All Forum Posts by: Jessie Dillon

there is literally no way this would only cost 16-20k to fix LOL. wishful thinking. i would call this a full gut based on the pics and use $65/sqft for guts (even that is sometimes not enough but it's a place to start). so if this property is 1,000 square feet, we're looking at a $65,000 reno give or take. what did your contractor say it would cost? i would get #s from a FEW as you're getting started, to see who knows their stuff. if ARV could be as low as 90k you'd pretty much have to get it for free. deals like this sometimes work creatively though. if they're open to seller financing. and you can wholesale creative deals.

welcome, sharon! i'm not local to you but just came to recommend jamil damji's book 'how to wholesale real estate' - i got a lot out of it!

how did he physically get in? partner with a RE attorney in your state, and get a PM company for the future

the shenandoah area seems to be the new 'secret.' as a former str host, if i was to buy one again, i would..

- not buy in a seasonal market, or if i do, ONLY expect to generate $$ in the peak season when i run my numbers

- buy something with very low overhead (not an expensive SFH)

- make sure it cashflows as a LTR (have a backup plan)

- do a more creative stay (glamping, redone vintage camper, etc)

check out danielle rutigliano! she is beachwoodbuyshouses on ig. i'm in MA and she is my CPA. she specializes in RE and is also a VERY active investor herself. she's based in long island. you don't have to use someone local. 

hi i'm near you! i'm in hopedale MA. i use rentredi for tenant payments. no complaints, simple, i like it. a BANK that also offers rent collection seems over the top to me. i'd rather keep using my small local bank. i also don't keep security deposits because the laws in MA re: how they can be used are so insane that i'd rather just not deal with it. 

my first long distance once was in NH (2.5h away) then chicago (1000 miles away)! if you're looking at 1-4 unit properties, don't kill yourself trying to create an LLC just yet. find your lender first then see if they'll require you to close in an LLC or not. single-member LLCs do not provide as much legal protection as we would like to think, so if that's your reasoning for wanting to create one right off the bat, that's just something to consider. as far as a business license, AFTER you close on the property, call the town hall and ask if they want you to have one there bc you're collecting rent there. if you're using a PM company, they will probably say no. :)

welcome!! there are a few heavy hitters in the MTR space that you should check out on IG and they all have educational offerings - jesse vasquez, amelia mcgee, grace gudenkauf, and sarah weaver. sarah weaver also wrote a book sold on BP called 30 day stay. that's a great place to start! just be sure your property's numbers also work if you have to go to regular long term rentals. always have a plan b!

one email address for all of your RE ventures is totally fine! good question 

in MA, you can't charge a late fee for 30 days. then i set it to be $100/day, to get the point across. i don't do pet rent, i just allow pets and charge more overall. MA is also weird about fees. for vacancy, banks usually want to see you underwrite at 5%, but i personally expect 2%.