All Forum Posts by: Gualter Amarelo

@Charlie MacPherson is right! @Michael K.@Mugdha Joglekar

If you are looking to cashflow, I would consider the Fall River/New Bedford market. I would also stay away from condos and would be looking at the 3+ multifamilies. Currently the average multi sales price is $225k in FR and $210k in NB. Fr average 2 bed rents are $850 and NB is $750 per month.

If you are serious about investing and want to learn more about these markets send me a private message and I can have one of my agents reach out to you to see what fits your portfolio best. We also have a full service property management company in place so you never have to worry about those calls in the night.

Cheers to your success!

@Andrew Ross The time frame was 2 months of renovtion (only because we ran into some major plumbing delays). Then we had on of the units rented 3 months and the other 2 units rented for 2 months as we finished them. The biggest delay was waiting for the buyers financing. Also because we improved the property over 100% we had to pay for a second appraisal for FHA... But I negotiated keeping the rest of the rents for the month to cover that cost and then some.

The three family we are working on right now is a quick change of zoning and a very small renovation to go from mixed use to full residential. This house was on MLS, but undesirable because it is zoned commercial/mixed use and can't get financed with less than 25% down. We will convert and sell to an FHA or conventional buyer.

@Aaron Araujo My man! You know we are looking to add some partners to our deals right now so it might be a perfect fit. Give me or @Ron Boling a call and we will see if we can work you into one of the deals we have on the table.

Thanks @Robert Blanchard, great questions. This was an hour south of Boston in the SouthCoast market near Rhode Island. I did absolutely no part of the renovations, (other than rip up one carpet, because my girlfriend at the time wanted to do a project, lol) I strongly discourage anyone from doing the work yourself on a project of this size. As far as down-payment, I put none of my own money into this deal.

My friend was buying the house for themselves and put $5k down on the house. Her financing fell through and I was her Real estate agent, so I offered her $5k to purchase the contract from her to be paid when I sold the house. She agreed, and I took on a private money partner for a 40% share in the profit. When we closed my partner made $29k, my friend got back their $5k plus the $5k for the contract and I walked away with $31k and a story to tell. 

Also, my contractors got paid for the work and I kept management of the building after the sale for the current landlord, so my property manager is getting some residual from the deal. All in all it was a great project!

Cheers to our success!

@Josh C.

@Josh C.

@Josh C. Here are the expenses on this one: 

apartment	Vendor	Project description	Date	Amounts	Notes
house	sears	3 stoves/2 refridgerators	5/25/2017	$ 2,111.18
1 right	Doug	bathroom floor	4/11/2017	$ 500.00	replace floors
2 left	David	bathroom floors/repair	4/23/2017	$ 400.00
2r/2w	Doug	bathrooms	4/14/2017	$ 755.00	replace floors
1 right	mikes carpet	carpet two bedrooms	3/3/2017	$ 532.00
2r/2l	amber	clean up	5/5/2017	$ 80.00
1r/2r	sears	cook stoves	4/23/2017	$ 837.41
All	Joey	dry wall aropund windows	3/27/2017	$ 1,950.00
2 right	jesse	drywall bedroom wall	4/15/2017	$ 150.00
house	Brian Elec	elec work	3/24/2017	$ 4,503.00
house	Kevin	electrian	4/30/2017	$ 100.00	wires
2r/2l	Danny	floors	5/5/2017	$ 1,000.00	replace with floating floors
house	libert ut	gas bill	6/6/2017	$ 216.44
house	David	hook up gas stoves	6/1/2017	$ 60.00
house	honor captal	insurance	2/29/17	$ 209.00
house	honor captal	insurance	3/19/2017	$ 209.00
house	honor captal	insurance	4/17/2017	$ 209.00
house	honor captal	insurance	5/17/2017	$ 209.00
1 right	Doug	kitchen drywall	4/18/2017	$ 200.00
house	Doug	labor	6/5/2017	$ 2,200.00	finsh all reoairs and hang doors
house	jesse	locks and light	4/30/2017	$ 150.00
houise	walmart	mailboxes	5/10/2017	$ 48.88	3 mailboxes
remodler outlet	materials	2/14/2017	$ 722.50
1 west	remodler outlet	materials	2/27/2017	$ 134.64
1 west	remodler outlet	materials	3/27/2017	$ 1,006.91
2 right	home depot	materials	4/23/2017	$ 280.29	for floor
2r/2l	home depot	materials	5/5/2017	$ 1,226.08	floors and supplies
house	home depot	materials	5/9/2017	$ 75.52	plug covers/thermostats/mailbox
materials	5/23/2017	$ 148.93	for 3rd floor door
house	home depot	materials	5/26/2017	$ 878.22	doors baseboars
house	home depot	materials	5/29/2017	$ 250.37
1 left	home depot	materials	6/1/2017	$ 247.36	toilt/miscellaneous
1 left	jesse	miscellaneous	6/19/2017	$ 160.00
house	James	paint	4/30/2017	$ 1,050.00
house	Branco gardner	payment	$ 1,353.30
house	Moniz	plumbing	3/27/2017	$ 2,035.07
house	mike	plumbing	4/11/2017	$ 625.00
hallway	put up 3rd floor door	5/23/2017	$ 350.00	to block off attic
1 east	Poters	repair and prep for paint	3/10/2017	$ 900.00
house	Joey	roof/siding	$ 22,222.00
house	smoke isp	$ 264.85
1 right	Doug	tubs/toilt	5/1/2017	$ 135.00
house	Joey	windows	1/25/2017	$ 4,651.02
house	home depot	2/14/2017	$ 1,458.63
lowels	2/14/2017	$ 1,500.85
house	u hal	5/26/2017	$ 48.72	to pick up all supplies
1 east	home depot	materials	6/2/2017	$ 56.78
house	ABC	dumpster	6/5/2017	$ 587.34
1 east	danny	floors/ matrial	6/7/2017	$ 1,117.24	railings, 3 floors
basement	derick	clean up all waste	6/7/2017	$ 200.00
1 left	jesse	last small repairs	6/20/2017	$ 160.00
house	ABC	dumpster extra feesa	6/16/2017	$ 119.00
1 left	amber	clean up	4/21/2017	$ 100.00
2 left	kevin	elec work	5/21/2017	$ 150.00
house	home depot	light covers/fau	6/3/2017	$ 41.95
1 east	national grid	elec bill	6/28/2017	$ 68.85
1 west	national grid	elec	6/28/2017	$ 118.87
house	liberty utilies	gas bill	5/16/2017	$ 216.44
house	national grid	elec	4/26/2017	$ 4.54
house	city of Faa River	taxes	6/29/2017	$ 654.10
house	honor captal	insurance	6/17/2017	$ 209.00
$ 62,159.28

