All Forum Posts by: Jason Regan

@Thomas Phu I would suggest getting some software that could help you out with screening.  I use Buildium now but I have heard rent ready is also very good.  This is a property management software, not really a service but works great.  You have them fill out the application then pay the 3rd party company for the report (Background, Credit, Eviction).  Take this and evaluate it against your criteria and you have screened the tenant.  Using this method it only takes a few minutes.  

Thanks Brian for the insight!!  When I start looking in that area I am going to have to reach out to leverage your knowledge.  It is very true working with someone that knows the area is a huge deal.  They know the area and the annoying little rules.  Fitchburg has many of those.

@Nelson Zompetti flips are still there but the competition is high.  We are working on 2 now and have 2 appointments this weekend with two other potentials as well as a few more in the pipeline in Central Ma and other areas.  I agree with @Jonathan Bombaci that networking groups will help. I have met some amazing people through them.  I suggest you check out @Jonathan Bombaci

@Sam Horton I have been circling this topic too. In Ma do we still have to go to the courthouse or is there an online database we can mine?

I just did an analysis on Worcester County multis.  It is crazy, there is over 8,000 multi families in Worcester alone which equals over 40% of multis in all of Worcester county.  I am going to be marketing into this soon.  I originally thought that it wasn't a great market as the cost is killing the cashflow, but looking at these numbers I bet there are deals hiding in there.

There are a ton of comments here so I didn't read through everything.  Please forgive if I am repeating.  I am buying  vacant multi right now. The loan officer is using market rent estimate as the rent for the application.

@Joseph Lavoie my marketing actually involves purchasing lists and reaching out to them.  I am trying to find the best list for me right now. I use Propstream right now. I believe is $99 a month and you can pull many different lists.  Skip tracing is 12 cents per address.  The skip trace will give you owner, phone numbers, and emails.  This is what I do now as true people searching 1000 people takes a long time.

Hey @Joseph Lavoie there are a ton of ways to do this.  It all depends if you want to spend money or not.  Newer investors that have time typically drive for dollars.  You can go find the home, true people search them and give a call all for free.  Another way is to purchase lists from propstream or somewhere else and mail, call, or text them.  There are many many lists out there and as far as I can tell no magic way.  They all take time and dedication.  You should try one for 6 months before deciding it does not work as this is the amount of time it usually takes for decent marketing to begin working.  

The big thing to look for in my mind is the tenants rent roll.  Do they pay on time?  Do they pay in Full?  Another thing you want before closing is an estoppel agreement to ensure the tenants cant come after you for something the old landlord did. If the multi is deemed abandoned by the town ensure you know what must be done to bring it back to rentable status.  For example a multi in Fitchburg needs two parking spots per unit, so if you have a 4 family with 0 parking spots, you end up with a really big single family is all.  Fitchburg also requires sprinkler systems for 4 families and up I believe.  

That's awesome man.  I love seeing homes be renovated in my backyard!