All Forum Posts by: Scott Savard

Welcome Cole! Start young and grind my friend. I love the mindset. I personally am out of Massachusetts and just do real estate on the side. More than happy to discuss should you have any interest but for now I will keep my ears open for anyone up your way. Good luck!

Too early to tell. If the United States somehow gets ahead of the virus before it causes nationwide lockdown (I know it seems unlikely at this point) everything goes back to normal. The stock market will shoot right back up, people will continue working/spending as normal, investors will go back to buying/selling homes, and life will be as it was two weeks ago. BUT that is only if we get ahead of the virus asap!

That said, if the virus continues to spread creating a nationwide lockdown, keeping people from school, work and living as normal, there will be a negative effect on the entire economy as a whole including real estate. 

It's pretty simple. If people aren't working, then they are not earning money nor are they spending money and/or paying their bills (including rent).  This will cause your typical home owner that is thinking about selling their home to hold steady due to the unknown effects of the virus on the market. In times of crisis people want to feel safe, they feel safest in their homes.

That said, I would certainly expect homes to still go on the market. Some investors may not want to deal with the headaches. There will be more people across the nation that will not be able to pay their rent than any time in recent history. To what extent investors look to cash out remains to be seen. There are sooo many variables at play (ie which investors were stock market heavy, which investors are willing to weather the storm vs which are not). It will be interesting to see how it plays out if it gets to this point.

I would however, expect there to still be a lot of buyers. Remember, the economy was doing well and there was/is a lot of money on the streets, especially young money. As soon as prices start to dip, there will be a lot of buyers that have been sitting in the background, with mattress money, ready to scoop them up as they have been waiting for "the next recession" for the last five or so years. 

Good questions James. The eastern Massachusetts market is tricky because of the value of the homes coupled with the amount of investors looking for deals. The most important part of the BRRR method is getting the right deal from the start. If you're looking at homes on the major RE platforms, such as Zillow and Redfin, then chances are your not going to find very many opportunities in this area to BRRR. That said, if you are out knocking on doors and/or are getting creative in your lead generation, then I'd say BRRRing can happen in any market.

I'd recommend trying to buy in the path of appreciation. That way if you end up BRRRing and can't pull out 100% of your equity, you can refi a few years out as the home appeciates simply because of where it is.

Natick, Hopkinton, Holliston, Worcester, Shrewsbury, Everett, Medford to name a few.

Thanks @Phillip Vera. In regard to the flooring, my contractor is recommending that I go with tile in the kitchen for my long term rental. What are your thoughts on this? I know it will be a bit more expensive then the vinyl but is it worth it? What type of tile are you typically using for your kitchens?

@Anthony Dooley thanks for the reply Anthony. Good point.

Hi BP Community,

I’m in the process of two rehabs. The first is a two family complete gut and replace and the second is a single family home the requires a less extensive rehab but still some major items. I’m curious to hear what some of your favorite “go-to” material manufactures and models are for buy and hold rental properties.

Specifically

Windows and doors

Kitchen Cabinets

Appliances

Flooring

Ultimately I’d like to standardize my bill of materials for all of my projects, where possible. I’m looking for materials that will show nice and last but obviously not break the rehab budget.

Anything helps.

Thanks

Scott

Stay away from the Brinks and ADT for the rehab as they'll be too pricey. Use something that is plug and play that stores recordings for as long as you will need between checking the tapes. 

@Jordan Williams What type of work do you need done Jordan. PM me with the details, I might be able to help you out with this.

Thanks!

@Ed Maione a bit late to the thread but Welcome my friend! How's your journey going? Have you made any progress in 2019 thus far? I'm in Franklin as well. If you ever want to get together and discuss real estate, let me know. I'm just getting started myself.

Tony, 

What do you need done in terms of masonry work? I may be able to help you out. Also, I do know a good contractor in the area but let me touch base with him before passing along his info. Shoot me a pm.