All Forum Posts by: Timothy Lewman

@Harry Morrison I partner up with my contractor, he does all the physical work on the house and puts up some money. I put up the rest of the money and do the accounting books for the project. It works out great!

Hmm, I can see how 2nd shift will make it more difficult for you. Can you switch shifts with someone so you can go to the meetings? Your missing out in too much. I met @Dan Gamache at the NE REIA.

Go to my Facebook page, I just posted an update on the project.

Hi Harry,  I am a part-time house flipper with a day job and a small pool of money that allows me to flip 1 house at a time.  Currently, have a house in Leominster that is a full gut rehab.  If your looking for vendors I recommend going to some REIA's - look up Black Diamond in Worcester on 8/20/2019, http://blackdiamondrealestateivestors.com. 

I also like NE REIA in Chelmsford - 1st Wednesday of every month, http://newenglandreia.com/.

June is generally a strong month for single family home sales in Massachusetts. We are seeing the same trends of price increases and slower volume; not much has changed.

The Warren Group, which reports all transactions - including those that aren't listed on the MLS services (off-market), shows that the median price for June closed sales is $429,000, up 2.14% from June 2018. The volume of transactions is down 9.47% at 6,523 properties changing hands.

The Massachusetts Association of Realtors reports on only MLS listed transactions, providing a read on the retail market. For June we have a median price of $440,000, up 2.33% from June 2018 at $430,000. With that price increase we had a meager 6,004 deeds changing owners, which is down 8.88% over last June's print of 6,589!

Price gains are leaving buyers on the sidelines as they are blocked by affordability and limited supply as new listings for the month down 6.67% from last June, chocking supply and forcing prices up as more buyers are competing over limited stock. We remain in a seller's market and I don't see anything that is going to change these trends.

@Jennifer Jackson I have both fundrise and realty mogul in my SD IRA. Both are great, pay dividends and sent regular updates.

You can also look into groundfloor.com, a P2P site exclusively for RE. You could even buy stocks of home builders or home related companies.

Good luck!

@Andrew Flora you just need to see who consistently posts and has good advice and examples of how it worked for them. Don't forget to go to your local REIA and press the flesh. Go to some out of state if you're looking to invest there. There's no substitute for real life interactions. People are much less likely to BS you to your face than on a screen.

@Martynas Fedotovas anytime. Keep in mind it's a low percentage play, dont get discouraged by the rejections. You just need one person to get interested. If your successful with the one person, it will open up their friends to you as well and it can snowball

@Martynas Fedotovas I had a piece of advice I was given early on. Go to REIAs but also where rich people are, like exotic car shows, boat shows, museum functions, golf tournaments etc. Talk people up, when they ask what you do for a living, tell them REI. Talk about deals you have made, if any, and ones you are looking at now. If they are receptive give them a card and, more importantly, get their info so you can follow up.

@Hunter Adams just the interest not the principal is deductible.

@Hunter Adams I borrowed 50% of my 401k from my day job to get started. It's easy to get and was processed quickly. I understand if I no longer work there I will have pay to it back or pay the penalty and taxes. My company takes out $300/paycheck every other Thursaday for 5 years. Make sure you can handle the lower paycheck. What I do is hold back 6 months of payments and operating expenses (expected duration of current flip). I pay the $300 to myself from my company so I'm personally not suffering but it does reduce the amount I can invest. Don't forget that the interest payment to yourself is tax deductible as an expense. I even wrote up promissory notes to document just in case.

@Arlindo Neto No problem, stay in touch ! 😀