Hello All, I want to share the details on my most recent multifamily Flip in Fall River, Massachusetts. I purchased this 4 family for $125k off MLs, spent $61k renovating the new roof, vinyl, windows, plumbing electric, then standard paint and flooring job. The house was renovated in 2 months on the market for 11 days and closed 5 months from the date of purchase for $268k. This allowed me and my investors a $70k profit after the commissions for the agents. Over all the project was worth it and I had 3 of the four units rented out for $850 each 3 months into the project, which basically took care of the carrying costs of the building. My partner and I have just purchased another 3 family to run the same strategy and have three other buildings uag. The best part of this strategy is that it is relatively recession proof. If the market turns we can still cashflow and refinance out of our hard money loans!

What city are you looking to invest in? The Boston market is very hot and not conducive to a buy and hold strategy. Have you considered markets that are an hour away?

Hello Alex Cornwell yes, we run a property management company in Fall River. We offer full service to our landlords along with providing tenants and first alerts on our motivated sellers from our real estate office. If you are interested in learning more, please send me a private message. Cheers to your success!

Thanks for the mention @Aaron Araujo! Hello @Darin Holmes! I would suggest getting a property manager immediately upon purchase and I would suggest getting real estate agent who is also an investor on the city you are buying in. I happen to own 5 houses in Fall River and am a licensed agent and property manager. If you would like to jump on a quick call tomorrow we can discuss any and all of your concerns. On the PM side we handle everything including shopping around for inexpensive contractors to keep costs down and any other concern that may come up. 

Cheers to your success!

@Russell Lavoie I am a landlord, real estate agent and property manager in the beautiful city of Fall River. There is no rent control in the city and assuming the tenants are not subsidized you are able to increase rents to whatever your heart desires. I am more interested to find out what you are basing your assessment of market rent on. Currently in my 1 bedrooms I get $750, My 2beds are ranging from $850-950 and my 3 bedrooms are between $800-1,100. Location, size, floorplan and parking have a lot to do with what an apartment will rent for.

I currently run a real estate investing meetup every second Thursday of the month in Fall River. I would strongly suggest that you join us and we can review your investment in more detail.

Feel free to send me a private message and we can jump on a quick call to answer any other questions you should have.

Cheers to our success!

@Brian P. Welcome to the community. @Ron Boling has the right idea. We all meet up in Fall River on  the second Thursday of each month to discuss everything from lending, to deals, to property management. If it fits into his schedule there is a good chance that @Norm Bessette will be at next months meeting providing some updates on his large portfolio and future goals.

We hope to see you there! Cheers to your success!

@Stephen Igbeka Come on down to Fall River brother! I currently mentor a number of investors in the southcoast and am an active investor here in Fall River. I have an office full of agents and every professional contact you will need to get started in the business. We also hold a local REI meetup here in my office once a month which is run and organized by another agent/investor in the office @Ron Boling who is also a wealth of knowledge and support. Send one of us a private message and we can get you connected. The cash-flow down here is great and the low entry price makes it a no-brainer!

Cheers to your success!