All Forum Posts by: Ann Bellamy

There are lots of them, there is an events page here on BP where you will find many, and search meetup.com for more.  I host Black Diamond Real Estate Investors, which you will find on the events page, and there are many others, with new small groups popping up every day.

Why would you feel that a lender is required to lend a specific amount based on an appraisal?  Lenders have percentages above which they will not lend, but there is no law requiring that they go higher than their comfort level.  Especially when appraisals are easily manipulated.  (if you think this isn't the case, refer back to the last downturn.)

The more local the lender, the greater the comfort level for properties within their market area.  National lenders have no knowledge of local values or market conditions.  You are frequently best going with local lenders if you want your deal to close on time.

And a lender doesn't kill a deal.  You do.  A lender simply decides whether and how much to lend on a specific situation.  You can lose a deal if you don't get financing in time, but that's on you, and you might consider having more than one source.  I know two loan originators who have a track record of rigorous pre screening and on-time closings.   I can send you their contact info. 

Perhaps you can still save the purchase if you speak to the seller and try again with another lender.  

This is projecting negative cash flow for years.  (Unless I am reading this wrong.  In that case, someone set me straight.)  End of story.  

Reach out to @Marina Draper, she is a RE focused accountant in the Worcester area, you can meet her at the next Black Diamond meeting in December at Burlington or in January at Worcester, as she helps us run the meetings.

For a landlord/tenant attorney, Henry Raphaelson is one of the top in Worcester.

Thank you, @Charlie MacPherson.  Joe, Black Diamond is now in Burlington and Worcester, so is a hike from Plymouth.  Suggest you decide by topic which events are right for you.  Our networking is always excellent, we get between 60 - 140 people depending on location and topic.  We post on Meetup and on our website blackdiamondrei.com, and on Bigger Pockets Events.  Our next is in Worcester on August 16 and the topic is Negotiating Tax Abatements with the town.

Repairs will vary widely and depend largely on the amount of deferred maintenance and the quality of your tenants.  I would not lump capex and repairs together, either.  Consider a dollar amount per unit, and don't skimp.  Whatever you think it might be, double it.  

Well, first, don't take advice from anyone talking about Massachusetts Tax Liens and "Counties" in the same sentence.  I know everyone is trying to be helpful, but New England is a different animal.  Tax liens in MA (which are not called Tax Liens) are controlled by the taxing authority, which in MA is the town. 

Some towns don't sell them at all, some sell only through RFPs and some sell through online auctions.  Check the city of Worcester for an active online sale process.  

If you refocus your efforts on town taxing authorities, you'll have better luck.  

The issue is that a lender must be licensed to make residential loans, and hardly any private/hard money lenders are licensed.  I know of only one licensed lender in MA who will do a private loan for owner occupants.  PM for info

Thank you, @Joel Thompson for the shout out.  I'm sorry I can't help you @Kyle Glasgow, as I don't work in NY NJ MD.  And have no one down there to recommend for you, sorry!

Add my "No" to the list.

If both of them were working they should have had some savings.  That combined with her income would have held off foreclosure for long enough for him to get work.  Most people who try hard to get back on track can do stuff like Uber, fast food jobs, etc, to help make ends meet, these jobs are plentiful in this economy.   Certainly banks are not particularly eager to foreclose,  so the combination of lack of effort, lack of emergency fund, and slow banks getting to the completion of the foreclosure process means they likely did not handle the situation responsibly.  And they won't handle it well when they are your tenant, either.  In fact, they'll be even less motivated.  

I phone-screen my prospects before I spend time showing, so my conversation would have revealed this and I wouldn't have wasted my time.  It's tempting to allow emotions to overcome your logical criteria, but I can assure you that you will get over that with a bad tenant.  A bad non-paying tenant is much worse than an empty apartment.