All Forum Posts by: Rob Poulin

Thanks 

@Tenence Hyacinth

@Liz S.

Liz - I would be interested in foreclosures. I'll take a look at your site. Also, it would be great to be on your investors list.  - Thanks!

@Jerry Padilla

@Shaun Reilly

Thanks for the welcome and the info. Looking forward to learning and connecting.

Been lurking, reading, listening .... for awhile. Many knowledgeable people on this site. Much info to absorb. I live in the Southeastern MA area. Presently own my own residence and one single family rental. Looking for properties to rehab/flip. I have owned and operated a few businesses but not Real Estate related. (Business experience but not Real Estate experience, except the one SFR)

Areas of interest: Most areas within 30 - 45 minute ride from New Bedford MA (nearest large city) including:

Westport, Dartmouth, Freetown, Lakeville, Myricks, Fairhaven, Middleboro, Acushnet, Rochester, Carver, Mattapoisett, Marion, Wareham, Plympton, Plymouth, Halifax, Plymouth, Bourne, Kingston, parts of New Bedford, parts of Fall River. 

Almost any shape but not total tear downs. Not in flood designated zones.

Preferences: Rural areas.

Preferably not MLS properties (I search those daily)

70% ARV based on realistic valuations/comps.

If you have anything that meets the above .... then I am very interested.

Perhaps we can work something together. I can be flexible for many arrangements and we can come to a mutually rewarding arrangement, I am sure. 

In any case, this is a great site, and I am glad to have found it. It is a lifetime of information. 

Can't it be tested to see if it is black mold? (Air samples, etc.) To at least see if it is dangerous. If you use bleach, you need to dilute it for it to work. The spores will close up to protect themselves if you use it full strength. Need to trick them. At least that is what my med tech brother tells me they do in the hospital :-)  

I sympathize with you. I've been there ... but a bit different situation. Long ago (when I was much younger and believed the law protected me) I lost low 6 figures to Bob Brennan's boiler room operation. Aka. First Jersey Securities. But when they got me, they were Hibbard & Brown. They had changed their name three times by then. I knew nothing about the market. They were slick. When I figured something was going on, I called the Attorney Generals office. When I told them it was about Hibbard & Brown, they asked me if I wanted to speak the to investigative division they set up just for them. They asked me if I wanted to be a witness if they needed any more, but had many other witnesses who lost a lot more than me, some millions. I was so naive then. I could not understand how these guys were allowed to continue to operate for so long, ripping people off. I hired a lawyer at the cost of about 5 - 6 k more, but dropped it when it became apparent there would be no money for me to get back. The lawyers take most of it (from what was not hidden), then there is so little to split up between the many, many who got taken. Gave me write-off's for years :-) it's a terrible feeling to loose like that.  Sorry that happened to you. 

When looking at expired listings on MLSPIN, I beilieve there is a: "View the public record for this listing" tab which will list ownership information (as well as assessment information, sales history, mortgage history, and property information). I believe you can at least find their name that way. (Last address possibly also). 

I have zero experience with this type of advertising, but I wonder if it is very different than advertising anything else. I have had a few businesses, and I have always found it better to advertise "benefits" rather than "features".  What was it that Stanley Tools said?? Something like: "People don't want to buy "hole saws", they want to buy "holes". I have always prescribed to that method and it has worked well in my businesses. This may very well be totally different ... and I have no experience here .... but I have been wondering about this. I would be interested in hearing if anyone has tried this approach. 

If benefit based advertising were the best approach for this, then I would imagine one would want to highlight the benefits, such as "I will buy your headaches". Or: "Have real estate Problems? I will help you solve them and pay you CASH! Something to that effect ... stressing how they will be relieved of their real estate problem. People most likely don't want to give up a more valuable asset (piece of real estate) for less value (cash at less then market value), but they are willing to do so to get rid of their headache/problem. So the real benefit, IMO, is the removal of a problem. 

I should really know more about this (and I don't), but are you referencing the IRS main home/residence tax exclusion (on your gains up to $250,000)? I believe the house must be considered your "main" residence for 2 out of the last 5 years. I missed this myself, so I will need to 1031 exchange. 

IRS Publication 523 https://www.irs.gov/publications/p523/ar02.html

Katie - I've heard a lot about the Real Estate Flipping School group that meets in Plymouth on the third Thurs of every month. (Mike LaCava's group) I've been trying to get to one of those meetings since before Christmas. It looks like a good group of people. Eventually I will get there. 

Jorge - I grew up in Acushnet. When I was a kid, we used to take the city bus into/around the city. I have a lot of great memories hanging around downtown area (The old Moby Dick store, Carters store, The Magazine Store, The Peanut Man, the downtown walking mall when it was there, etc.) We had a blast down there. There are some pretty questionable areas in the city now. Some areas are changing though. With the college (BCC) located downtown, the Whaling Museum, the new hotel, and some great new restaurants/pubs, it has been getting better. My brother-in-law, Jeff Pontif is big in the commercial real estate area there. He is quite positive on the area. Hopefully the improvements will spill over to other parts of the city. But for now, I think I will concentrate looking in the far north end since I am out of touch with many parts of the city. As you say, a good realtor will be invaluable. My wife has been with Jack Conway - Mattapoisett office for about a year, and she is digging in trying to learn about the various areas. 

Robert - I have often considered the college kid rental angle. One thing that held me back was the first place my wife and I rented was a small cottage in Westport on Main Road, and I remember how happy the owners were to have us renting from them rather than the college kids they had been renting to. They had lots of stories about parties and kids going in and out through the windows. Then again, I know a lot of very good college kids. I've hired some in my job. And many are respectful and very good. So, I guess it is same as any renting ... you must screen the tenants very good. 

Rentals in New Bedford scare me. I have often considered buying there, but I am worried about the quality of the renters. There seem to be some decent deals on the surface, but I do not know how good (or bad) the various neighborhoods are. And I have heard some real horror stories. Then again, I know of people who do great there. But they have been at it for quite a while and have very good systems down. 

Like this one that was just reactivated yesterday. 52 Ashley Street. (5) family. One (4) bed and four (2) bed units. Advertised as in good shape and deleaded. Income reported to be $3150/mo. ($37,800 / year) Asking price: $184,900. Maybe you could get it for $175,000. Tenants pay utilities. Taxes = $3406/yr. 

In that example, from my very limited knowledge, it looks like you could get a good return. But .... and here is the big but ... how are the tenants in that area? I would be afraid I would be stuck with non-paying tenants. Or tenants who deal drugs from the house. 

So, I think I would be much better off with single families in the far north of the city. Near Acushnet or closer to Freetown, etc. Even though some of the deals in the south end look very good.