All Forum Posts by: Jason Regan

@Sabrina Sanchez it always hard to get someone to give up their contractor info.  Mine is stuck for the next few months on my 3 Flips.  We used to use another guy.  Feel free to shoot me a message and we can talk about that person

Hey Matt,

Investing in state or out of state has its ups and downs on both sides. With your down payment it would be hard to find many multis in Central or Eastern Ma that would work with that. You may have to look in the springfield market or out that way. I dont study or know that market, but I know there are investors out there. If you want value add I would BRRR in state first. Understanding a rehab and BRRRR when you are not near it can be stressful and harder to control. BRRR, of course, will add value faster to your RE portfolio. That being said this can be riskier if you dont know how to evalaute a property repair cost, holding cost, etc. Buying a turn key is safer and you know what you are getting, no surprises, but you wont create value as fast or be able to turn your money as a BRRR. You will probaby get about a 10% COC return with this strategy. This means you wont get all the money back you put into it for 10 years. I have done BRRRR here and am working on an out of state BRRR now. I think this would be the best way to scale with limited funds. Id love to talk and help anyway I can shoot me a private message.

@Christy Crivellaro If you are looking to stay in that area I would suggest looking in Fitchburg and Gardner. It is 30-45 minutes from Worcester. You can get good cashflow in both of these areas and get a 3 family under 400k. I currently own a 2 family in Fitchburg that is out cash flowing my 4 family in Cleveland right now. Once I refinance to complete the BRRRR it should still produce 10k a year after all is said and done. Id be glad to talk to you about these areas just shoot me a private message

@Aaron Tetrault I am following this.  I currently just use Zillow to pull the reports but would love to know what everyone uses 

That site @Jon K. said is great.  I always check that to see the lead compliance on a building I am looking to buy.  I don't think it gives the actual certificate but should be good enough for section 8 I would believe as its a state directory.

@Evan Lowry thanks for the detailed answer!  I live in Ma and am about 30 minutes from Nashua so I thought of looking in NH for my next (non-house hack) Multifamily.  What are good cash flowing areas to look at in the NH market?

@Jonathan Bombaci I like the multiple option scenario you laid out. I am working on a similar situation in Ohio right now. Rents are well below market value. One is even $500 and market is $950. I am expecting some turnover but without raising the rents I wont be able to get the value I need to BRRR it.

Congrats man!

@Colleen F. Rehab was about $180k on this property.  The Septic was all in for about $50,000.  We have done septics on a few properties and they have been around $40,000 - $50,000 when all is said and done usually.  These are for 3 bedroom homes without water being near.  This will substantially increase the price

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $363,000
Cash invested: $40,000
Sale price: $650,000

The open concept dining room, kitchen, living room ceiling was vaulted and the kitchen completely redone. We took a large single bathroom and split it to a master and another full bath. The screened in porch slider was removed and the space was insulated, making it part of the living space. The basement was also completely redone, updating the living space and adding an office.

What made you interested in investing in this type of deal?

Acton is a great market desired school systems. The numbers worked based on ARV

How did you find this deal and how did you negotiate it?

The deal was found on MLS. We submitted and offer and was rejected. I asked the realtor what number would work. She came back with a number not much higher then we had put in the offer. We re-ran our numbers and found the deal still worked

How did you finance this deal?

Hard Money and Private Money

How did you add value to the deal?

I was the eyes and ears on the ground for this deal. My partner on this one lived in Boson so he had a much farther drive then I did. I ensured progress was being made, anticipated issues and discussed with my partner to decide together what actions to take

What was the outcome?

The home was sold for a desirable profit

Lessons learned? Challenges?

The septic system piping in the home was not pitched right to add the new septic as regulations have changed. The biggest challenge was trying to figure out how to run the pipe to get the desired pitch.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the agent on this and Cutter Hill Capital is the Hard Money Lender used. I continue to use them on my other projects.