All Forum Posts by: Joshua Poitras

@Travis Watson is it already under contract? What are you liquadating?

@Jake Guerette what up jake, I've been playing around in Manchester lately. I can tell you some of the places I like, rule of thumb for me is the more north you can get the better and further away from elm st the better. However, there are some little nice nooks epecially down south of Manchester. Rimmon Heights west North is one of my favorites. If you can grab something out east go for it. It is a more rural peaceful side of town, there isn't much multis but if you can get one, its prime. That is my opinion anyways. Best advice though, do some driving around. 

If you guys like to talk real estate, join me (Joshua Poitras, and Candor Realty) for a real estate investment event at the XO Bistro on Elm st in Manchester, Thursday 1/20 6:30 - 8:30pm)

For Speakers, Brian Sardinskas will review his last FHA 203K Deal with the group and David Cassavaugh, of Advanced Home Inspection will discuss tips, advantages and disadvantages to using the 203K loan for your first investment property purchase.

First 20 People to Show up, your first d… See more— feeling excited.

Investment Info:

Single-family residence fix & flip investment in Dedham.

Purchase price: $450,000
Cash invested: $113,000

Contributors:
Mo Maruping

The darkest day in my real estate career, I learned many many lessons on this deal. This day I lived the story of the "white elephant". A few lessons were learned from that deal. one, under any and all circumstances you will always have a well written contract with the contractors. Second, never ever buy the oddball house on the street, especially in a higher class neighborhood. Regardless, we got through it, it was was ugly but it's over!

What made you interested in investing in this type of deal?

Attemping to get into the buisness.

How did you find this deal and how did you negotiate it?

Was sitting on the Market.

How did you finance this deal?

Personal Investor combined with Hard Money lender

How did you add value to the deal?

Renovating

Lessons learned? Challenges?

Always Have Contractor Agreements in Writing, Don't buy the Oddball Houe on these street. Make sure to estimate contruction costs accurately.

Investment Info:

Single-family residence fix & flip investment in Dedham.

Purchase price: $450,000
Cash invested: $113,000

Contributors:
Mo Maruping

The darkest day in my real estate career, I learned many many lessons on this deal. This day I lived the story of the "white elephant". Basically, we purchased the wrong house, which was a custom built house, built by a french architect (french style). It was sitting on the market so long, we decided to go with it but It ended up being a nightmare. As few lessons were learned from that deal. one, under any and all circumstances you will always have a well written contract with the contractors. Second, never ever buy the oddball house on the street, especially in a higher class neighborhood. Regardless, we got through it, it was was ugly but it's over!

What made you interested in investing in this type of deal?

Attemping to get into the buisness.

How did you find this deal and how did you negotiate it?

Was sitting on the Market.

How did you finance this deal?

Personal Investor combined with Hard Money lender

How did you add value to the deal?

Renovating

Lessons learned? Challenges?

Always Have Contractor Agreements in Writing, Don't buy the Oddball Houe on these street. Make sure to estimate contruction costs accurately.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in East Boston.

Purchase price: $650,000
Cash invested: $196,080
Sale price: $806,500

Contributors:
Mo Maruping

A planned buy and hold turned condo conversion. After filling out a permit wrong we triggered a city of Boston ordinance of having to require a sprinkler system put in. Rather than just correcting the permit, we went ahead with the sprinkler system and decided to split the building into three separate condos. After paying contractor overages and extremely high hard money fees and payoffs. We about broke even. However, the experience has given us an infinity return.

What made you interested in investing in this type of deal?

Interested in applying the teaching of Armando Montelongo. Originally wanted a buy and hold. I wish we attempted to refinance out of the deal and rent the units out instead. You live you learn.

How did you find this deal and how did you negotiate it?

Off Market from a realtor

How did you finance this deal?

Personal Investor using his 401K with Hard Money

How did you add value to the deal?

Gut Rehab

What was the outcome?

Sale of 3 Condos and a break even.

Lessons learned? Challenges?

Next time, I will fill a permit out completly. And next time consider renting and holding for awhile if the numbers only break even.

Investment Info:

Small multi-family (2-4 units) fix & flip investment in East Boston.

Purchase price: $650,000
Cash invested: $196,080
Sale price: $806,500

Contributors:
Mo Maruping

RE Lesson : Adapt and Overcome. A planned buy and hold turned condo conversion. After filling out a permit wrong we triggered a city of Boston ordinance of having to require a sprinkler system put in. Rather than just correcting the permit, we went ahead with the sprinkler system and decided to split the building into three separate condos. On paper numbers look good, but after paying contractor overages and extremely high hard money fees and payoffs. We about broke even. However, the lesson is invaluable and I still use the experience today.

What made you interested in investing in this type of deal?

Interested in applying the teaching of Armando Montelongo. Originally wanted a buy and hold. I wish we attempted to refinance out of the deal and rent the units out instead. You live you learn.

How did you find this deal and how did you negotiate it?

Off Market from a realtor

How did you finance this deal?

Personal Investor using his 401K with Hard Money

How did you add value to the deal?

Gut Rehab

What was the outcome?

Sale of 3 Condos and a break even.

Lessons learned? Challenges?

Next time, I will fill a permit out completly. And next time consider renting and holding for awhile if the numbers only break even.

@Carmen Ruiz aight, I’ll see ya at the next Lowell one. I’m there all the time as well. 

@Carmen Ruiz I am setting one up for candor in Manchester at the XO on elm restaurant in Manchester for Thursday 1/20 from 6:30-8:30. See you there ?

Gavin, 

Come out to my teams investments meeting at the XO on elm st in Manchester NH on Thursday 1/20. 6:30-8:30. We holds a pints and properties meeting that is made up largely of bigger pockets members. This month I have a 203k Consultant speaking and one of our clients is going over his 203k deal. Let me know.