All Forum Posts by: Katherine Robbins

Hi Ivan, how often do you have these meetings? Just started a project in the area and would love to go to the next one. Thanks!

Hi! I'm looking for an attorney in the Southern Maine area, specifically Kennebunk, that knows about town ordinance and condo conversions. Looking to turn a 2 family into 2 condos and sell each off in VR zone. Thanks!

@matttatkow Actually, I just saw one this week with my buyer at 18 Butler St. We put in an offer but lost out to a cash buyer. There are currently 6 under agreement in Salem under $400k..they go quick so you've got to act fast. 

Hi Brian, 

If you're interested in the north shore, Salem is pretty hot right now. You'll always have renters in Salem too because of the college. A ton of development and renovations happening in the area and you still have the commuter rail which is making it an ideal place for young buyers. You can still find a 2 family and SF under $400k. Tons of condos too. You can try parts of Revere and Lynn too. Those areas are all up and coming because of the cost of living closer to the city pushing everyone out. Chelsea and Everett have already hit so good luck finding something there (scoop something up immediately if you can find something for that price!!). With the new Suffolk Downs project coming and the new developments in Revere Beach, that area is already starting to become a hot bed for investors. I'm happy to answer any questions if you have any! 

Hi Ashlie! Welcome to the investing world!! I live in Salem and would love to help out any way I can. 

You can certainly start wholesaling, but to be honest, it's really hard. If you're willing to door knock, put out signs or send out mailings - then go for it. You just need to make sure you are up front with people and have your contracts down. It's also hard to wholesale without understanding the investing world - renovation and re-sale values. 

If you think you can get $15K-$20K from selling your place, then that could be enough for a hard-money lender. That's how I did my first project. I was able to put down $20k of my own money then hard the hard money lender cover the rest. You have to pay the interest monthly but if you do the project quick enough then hopefully it's only like $2500 a month depending on your interest rate. You could also get a 203k loan from a bank and you're only looking at 5%-15% down and deferred interest plus a lower rate. You will also have someone holding your hand through the entire process which is nice when you're just starting out. I would suggest connecting with a mortgage broker to see how much you could qualify for with a 203k loan. Just so you know where to start. 

A 2family would work for house hacking but they're obviously more expensive. You'll also have to live through the renovation. 203k loan would be the only loan where you could be owner occupied. Renting might be a good option if you want a single family to start with. Then you'll make money off the deal and have more money to buy a 2 family to hack after. 

A lot of people are borrowing from family members to start or trying to wholesale. Again, it's hard to expect for it to take awhile. 

Haverhill might be a good place to look for a less expensive project. Salem is pretty hot right now. Lynn is a good place to get cheap properties but the resale value just isn't there. If you get the property low enough and don't put a whole lot of money into the reno, then it might be a good way to start with something. Look for a $150k property that you only need $50k for but can sell for around $275k. The Diamond Disctrict and then Wyoma are where the property value is higher but there are less for sale there. 

Congrats (and good luck!) on taking the R.E exam!! You'll need to sign up with a broker so you have a company to hang your license with before you can list anything (which also costs money). You can certainly list your own place but I would recommend offering a fee to another agent to help you out with the first one. Taking the course and exam doesn't actually teach you about contracts and the home buying/selling process so there is still a lot to learn. 

Hope that helps! Feel free to DM me with any other questions!

Honestly, I lived in Chelsea for 2 years and it wasn't that bad. It isn't a place where you would expect to walk-around and find dinner/drinks but if you're looking to get into real estate investing and commuting to work, then it's fine to live there. I loved being able to take a 5 minute Uber ride into the city. 

It is definitely getting better as the years go on too. More development, more construction bringing new jobs. There are nicer parts as well. You are getting a lot of flippers there which are also helping bring in more home owners and raise property value. In 5-10 years it will be even better. I have 2 buyers right now that are looking to house hack and especially in Chelsea because the cost is lower than Boston and the development is costing the prices to increase steadily. Good way to build equity and you'll always find renters. Problem I've seen is that so many other people are realizing this that we're experiencing a lot of bidding wars. Prepare to over pay for a 2 family right now or buy something that needs a little work. Good news is that the property will appreciate over the next few years. 

Thanks @Ethan Scott ! I'd be happy to help! Feel free to private message me if you'd like to chat!

Any luck? This is a really tough area to hack. I've been working with one buyer who is trying to get into Chelsea/Everett for the same purpose. We've put in multiple offers and no luck. Your best bet is to try and find something off market. Look for homes in the areas that are up and coming (Chelsea, Revere, Lynn, Everett or further out west in Framingham) and door knock or send out letters. Unless you're willing to stay on the MLS and compete with everyone else, off-market is your best bet. You can go through the expired listing on MLS or check out the listings that have been on for awhile too.

My CPA is in Newton, MA. McVittie Tax Advisors - Bruce McVittie is his name. He's amazing!

You make some very good points. I think you should consider selling while the market is up. You would have to get special insurance and would want to put the property under an LLC of sorts to limit the liability that comes from other people being on your property. You would have to pay taxes (because you're making more than $600/year on this income property) and pay for the LLC fees as well. You wouldn't want to keep the property under your personal name..what if someone fell and sued you? If it was under your personal name then they could take everything from you depending on the law suit.

Personally, I don't think all this risk is worth $400/a month. Does your home need any repairs? There are ways to sell off-market without paying a Realtor fee. Only really works if there is room to profit off of renovating your home though. 

Let me know if you have any questions!