12/16/22 Leominster 3 fam Update!

[Kyle Curtin]

Haaaaappy Friday guys! I put together an intentional content plan that I implemented this week that I have been trying out. The Friday content is going to be an update how the stabilization of my Main St. prop is going (good, bad, & ugly 🙂 ) and the mins (most important next steps) going forward. I want to keep doing these live or with a video but I have been very under the weather this week and won’t be able to make it over there today lol.

•So Unit #1 is almost complete, I am having the handyman come out today to replace a couple doors and a few other things, and give me a quote on rerouting that BR exhaust fan outside and a few other smaller items.

•I still have to finish painting that living room fireplace white, and touch up little bits of the paint in other parts of the unit. Originally the hope was to have the unit completely together and listed by now and be actively vetting tenants and renting it for Jan 1st, because the end of my 1yr FHA owner occ. requirement is on 12/23. BUT I am currently trying to leverage a HELOC and there are a few aspects that are holding up my original plan, but I am seeing that everything happens for a reason and I am glad things are going the way they are 🙂.

•I went to an absolutely awesome STR meetup last week hosted by Janine Whittaker and Jeremy Wirths and had a few conversations with folks and the idea of potentially doing a medium term rental in my current unit was introduced to me for the first time and is something that I have been thinking about since then. My property is only a few minutes from a UMASS Memorial Campus and I'm wondering if there is a sustainable demand for traveling nurses in that area, and also if I could build a structure with a VA to be able to eventually vet tenants and take care of more of the back end once I establish my processes and write up the sop's 🤔. The upside sounds potentially gamechanging with a relatively low risk, and I will have to furnish the unit if this is something I decide to pursue, but the potential net cashflow of that building could be drastically increased if something like this could work effectively, and potentially could recover the capital that I put into furnishing it relatively quickly. Worst case scenario, It doesn't work out and I rent the unit as a long term rental like the plan was originally, and maybe sell as much furniture on FB marketplace or something to cut losses as much as possible lol. I am trying to learn as much as I can and connect with as many local folks that are actively doing it as much possible. This is just what is going through my head LOL.

Has anyone out there (especially in the Fitchburg/Leominster area) done an MTR and be willing to share their experience? I would love to connect!

Happy Friday y’all! 😁

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