All Forum Posts by: Chris Seveney

Kate Interested in it as a flip.

One thing that has not been mentioned is the 10% condo reserve. I would definitely find out what the reserves are and get copies of the latest budget as if there are not enough reserves you could get hit with an assessment that could turn this deal from positive cash flow to negative in a heartbeat. Also find out how many owners are late on their HOA fees

What is purchase price and how much you looking to borrow? (How much you putting in the deal)? Is it a fix and flip or rent and hold ?

Jamal

Is this property still available ?

is the rehab estimate from a contractor?

Kate,

interested in more info on property in agate street and north market street.

@Cheryl Pepper,

I am checking out the local REIA. In regards to contractors, shoot me a private message and let me know what your looking for (what trades or a GC). I have many resources and contacts where I can point you in the right direction for what you would need.

Thanks

Send me a PM with location as I know of a large corporation looking for rentals. They pay top dollar and you know your getting paid every month but it depends on location as need to be close to their offices Thanks Chris

Contact a lawyer. Also be prepared to have another place to live because the city can come in at any moment and shut the house down. I would move out anyways as it is not worth risking your health.

It will depend on the jurisdiction and the type of repairs. If you are doing plumbing or electrical then definitely will need a permit. Can you be more specific on what type of work needs to be done ?

The initial post did not come out clear:

Purchase price $20,000 

Down payment $5000 (or could pay all cash) but figure minimize amount cash out of pocket 

Rental Income - $450/month 

This is a condo with fee of $125/month which covers exterior maintenance 

Taxes $375/yr 

Condo is 1 BR 1 bath in Massachusetts.

Its about 600sf Needs 2500 in repairs to get ready. ARV is $30,000

Thoughts ?