All Forum Posts by: Tory Kelliher

I don't know of any wholesaling workshops around. My advice would be to just find deals. If you find a good deal everything else will fall into place. Finding deals is the hard part. You need to network as much as possible. The more people you know the more chances you have to find good properties. Reach out to brokers, lawyers, etc. If you have some money you could always do some direct mailing or other marketing, but I wouldn't recommend that. Honestly, I would say your best bet is to knock on doors. It's something that a lot of people aren't willing to do. If you knock on enough doors you will find a good deal and good deals can sell themselves.

I agree this sounds like a good wholesaling opportunity for you. I have some investments in the Attleboro area, maybe we can work something out. PM me I would love to hear more.

Hi BP,

I might be getting an all cash offer accepted on a 2-Family in Southeast Massachusetts. I have the funds to close, but obviously don't want to tie it all up for any longer than necessary. I'm looking for a good bank to refi as soon as possible using the delayed financing exception. Does anyone in my area have any local bank recommendations for doing a refi with DFE?

Thanks!

Hi John,

Welcome to BP from another MA investor! If you are interested in getting into larger apartment deals I would second @David Thompson's recommendation to read Multifamily Millions. It's a great book that covers a wealth of information. Dave Lindahl is a very successful investor who is also from MA and currently operates out of Rockland. I also really like Lindahl's book Emerging Real Estate Markets. Good luck! Feel free to reach out if you want to chat!

-Tory

@Jared Rine and @Jeff B.

This information has become irrelevant at this point. We backed out of the deal due to environmental concerns regarding contaminated soil from a UST that was taken out back in 1987. Anyways here are some of the figures.

By unstabilized I mean that only 4 of 12 units are currently occupied. This is a bank owned foreclosure. The bank was not providing funds to the current PM for maintenance, which drove out most tenants.

Purchase price $397,500

Estimated Rehab: $80,000 -90,000

Estimated Stabilized ARV: $680,000

Welcome to BP,

All of your concerns are very valid. MA has very tenant friendly laws, but you could say the same for many other states as well. You can't let that stop you from investing, and all the other investors in MA are on a level playing field. 

My major piece of advice would be that tenant screening will be very important. If you diligently screen your potential tenant pool, then you will have a much better chance at avoiding the kind of people you don't want to be renting to. If you get the right tenants into your properties you will be on your way to owning a great property! Also, make sure you know the laws here inside and out. Good luck!

I'm the midst of acquiring an unstabilized 12 unit in the Hartford, CT area.  The property will be a cash buy, then hoping to refinance our investors out once stabilized. It will obviously take a good amount of time to stabilize the property for a permanent conventional loan. Does anyone know of any local banks in Connecticut that do bridge loans on unstabilized properties? We would like to get our investor's money out of the deal quicker than it will take to stabilize the property and get a conventional loan. Thanks!

@Michael Noto Thanks!

@Rick Santasiere 

Thanks for the info on Sherwood. It's a 12 unit right near Hartford Hospital. 

Can anyone recommend a good property inspector in the Hartford, CT area? We are currently in the inspection period for a 12 unit apartment complex in Hartford and the inspection company (Tiger Home & Building Inspections) just notified us they couldn't complete the job by our deadline (May 11th). If anyone has any recommendations for inspectors it would be a big help. Thanks!

Sherwood Inspection Services said they could meet the deadline. Does anyone have any experience working with them?