All Forum Posts by: Russell Lavoie

Having not dealt with anything but these landlord tenant laws I must say that other markets are appealing. But I have to agree with everyone else if you have a tight and specific lease  and you screen your tenants it significantly decreases your odds of getting stuck in a squatter situation. For a new investor it’s honestly great training because most other places landlord tenant laws will be a breeze if you adhering to MA’s. 

I hope I can take you up on  that offer @Daniel Fischer.

@Derek Rice thanks you for sharing your process and I’m very interested in how it turns out please keep me posted.  I’m looking into Zack Medwoods post now! 

@jim 

@Jim K. it’s not a gig offered post and I don’t want to make any money off of a meet up I value relationships. And I’m willing to find a place and coordinate a LOCAL meetup. No offense and thank you for the offer,  I’m sure you are great at what you do and maybe someday it could grow to that point. At this point Im looking to have a monthly meetup with like mind individuals. Call it what you want I call it a partnership when someone is doing 3/4 the work and the other person gets to do 1/4 which they enjoy and gets the benefit of building a local network from the ground up.  I rather enjoy my free time and do what I’m already good.

@Bjorn Ahlblad I appreciate the advice I actually do work for Pepsi. I’m in sales and I’m not saying I can’t speak in front of people it’s just the thing that can help me out the most that I enjoy the least so I’m a big Gary V fan so I know there’s some amazing real estate investor on BP right now that loves to get in front of people and talk and wants to double down on their strength. We will both get benefits of running the meetup and get to enjoy the entire process. I’m a full time employee wit two small kids, so when’s I’m going to socialize Id like to enjoy it as well. I think The speaker and I would both get what we want and need out of it and i love win wins.  

Hey BP I’ve been talking about starting a meet up for some time now and the main reason I haven’t already is speaking in front of people is something I don’t enjoy at all. I love talking just not in front of crowds. I’m trying to be self aware here and double down on my strengths, so I am looking for a partner that wants to enjoy in the benefits of having our own meetup but enjoys speaking @ the meet ups. I’m willing to do the rest of the legwork to set it up and run it. I’m in the New Bedford/Fall River area but i hope to get a BP meetup going for a majority of the south coast eventually. Thanks in advance   

 Russell Lavoie          

Investment Info:

Single-family residence buy & hold investment in New Bedford.

Purchase price: $110,000
Cash invested: $980

I purchased a person residence, which appraised as is for $90,000 more than I paid for it. The A.R.V. for the property is $220,000. I plan on putting about $30,000 into the property and investing (BRRRRing) with the equity I gained through the transaction. As a matter of fact thanks to creative financing, I brought $980.00 to the closing and walked out with a check of $30,000!

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

I wanted to make sure my dads house (rented) didn't get taken away due to back taxes.

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

My uncle owned the property with a small mortgage left on it. When I went to visit him I noticed a Housing Court noticed posted on his door. With a little research I found that he had not paid taxed on the property in 7 years and it was a about $25,000 due. My uncle is not well physically, he's on dialysis and a diabetic he did not even care to open the notice. We haggled back and forth just because he could ( he really doesn't care about the money) and we agreed to $80,000.

How did you finance this deal?

With a gift in equity from my uncle. He agreed to sell the property for 80,000 and then I was gifted my 20% down. Basically the contract read that I bought the house for 143,480, but my loan amount is for $110,000. That's is the $80,000 for the property and the $30,000 the I borrowed to rehab the house. I had rented in this property for 6 years and never thought buy it until I was financially educated.

How did you add value to the deal?

I will remodel the kitchen and bathroom. (both stuck in the 1970's) Refinish the original hardwood floors (house was built in 1874), and semi finish and add a bathroom in basement. Roof, windows, a fence and some landscaping.

What was the outcome?

I will end up with about $100,000 in equity that I will put to work with the BRRRR strategy. I moved out of my 3 family I was house hacking back into a single family that I will design to fit my families needs. My uncle paid off the mortgage and his tax lien and has now freed up $400 a month he was spending on the property and has $50,000 more in his bank account I call that a win win!

Lessons learned? Challenges?

I have more of a network than a knew of. And the challenge is to do my first full rehab with my family living in the house! (before and after pics will definitely get posted somewhere on BP)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Caliber Home Loans, was an amazing asset through the entire process as well as Patrick Walsh the Agent who represented both sides in the transaction. Both understand investing and were there for any questions I had. Will definitely be working with them again soon.