All Forum Posts by: Paul Sorgi
Paul Sorgi has started 10 posts and replied 340 times.
Post: Thoughts on This property
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
@Duncan Banks this has become popular with the reduction in inventory.
Post: Tonight InTaunton Massachusetts
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
I am only a member of the Eastern Mass REIA but I enjoy meeting people so I thought I would give the meeting a plug.
I look forward to seeing everyone who attends!
Eastern Mass REIA Monthly Meeting
Holiday Inn Taunton
700 Myles Standish Blvd.
Taunton, MA
Networking Starts at 6:30 pm
I believe it is $20 but don't hold it against me it is a few dollars more.
Post: Private money lending advice
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
@Paul Altman I agree with all the posts above find great local legal advise in CA My only other concern is make sure it is a Great deal if it is your first time and if your not familiar with rehabbing then I suggest maybe you invest with a HML.
Post: Flipper wants loan for $70K
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
I can't recommend to you to lend or not. I borrow mainly from a family member and would not even consider this a deal. The numbers are to tight.
ARV 282k * 70% minus repairs/holding costs 70k = purchase price 127k
HML I am assuming has 2-4 pnts and interest payments 12-18%
3k to 6k in points and 10k+ in interest that is close to the extra 20k he is asking for in holding costs. The longer it is held the more it costs. Now you have to consider other costs that come in to play.
Closing costs when it sells
Commission to real estate agent
insurance
utilities
etc.
I hope this helps
Post: Investing in Fitchburg, MA
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
Your welcome @Shaun Reilly
Post: Thoughts on This property
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
I would love to join you but have a prior commitment. Wish you the best.
Post: Investing in Fitchburg, MA
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
Population: 40,411 (2012)
Unemployment rate: 10.2% (Jul 2013) Colleges and Universities: Fitchburg State College, Henris School of Hair Design Fitchburg economic development plan
http://www.ci.fitchburg.ma.us/government/departments/economic_development/default.cfm
Assessor maps and tax rates
http://fitchburgma.gov/government/departments/assessors/assessormain.cfm
Fitchburg Housing Authority
50 Day St., Fitchburg, MA 01420 978-345-1963
Link to Section 8 Rents page 23 has rents for Fitchburg
http://www.huduser.org/portal/datasets/fmr/fmr2013p/FY2013B_SCHEDULE_B.pdf
Post: Thoughts on This property
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
@Duncan Banks the weekend has come and gone do you see the property?
Post: Rich Dad Poor Dad Fake or Not?
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
I don't think he is a scam and give his book RDPD credit for helping me to view money and business from a different perspective. As with any author or Guru there is always fluff and there are always people who will say they got ripped off. Most of the time it is because they buy on emotion and then don't put anything they learn into action. I recommend the book to anyone who is interested in starting a business or increasing their income.
Post: Thoughts on This property
- Real Estate Investor
- Abington, MA
- Posts 356
- Votes 114
The property has been in some type of Family ownership since 1959. I am blurry eyed from reading deeds and property descriptions and tracing the documents by name. I am sure it needs work may even have tenants who have been there for years (low rent). Typical of rentals owned by "older" folks with no mortgage and just happy to get the rent and to "tired" to manage it anymore.
Wish you the best keep us posted.