All Forum Posts by: Lucas Vanroboys

@Peter Mckernan@Matthew Crivelli thank you for the advice. I think you both are right but not sure where to find deals on this area as this is the cheapest price per square foot I've seen in this area in the last 6 months since I started watching it closely

Hi everyone,

I wanted to bring this internal debate I'm having with my self over my next project to the BP community and open it up for advice, recommendation, thoughts and comments.

So I am currently under contract with inspection and mortgage contingencies at a very good price for a 3 family property in Uphams Corner (for those familiar with the Boston area). That price is $910k.

My original plan was to do a condo conversion in 3 seperate condo which are currently have comps at $550k-$600k (~$1.7 mil - $1.8 mil ARV). The property is actually in pretty good shape overall and the rehab budget to do this, which has been quoted by 2 GC is $500k conservatively.

So if I'm all in at ~$1.4 mil and can sell the 3 higher end condos at a total of $1.7 mil at first glance that margin is something that's appealing to me.

the debate I'm having with myself is mainly around the current healthy of the condo market and what the resale prices would be in ~8 months from now. The margin does start to slip if condo prices slip or execution is poor. 

Another option would be to renovate to rental grade, BRRRR out of it at an ARV of ~$1.3 mil and put the condo conversation on the back burner as an exit when the market turns back.

Obviously the first one would be great if it works well and markets hold or improve slightly, but this being my first larger scale Flip elevates the execution risk, let alone the market risk which is why I am hesitating and consider the more conservative option #2. 

Any advice, opinions, thoughts and comments would be greatly appreciated. If anyone has experience converting multi into condos in the Boston area or anywhere really, I'd also love to connect!

Hi everyone,

I just closed on my first multifamily property and am now starting to add things that will make self managing the property easier and more efficient. One of these things that I've been thinking about is putting security cameras around the property (specifically in the driveway and front entrance area).

Does anyone have an recommendations on how to do this and products to consider?

@Christian Maluo you would think... truthfully don't know why this seller wanted out of this and was so uncooperative. I didn't miss any deadlines or breached the contract on my end but ended up signing the release yesterday and walked away. Decided I don't want the legal headache or to deal with her anymore 

@Jay Hinrichs why do you say that. I'm just learning about it myself 

@Ken M. And yes agents on both sides. The seller and her agent do not have a great relationship as she is very difficult to work with. As you might be able to tell

@Ken M. 

No Lis Pendens yet. How do you do that and what does that process look like and require? My suspicion is that the tenants are not paying her and she is trying to cover that up. There is actually a notice of foreclosure on her mortgage as we speak. This came up during the delays in P&S. The property was on the MLS when I found it.

let me know if you have any more questions or some advice to my situation. 

No Lis Pendens yet. How do you do that and what does that process look like and require? My suspicion is that the tenants are not paying her and she is trying to cover that up. There is actually a notice of foreclosure on her mortgage as we speak. This came up during the delays in P&S. The property was on the MLS when I found it.

let me know if you have any more questions or some advice to my situation. 

@Jason Taken I don't believe so, it seems to be a pretty standard offer and purchase and sale agreement. Willing to share if you want to message privately.  

Hi everyone! 

I've got a very unique situation here and I would like to gather a few opinions on some option I have.

So to start, I went under contract on a multi-family in the Boston area late in June. The seller agreed to my offer and we both signed a "contract to purchase real estate #501". On that contract, the P&S date was listed, but we pushed that date back a few times because the seller couldn't get the proper documentation to us (leases, expenses, proof of rent, etc.). After a few back and forths, it became clear the seller is either extremely disorganized or intentionally lacking transparency. Last week, there was an affidavit issued at the registry office regarding her mortgage and now, after almost of a month of delaying P&S, the seller has said she will not move forward with P&S. Can you just do that? Do I stand on any ground here to enforce a sale? Why would someone 180 like this?

I like the deal and I've spent a lot of time, money and energy on this so don't want to just walk away empty handed to start over again, but if I have to... I guess I have to.

Does anyone have any recommendation or advice on this situation?