All Forum Posts by: Richard Cole

Hi BP Community,

Our offer was accepted on this deal. https://www.redfin.com/MA/Dudley/22-Aldea-Ave-0157...

Are you or is anyone you know interested in this opportunity for a first or second lien position stake?

• Purchase Price: $140,800
• Rehab with 25% contingency: $85,000
• ARV: $280,000
• Timeline 6 months

Opportunity details:

• 12m term with balloon
• 2 points
• 9% interest only, accruing or monthly interest on funds used
• 1st lien position: 100% rehab and acquisition, total loan amount: $225,800
• 12 month possible point and interest payout on total loan amount: $24,838

OR

• 12m term with balloon
• 2 points
• 10% interest only, accruing or monthly interest on funds used
• 2nd lien position: Loan of $42,240 down and 3 rehab draws not in arrears of $85,000, total loan amount: $127,240
• 12 month possible point and interest payout on total loan amount: $15,268.80

Our team has a track record for this property type in this area. Our last deal had 6 offers in the first 3 hours and sold for over ask. We have strong rapport with the local building departments as well. We have access to other sources of financing, but want to connect with more local lenders. No harm is meant by this post. 

We'll go farther, together. Thanks for your time. 

Hey BP,

We're in the process of negotiating a commercial deal in Mendon, MA. There's 5 warehouse buildings on 34 acres over looking Nipmuc Lake. There are currently some strong tenants in place, but we have a value add plan and a serious LOI from a solar company, as well as other tenant leads that would significantly increase the value of the property.

Does anyone have experience exploring cannabis investing or have started the licensing process? We have some leads we'd like to explore in a different niche than most would expect. We'd like to connect with investors who have experience in any of these spaces and are open to creative partnerships. 

If anyone is interested in learning more about this opportunity, please message us here or reply to the thread with input.

Hi BP,

Are there any local investors MA who are interested in JV partnerships with investing experience and good credit? Has anyone had experience with crowdfunding and would like to meet up to discuss these points?

Hi Biggerpockets, 

I'm currently working on a presenting a Master Lease info packet to a motivated seller here in MA. Could anyone clarify for me that a land contract can be used in conjunction with the master lease agreement? What other paperwork is involved and other nuances I should be aware of? Does anyone have experience presenting master leases and could share useful tips on how they structured and closed the deal? 

Much thanks!

Hi everyone,

I'm fairly new to BiggerPockets; we joined about 2 months ago or so. My company, Silver Linings Real Estate Solutions LLC currently has some hot deals lined up, but need financing in order to secure them. I have over 35 years of construction experience, performed over 30 rehabs in my career, and have a reliable crew and well built network of subcontractors.

If anyone is interested in connecting, please contact us. We're in the process of making a introductory video for the profile. Feel free to ask lots of questions.

Now time for the breakdown: 

1. 388 High St Webster MA

https://www.redfin.com/MA/Webster/388-High-St-0157...

-2 family in need of major reno. 3100sqft. Unit 1 is 2 bed, 1 bath. Unit 2 is 4 beds, 1 bath. Brand new hot water heaters, furnace, and recently updated electrical. Needs new roof, 2 new kitchens, and baths. Has lots of craftsmen charm and is close to local colleges, the highway, and a newly renovated shopping center.

-ARV: conservatively $204k, Listed at $125k, Offer price: $70k, Reno Budget: $50-85k depending on lender

2. 70 Rochdale St Auburn MA 

https://www.redfin.com/MA/Auburn/70-Rochdale-St-01...

-Single family. 1380sqft. 2 beds, 1 bath near water. Needs full gut. In great area, close to schools, highways, and lots of shopping centers.

-ARV: conservatively $250k, with comps running into the mid $300k range. Listed at $115k, Offer price of $100k, estimated reno budget: $69-80k depending on lender. We try to leave some cushion in case the unexpected arises as it almost always does.

We have other deals we're interested in, but need financing and proof of funds to really make some magic happen. We're experienced and ready to roll. If anyone is interested in connecting or even better-- lending!!-- please contact us.

Thank you for your time.

-Rick and Makay

Hi Ryan, Just sent you a text. Hoping the property is still available. 

Hi everyone,

I'm looking to finance my first flip, so I was wondering which lenders people in my area have had success with? 

Ideally, we need a lender who can approve quickly, is reliable and reputable-- no scams! 

Any suggestions for the New England area? Advice, questions I should be asking/aware of, and your experiences, etc are all greatly appreciated.

Thanks for the help.