All Forum Posts by: Tim Wilkinson

That hurts. I realized how full of it many gurus are when they try to tell everyone they can wholesale properties with little or no money down and earn 6 figures. 

From experience: This not for everyone. It takes a special kind of person to acquire properties at 70-75% of ARV and talk folks out of their equity. Secondly, it takes someone that will implement marketing systems and be able to juggle hundreds of leads and stay on top of them, all the while continuing to rub elbows with new investors, contractors, attorneys, and brokers.

A person can get eaten alive if they aren't prepared. Nothing about investing is easy. However, it IS very rewarding for those individuals that can do it. 

It sounds like you are pretty thorough in what you are doing to recoup your losses. That same determination will go a long way in the business, I believe. 

Stay strong. Please don't give up.

This property is ripe for a condo conversion, but also a good buy/hold investment. It can be rented as-is right now for $3,800/month. . The first CMA I received from a realtor showed the following:

Unit 1: $225,000

Unit 2: $225,000

Unit 3: $275,000

Total= $725,000

Rehab for C finishes - $60,000 Rents would be 1200, 1200, and 1850 = $4,250 gross

Rehab for B finishes - $90,000 Rents would be 1400,1400, and 2,000 - $4,800 gross

There are not a lot of rentals in town. There are almost zero condos that are not in a mid-rise condex with high HOAs. 

Finished condos with B finishes sell from $250-300/square foot.

Condo docs, master deed, survey not included in estimate, but will be as much as $10,000 unless you are networked with someone who will do them for less.

any multifamily around Boston, condos on North Shore, especially Beverly, Newburyport, Salem. I am less familiar with South Shore. 

Good luck @Gilberto Rezende

I don't know about that. Maybe one of the mortgage brokers on bigger pockets can reply

Yes, people sometime do require that. However, for you to get a property at the best price and to get it occupied to improve chances of financing as @Tom Mannawas asking, it is better to leave them in. 

I just got one under contract that I plan to rehab all three units. There was one tenant. I made it a cash offer, no contingencies, and the tenant can stay. I don't need the tenant, but it will be a little extra cash while construction on the other two units happens. When the tenant leaves, I will remodel it's interior while the other two market. I'm hoping that one of the shoppers for the other two units jumps on the 3rd as soon as it comes to market. It is a prime location, so I'm sure this will come to pass.

The point is: she accepted my offer over another slightly larger offer because of my terms. I made it EASY for her to sell to me.

FHA requires you to become an occupant within 60 days. Cash for keys should help you to evict quicker.

There are many factors: length of time at employment, etc etc. If you just started it can be challenging. If you look for a property that already has all units rented, you'd be in a much better place. Then, you simply choose your unit and go through the eviction process for that unit.  I believe that is a better scenario than finding one partially occupied for two reasons:

A - It demonstrates your ability to rent: remember, the bank will likely see the tenants and how they are living. Bad tenants don't help your case at all.

B - Doing the eviction legally and ethically demonstrates good landlord qualities. It is a business. 

Also, you may consider a 203K, as you'd have up to $35,000 (I think) to do renovations. If all the mechanical systems are good and the units are in decent shape, you can spend most of it on updating your unit to a higher quality apartment that will pull more rent when you vacate. 

That's all IMHO.

Good luck.

Hello all,

Do most of you frequent the marketplace? I just posted a deal on there and I'm just curious how often they get perused. 

I still am looking for serious buyers to go to my site www.cpimass.com and fill out a buyers form. 

Take care and best of luck to you all.

This is a two family and a single family detached all on one parcel in a very desirable town. The elementary and High School Great school rating is 9 for both.  They are walking distance to this property. The backyard abuts the town common, including a full-sized soccer field. I have a lot more details. The condo comps will be around $650,000. Having valuation done on Friday. Plan on $100,000 rehab.

I would also consider partnering with a passive investor to rehab and market the properties myself.

Cheers!

By the way, just to qualify that last statement. i gre up in Vero Beach, FL and know the surrounding cities, including Ft. Pierce, very well.  The wonderful thing that HAS happened in Fort Pierce is the downtown area on the intracoastal waterway has all been redone and the beaches are pretty great.