All Forum Posts by: Jonathan Bombaci

Hello community,
We hope to see you at our Lowell Meetup on September 11th!
See you there!

Hey everyone!
Join us at Coffee & pi in Westborough, Massachusetts on September 3rd for yet another great SREI Meetup!

See you there!

Welcome to the forum, @Trevor Burwell! Good wholesalers that do things the right way are hard to find, and the fact that you’ve got TC experience probably makes you easier to work with.

We buy a lot of our fix and flips through wholesalers in MA, NH, and ME, honestly we find it easier than going direct to seller—which I know runs contrary to what a lot of investors preach.

Appreciate you joining the community and looking forward to learning from what you’ve seen in the trenches (and in all those files you’re coordinating). Thanks in advance for sharing your knowledge and network here.

I’m an experienced multifamily investor (100+ units under management), but I’m stepping into new territory with my brother and could use some guidance. We’re looking at a marina in CT that’s a little defunct, about 40% occupancy on ~80 slips. It also comes with a restaurant that hasn’t been in service for 40 years, but the structure is in surprisingly good shape.

Here’s what I’m thinking through so far:

• Standard due diligence: +Phase 1 and 2 environmental, city plans/zoning, health department approvals for bringing the restaurant back online.

• Talking to the Army Corps of Engineers and the local harbormaster about dredging (not something I’d do immediately but want to know long-term outlook) and figure out generic cost for budgeting purposes. 

• Understanding systems and inspecting the general infrastructure (electrical for slips, septic, fuel, etc.).

My underwriting concern is obvious—40% occupancy is tough. I’m trying to figure out what I don’t know about this asset class.

For those who have experience with marinas:
What else should I be looking at?
What questions do you ask before jumping into one of these?
What are the gotchas that don’t show up on a spreadsheet?

On a related note, I do plan to push for redevelopment of the parcel (over 1.5 acre waterfront) and hope to do a mixed-use development which is allowed by special permit. That said, I know that is going to over a year to get necessary approvals and want to stress test a Minimum Viable Product exercise in case the redevelopment doesn't pay off. 

Any insight would be appreciated.

Hey all! See you on Monday 18th, at Backyard Brewery (2nd Floor) at 1211, South Mammoth Rd.

Hey all, we changed the date for this meetup. It will be happening on August 19th, same place, same time.

See you there!

Hey there,

Please come join us at the Franco Heritage Cener at Lewiston, ME on August, 27th.

Hope to see you there!

Hey everyone!

Join us at the Craft Food Halls on August 26th, in Waltham, MA, for another great SREI Meetup.

Hope to see you there!

Please join us at: 112 Harding St Worcester, MA from 6:30-8:30 at our latestes Worcester SREI Meetup!

Invite your friends and share this event!
We hope to see some new and familiar faces!

Hey everyone,

Hope you’ll join us at the Backyard Brewery in Manchester, NH on August 18th for yet another great meetup!

See you there!