All Forum Posts by: Sam Horton

@Thomas Ryan - To be clear we were able to obtain the ZBA approval before we purchased the property. Might be good to make the purchase contingent upon zoning appeals approval if the seller allows for that language. Good luck

Hey @Thomas Ryan - Not from Philly so I can't speak to your state specifically but we just finished a transaction similar to this converting a mixed-use building into a 4 family in Mass. 

We submitted an application with the ZBA to discuss our plans and address any concerns the board/neighbors had. They approved us but with the condition of an approved permit from the building department for 4 family use. Keep in mind that you may also need to obtain additional permits from the building department to comply with the new zoning designation. For example, we had to put in a commercial-grade sprinkler system in order to comply with the building permit. 

The time it takes to complete this process can vary, depending on the complexity of the case and the level of neighborhood support. It can take anywhere from a few months to over a year in my experience. 

Hi @Friday Delorio,

There are some alternative methods to paying "cash" out of your own pocket. 

1) Private or hard money lenders: You can use private or hard money loans to finance the initial purchase and rehab costs. Can require 10-30% down though depending on the lender and 1-3 points.

2) Home Equity Line of Credit (HELOC): If you have equity in an existing property, you can use a HELOC to fund the purchase and rehab of a new property. This allows you to leverage your current assets without paying cash upfront.

3) Partner with other investors: or "OPM" other people's money. Partnering with other investors can help you share the initial costs and spread the risk. A partner can contribute cash, while you bring your expertise in the BRRRR method and handle the property management.

4) Seller financing: In some cases, you can negotiate with the seller to finance the property purchase. This method can save you from paying the full amount upfront and you can negotiate terms with the seller on the note. 

Hope this helps

Hi @Salina Doe, fortunately, I have not had to deal with an eviction personally yet. However, I do work with a lot of buy-and-hold investors in my area. From what I am told it really comes down to the court system you are going through and how much of a backlog they have. I have seen about the same time span in the Plymouth County court district (3-6 months). I'm glad you hired an attorney to help you because a lot of the cases get thrown out for not filing the NTQ appropriately which then resets the clock for the tenant. Have you attempted to offer cash for keys to get the tenants out? That may help you remove the problem sooner than going through the courts. 

Hey Jordan. Welcome! BP is honestly one of the best resources out there. You can also check out: "Wholesaling Real Estate: A Beginner's Guide to Wholesaling Real Estate and Growing Rich" by Brent Driscoll. Check out Dealcheck or REI/KIt for software. Good luck

Hi @Colin Kelly-Rand

Thanks for reaching out. Yes, navigating the rules and regulations around short-term rentals (STRs) can definitely be challenging. I'm glad to hear that you're interested in attending our upcoming event, as we'll be discussing exactly that topic.

Our guest speaker, Dave Menapace, has extensive experience in real estate and is a wealth of knowledge when it comes to analyzing STRs. I'm confident that he'll have some great insights to share, so be sure to bring your questions and ideas!

In the meantime, my workaround has always been just having conversations with the building department and the board of health to see if there are any current laws against it. I also use BP forums as a great resource as well. 

I look forward to seeing you at the event!

Join us for the April Boston South Meet-Up!

When: Thursday, April 20th from 6:00 pm to 8:00 pm

Where: Boston Connect Real Estate - 19 Mattakeesett St, Pembroke, MA

Guest Speaker:

Dave Menapace
5 Star Co-Host, CEO

Dave Menapace is a local real estate investor, co-host, consultant, and realtor. He is also an author and the host of the Hassle-Free RE Podcast. Dave leveraged real estate to exit his 9-5 as a director at a healthcare consulting firm in early 2022.

He specializes in short-term rentals as an investor, agent, and more recently, co-host. His passion is helping others find and finance properties that others have passed on, and making them thrive as short-term rentals. He enjoys educating others in the STR space and does so through his podcast, consulting, coaching, and most recently, writing. On the off chance that he's not conducting a real estate transaction, you can find him spending time with his family, playing golf, working out, and always networking.

Additional Information: Please park at Shepard's Funeral Home (just to the right of Boston Connect). Light food will be served, BYOB.

Come join us for the March Boston South Meet-Up!

When: Thursday, March 16th from 6:00 pm to 8:00 pm

Where: Boston Connect Real Estate - 19 Mattakeesett St, Pembroke, MA

Guest Speaker:

Michael Ketchen

CEO of CC-REI

Michael has always had a profound interest in real estate investment, and after working as a high school administrator for over a decade, he brought his vision to life by leading the creation of the Commonwealth Collective, LLC.

Currently, Michael has over 400+ units under management in his portfolio and is still looking to grow. His latest undertaking is the Financial Freedom Community, focusing on helping motivate investors to either start or scale their real estate businesses.

Additional Information: Please park at Shepard's Funeral Home (just to the right of Boston Connect). Light food will be served, BYOB.

Come join us for the February Boston South Real Estate Meet-up!

With Guest Speakers, Kent Fitzpatrick, Sean Whalen & Bill O'Neill of Asset Strategy

At our next networking meet-up, we will be discussing a range of topics related to real estate investment strategies. The main focus will be on 1031 Tax Deferred Exchange, Delaware Statutory Trust (DST), and an overview of investing in Opportunity zones.

These topics are essential for any real estate investor looking to maximize returns while minimizing tax liability. We will have guest speakers from the industry to provide insight and knowledge on these topics, including case studies and real-world examples. Whether you're a seasoned investor or just starting out, this event is an excellent opportunity to learn about new investment strategies and network with other professionals in the industry.

Join us for the first meet-up of 2023!

With special guest: Chris Nash

Christopher Nash is a partner at the firm providing clients with tax, assurance, and small business accounting services. He obtained a Bachelor of Science Degree in Accounting and a Master of Science Degree in Accounting from Bridgewater State University. Chris is an accounting professional who has over eleven years of experience in the accounting field. He has four years of experience in national firms in assurance. He has over seven years of experience working with small businesses, non-profits, and individual income taxation. Chris is a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. He is also a treasurer on the board of a small not-for-profit in Massachusetts. Chris loves to travel, stay active, and spend time with family and friends.