty unnecessarily. 

One of the arguments I've heard is that, mathematically, the formula just doesn't make sense once you get past a certain level of ARV because rehab costs don't have a linear relationship to ARV. So, if you are looking at a $200K ARV and a $600K ARV home, the kitchen in the latter is not 3x more expensive than that in the former, which is what is implied by a static ratio like the formula. However, the great counter that I've been given to this is that this argument is invalid because the 70% rule does not use renovation costs as a % of acquisition/sale, so the repairs are actually accounted for correctly.

Long story short, where do folks stand on this? Can I hear a few different views on what's a more reliable way of analyzing deals? Should it just be 80% instead, which allows for the expensive reality of the high-priced market, but still makes finding deals more feasible? Would you strictly avoid going above 70%? Would love to gather the inputs of as many who have gone through this exercise as possible - maybe you've changed your flexibility over time or maybe you've gotten burned when you did? Would love to learn from you all.

Thanks, BP!

Francisco