All Forum Posts by: Jay M.
Jay M. has started 4 posts and replied 164 times.
Post: Modular home construction
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Originally posted by @Mike OConnor:
Brockton?? May god bless your soul........
Post: Hard Money Lending/Financing deals in Massachusetts
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Originally posted by @Trevor Kelly:
I recently have received positive confirmation from a HML with 3 points at 12%. 75% of purchase upfront and 100% of rehab costs covered for 1 year.
I hope this helps.
Was the lender a local MA lender or just one that will lend in MA but is out of state? I'm also starting to look in MA.
Post: Poll:How much are you paying for New Plan drawings (blue prints)?
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
You can't compare CA with the rest of the country in regards to the depth of specifications that is required on the plans and let's not forget the title 24 crap..... There are other tough states but CA is in a league of their own.
Post: Modular home construction
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
$55k?? Surely not in Canton is it?
Post: Buying as an agent / principal
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Thanks for the info!! I had no idea. So you can't run it through the agency you're tied to (if you're just a salesman not a broker with your own office). Your agency will be looking for their cut of the commission which won't come...
Post: Buying as an agent / principal
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Hello All,
As I'm leafing through the MLS listings I came across this in the disclosures section under "property information"
"Any licensed agent purchasing a REO property from Seller as a "principal" will not receive the ‘selling portion' of the sales commission".
As I'm just starting with my new MLS subscription is this a rare appearance for sellers (in this case a REO) to exclude buyer / investors from collecting the "sellers" commission cut? Thank you.
Post: How to find owner’s info in Ma?
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
I live in Fairhaven so I would google "fairhaven online assessors database"........ The towns database will be searchable and you can find out everything the assessors office knows. Almost all MA towns assessors database is online. Most are kind of slow changing owner if recently foreclosed etc.
Post: What NOT to do in Real Estate Investing
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Jay, from my experience, I’m personally not paying no contractor before completion of the entire job.
Now, I have paid some money upfront in the past, which is okay, but paying the full amount? No way.
Once the job is done, I have no problem paying right then and there via check or card as long as I have an invoice in-hand, right then, saying paid in full.
I understand your point though. I’m sure you can tell I’ve had a negative experience. No fault to the contractor...I take full responsibility for my stupidity.
I'm not sure where you got the idea I'm advocating paying before the job is complete?? I pretty emphatically stated you shouldn't. Perhaps you were reading someone else's post while replying to mine?
Post: signed lien waivers from all subcontractors
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
I'm in MA and I mainly am involved in home design. I worked for a builder who had one particular subdivision that had a lender who required a lien waver on every sub-contractor. I had to sign off before a check was issued...Kind of here is your check in one hand and here is the lien waver in another. You sign it and I'll let go of the check...
Post: For those focused on BRRRR...
- Contractor
- Fairhaven, MA
- Posts 167
- Votes 159
Originally posted by @Mike Dorneman:
The girls know that the worse the smell, the more money we make!!! For example, we bought a nasty house with bed bugs for 11k. Had it professional treated and cleaned. Did some Minor cosmetic updates and that now rents for $850/mo. We put 4K into the Reno. So all in about around 15k, great cash flow, and refied it at 41k.
11k?? Holy 1950's.......There are properties in my area that 11k wouldn't even fix a failed septic system never mind buy a house