All Forum Posts by: John Welz

Hi All, 

As I am finishing my first deal (buy, rehab, and hold) in Danvers MA, I was hoping to reach out to other investors in the area to talk about experiences and moving forward onto the next deal. Also the general market we are investing in.

I would love to gain some knowledge from someone who has been in the game for a while. 

Please reach out to me if interested.

Thank you!

Hi All, 

Would anyone be willing to post or send me an example of a deal analysis that ended up being cash flow positive and a success? and or also one that was not a success that looked good on paper.

I would like to review and use as a reference/benchmark in my own analysis in hopes to improve my analysis skills. 

Thanks!

Dolores

From what I've heard from people, most banks make you wait the 1 or 2 years before refinancing, but if you are persistent enough and start contacting the smaller credit unions, you are bound to find one that will allow you to refinance earlier than that. 

Adam - Thank you for the detailed explanation, that was very helpful! It makes more sense now that the initial financing be done short term just to get the property and renovate to add value, and then once complete you refinance to a longer term loan and recoup initial investment as long as the deal works.  

Hi Esther

It is a condo that was put on the market by an older woman who now lives in assisted living. Her son used to occupy the unit however was a mild hoarder and did not take care of the property. It basically came as a shell but saw the value in a great area right near downtown. 

Hey All

Been listening to some of the podcasts on Bigger Pockets and been really looking into the BRRR method but I have to say the whole process/concept still confuses me a bit.

I currently have a deal going in the renovation process. Details below 

Purchase price: $155,000 (listed at $169,000)

Renovation cost: $8,000

Renovation to be complete in roughly 3 months 

Loan was for 30 years at 4% interest with 5% down  

Plan to rent at conservative rate of $1,600/month with my market here in Danvers, MA

I guess when it gets to the refinance part and potentially recouping money invested out of pocket is where I get lost. I estimate the property when finished will be valued at $180,000 to $190,000.

Any help/Explaination would be appreciated, also if you happen to be local I would love to meet up and talk numbers with someone experienced in this method of investment. 

Thanks 

John

@Adam Curry, thanks Adam! It was built in 1970. I think I am going to hold on the lead inspection and just get the home inspection, which should note if there is potential lead paint. I don't see any need to get the lead inspection in the initial 10 period, and can always get it after closing. 

Appreciate your advice!

Hey guys

I just recently got in the same boat, and have an offer accepted on a condo. My question is do I need to get a home inspection since it is in a maintained complex? 

And also, as far as lead inspections go, is this something I should do in my 10 day period or can it wait? 

Any advice would be helpful. Thanks!

Thanks Robert. 

Do you know a ballpark of what the whole process costs? Any experience or contacts? 

Hi all,

I recently just purchased my first rental property in a condo complex. My plans are to rent it after some renovation. It did not come with de-leaded certification. My question is is it worth it to have it inspected now for lead paint? I also figured I would not need to perform a home inspection either considering the unit is in a condo complex that is well maintained. 

Please let me know any comments, advice or personal experience. 

thank you 

Hi All 

I am just getting into real estate investing in the last few months and have been reading and researching and looking at properties but still have not secured my first deal yet. 

I was hoping another fellow investor in the North Shore of Massachusetts area wouldn't mind taking me under their wing on a deal, and execute together. I would love the experience and experience the ins and outs of a deal with an experienced investor. 

Please message me directly if open to the idea! 

Thanks Everyone!