All Forum Posts by: Leo Gregoire

Welcome Jack!

i'm a real estate agent and advisor with Candor Realty; we specialize in working with investors.

i like to see the next generation interested in investing in real estate so early.

As a member of the brokerages Worcester team, i focus a lot on central Mass multi family properties and househacking in particular.

feel free to reach out with any questions!

i'd love to talk a bit about the market and show you how we run our numbers to see if there's something you can work with.

Welcome Tyler!

i'm an real estate agent and advisor with Candor Realty working out of Central Mass. We're a brokerage that deals specifically with investors.

We hold monthly REI meet ups all throughout massachusetts where investors, vendors, attorneys, lendors, agents, etc come to learn and network.

Our Worcester team is hosting a meet up at Bay State Brewery in Worcester this wednesday from 6:30-8:30p. 

you should stop by!

agreed. Southbridge will be next

I have a client looking for DSCR lending and is interested in a duplex. I'm finding units trading at over 200k+ in the city and am unable to find anything that cash flows even at a .75 ratio. Am i missing something here? I'm more used to underwriting multi families where cash flow potential is greater; is this just how duplexes typically run? I'm looking for a triplex as an option as well but haven't been seeing many of those in the market at the moment either.

I have a client interested in a STR around the Worcester area. Anyone out there have any experience with STRs in central mass?

i feel this. Properties in general (multifamily) around my area are going for prices right now that can't feasibly make any sense. In the span of a couple years properties that were selling for $120-150 a unit are now selling for $150-200+ while rents are capped out and even then A.) won't math out and B.) are too expensive for most to afford anyways.

i spend a good deal of time underwriting properties to show clients and routinely i'm looking for deals that have been on market for a couple months or longer so i can chop the purchase price by $200k and somehow get the numbers to work.
Savy investors know values are inflated and know that the 3 unit value-add multi shouldn't be going for 600; it's definitely been an interesting market as of late to say the least.

what's everyone's closing rate with cash for keys?

made an offer on a property only to find out later that one of the units was going through an eviction.

tried to extend our inspection contingency to no avail to buy us some time

ended up not being able to come to terms on how to proceed with seller

the last HOUR of our inspection contingency the seller offers to try and buy out (cash for keys) the tenant the next day (he had a property manager handling the eviction and wasn't even aware of it initially).

i get a (risky) oral agreement that even though the contingency window had passed, if the plan falls through my client will still get their EMD back

the next day the seller ends up buying out the tenant for a bit over $3,000 and now we can move forward with the deal without the headache of a problem teanant/ picking up an eviction.

Quote from @Nathan Gesner:

That looks like common surface mold due to lack of ventilation. Mold needs two things to grow: moisture and food. The food can be dust, soap scum, etc.

Use a bleach solution or a special mold cleaner to remove the mold. Educate the tenant about the importance of ventilating the bathroom every time they use it by running the fan or opening the door and window. Keep it dry and this problem will go away. If they see mold spots, they should clean it immediately.

This was going to be my response. i have an old lake camp that we turned into a full time residence. The bathroom is not properly ventilated / does not have an exhaust fan. we ran into this issue and gutted the bathroom after the owner prior let this continue for years. New mold resistant sheet rock and proper ventilation (we crack the top of the window when showering and run a dehumidifier) will work well

have you considered making the place into two high-end condos instead? you have to put the work in with the remodel either way but if they're high-end condos you can sell them each for more than the property as a whole and make more in one transaction than you would on a cashflowing rental

Simplified REI meet ups hosts them all over the state monthly. They do one right in worcester about once a month. Brew City. Next one is this week, wednesday 630-830