All Forum Posts by: Matthew Kinch

The property is 50% vacant so the cash flow out of the gate is severely negative (I'm guessing). You may want to has for delayed payments for 3-6 months. Hopefully you can have some of the units renovated and possibly occupied by that time. Another option or in conjunction is to ask for 1-2 years of interest only payments (or any amount of time that fits your model). It increases his overall income for selling the property and lowers your carrying costs while your going through a period of high expenses & higher risk. Your really only asking him to take a very small hit on paying down the principle. Its not a big ask and he may be very willing to go that route. If your sitting on pikes of cash and don't plan to do anything with it then no need to both.
If vacancies in the area are low and your confident on your numbers then absolutely get in there! Stabilize it as a cash cow, cash out refi, sell equity later or season and sell it. If your numbers are solid its a home run. 

Sold.
If you would like to be notified about off market properties in the MA, RI and CT area you can join our buyers list here:

https://www.thehelpfulhomebuye...

We do not send out ANYTHING except off market leads. 

Seekonk, MA. Turnkey School Building

ABOUT THE PROPERTY

Daycare / Education facility 5,130 SF is available for lease or for sale. New Septic, Parking Lot and Fire Alarm. This property is a beautiful brick single story space with huge ceiling heights and an open layout. Excellent space with three separate bathrooms, large sub-dividable classrooms and abundant windows throughout. Several fenced in sections outside of the property are perfect for outdoor activities and/or playground space. Easy access in rear of property for drop off and pickups. First floor space is 5,130 SF with a full basement in addition to the square footage. ADA access in the front of property. Brick façade, recent landscaping and exterior painting. Property abuts town field, and has expansion opportunities. Route 6 and I-195 are less than 1 miles away.
Please feel free to reach out with any questions.
Thank you,

Matt

Good afternoon,

Our team is offering an off market multi-family property for sale that we believe would be an excellent long-term hold or flip opportunity.  You can view the property details in the attached PDF. The comparable sales and photos are clickable links. If there are any issues with the link please reach out and I can email you the PDF. The property will be delivered vacant. We performed a full inspection on the property including ground scan, sewer scope and licensed inspection service. All can be provided to interested buyers. Please keep in mind this offer is first come first serve. Please do not visit the property as one tenant is still occupying. Your purchase position will be considered secured only after a deposit is received. Deposit and contract information will be provided. If you’re interested in learning more about this property, please get in touch.

2-Family

2,184Sqft

5 Bed / 2 Bath

Price: $520,000

As-Is Market Value: Estimated $600,000-$620,000

Fully improved Value: Estimate $775,000

Total Deposit Due to Secure Position: $64,000

Link to Norwood Offering

To join our mailing list for other off market offerings: Off Market Buyers List

Thank you,

Matt

Investment Info:

Condo fix & flip investment in Quincy.

Purchase price: $400,000
Cash invested: $466,000
Sale price: $1,113,000

Contributors:
Tory Kelliher, Daniel Riccio Jr.

Purchased a single family home located on a double lot in Quincy MA. After talking with zoning and the neighbors we were able to construct two town homes. Due to Quincys zoning regs these are actually condos which are connected. The dwelling on the left was built ontop of an existing foundation. The dwelling on the right is new construction. Parking was added in the rear to help alevate on-street congesation.

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

Value add

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

Direct Mail. Flexible terms giving seller time to relocate.

How did you finance this deal?

Private money / Bank funding

How did you add value to the deal?

Expand existing dwelling + constuct additional unit.

From the WSJ:

Federal Judge Invalidates National Eviction Moratorium

A federal judge threw out a national eviction moratorium, saying the Covid-19 pandemic-relief measure exceeded the powers of the Centers for Disease Control and Prevention. 

https://www.wsj.com/articles/f...

In RI we have have to register as "out of State landlords". I believe its only a 1 time fee. The only time I can see it coming into play is during an eviction. RI is very tenant friendly and I would imagine not being registered could get a savvy squatter some extra time in your property. 

We did not dig down the basement on this project. We are currently in the planning phase of another East Boston project. This project might warrant doing some digging. @Jonathan Bombaci are you familiar with the process? 

Investment Info:

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

Purchase price: $720,000
Cash invested: $538,000
Sale price: $1,500,000

Contributors:
Daniel Riccio Jr., Tory Kelliher

Gut reno condo conversion on end row vertical 3 family.

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

Increasing condo prices in the area. 1 off street parking spot, addition sqft added into basement.

How did you finance this deal?

We use private funds from friends and family in addition to bank financing.

How did you add value to the deal?

Condo conversion / add square footage

What was the outcome?

Positive outcome. All units sold quickly.

Lessons learned? Challenges?

The neighborhood approval meetings held us up for a couple months. Neighbors were relatively reasonable. We also ran into a hurdle trying to add a roof deck and ended up scrapping the idea.

Investment Info:

Single-family residence fix & flip investment in Medford.

Purchase price: $363,000
Cash invested: $300,000
Sale price: $901,000

Contributors:
Daniel Riccio Jr., Tory Kelliher

Gut renovation + addition of dilapidated property in nice neighborhood that abuts high priced neighborhoods.

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

Close to rail, value add through additional square footage and master suite.

How did you finance this deal?

Combination of bank and private funds.

How did you add value to the deal?

Gut renovation to improve design. Addition allowed for a master suite, expanded first floor bath, walk in closet for master and bed 2, 1st floor office.

What was the outcome?

Multiple offers

Lessons learned? Challenges?

Good sight guys are worth their weight in gold.