All Forum Posts by: Ann Bellamy

Septic systems are common outside of highly populated areas.  But septic regulations vary by state (and areas within a state) and soil conditions can vary from lot to lot.  Maybe not so much in FL.  But anyway, my point is, don't take septic advice from anyone outside the state of FL.  Connect with local real estate investing groups and talk to locals about their septic experiences.

If you want to live in the Andover area for personal (commute) reasons, then take steps to do so, and don't stay straddled between Andover and Central MA.  The commute will suck the life out of you eventually.  In order to afford, consider a 3-4 family to live in.  While it may not cash flow, it will reduce your living expenses through the rent on the other 3 units, and will give you valuable experience in investing and landlording.  Lowell, Haverhill and Lawrence all provide lower cost opportunities.  You don't mention children, so I assume you don't have to worry yet about the quality of the school system.  If and when you do, then hopefully you will have saved for a downpayment on a house in a better area, and can convert your multi to an all-tenanted building. 

I don't suggest choosing a bad neighborhood to get costs down, as you will have trouble maintaining good tenants.  Rather choose a better neighborhood with deferred maintenance that you can partially do yourself. 
It will take time to find this property.

Optimally 45 days or so.  Know that the holidays will add extra time.   You should use an attorney for your first so you don't violate any rules.  If you want to make sure it goes as quickly as possible, talk to your attorney and explain the reason, and make sure you are the one to drive the paperwork to the sheriff, etc.  

Have you already presented the Demand for Rent and Notice to Evict?  Talk to your attorney and make sure it was done properly, so you don't have to start all over again. 

Reach out to @Marina Draper, she specializes in real estate investors

There are lots of them.  You can find listings on the Events page here on BiggerPockets, and also on the Meetup website.  I host Black Diamond Real Estate Investors, which alternates between Burlington Marriott and Worcester at Leo's Ristorante.  Our next Burlington event is February 11 and is about how the Cannabis business is impacting real estate.  Our next Worcester event is January 21 and is about Accounting Loopholes.

Demand is so high in most parts of MA that you might get a little less than the average 3 bedroom, but you shouldn't have any real trouble renting.  Measure it out for a twin bed at 36X72 and see what else still fits, like a bureau/dresser.  I once had a 1BR unit where the kitchen and living room and bath were all good sized, and the bedroom was 7 x 14.  People still managed to make it work.  It would rent a little slower, but it still rented.  Mostly single guys.  In your case, with two additional bedrooms, it might not matter.  

@Will Barnard, wish I could upvote you more than once!  You also hit the nail on the head. 

@Matt Mitchell, another way you can find cash buyers is to attend local real estate groups.  Not the ones with the gurus selling you a course.  There are usually dozens of them within an hour drive, depending on where you live.

Matt, I'm looking for a little clarity about your post.  Your title says you are looking for lenders, the body of the post says you are looking for investors.  And then there is the fact that you are looking to wholesale, which frequently means not taking title at all and simply assigning your contract, thereby needing only the funds for an earnest money deposit with the seller.  
So can you elaborate a little as to what you are trying to do?    What would these lenders/investors be providing funds for?

And while wholesaling CAN take little money, it also takes lots of persistence and skill, so it's not an easy route.  It is much more difficult IMHO than rehabbing or buy and hold.  

Thank you, Audi, glad it was helpful.  

I've learned a lot from investing over the last 20+ years: 

• There is a reason that towns get a bad rep, and that is the tenant base.  Franklin has a tough tenant base.  Tough tenants cost a lot more than good tenants.
• When the economy cycles, the tough towns are the last ones to rent.
• Don't look at advertised rents when the property isn't rented at that amount.  Do your own research.  Franklin specific advice has already been provided relating to the upper end of the rents.
• Tough tenants open the windows in the winter and crank up the heat at the same time
• Separating the utilities is a good value add, but may not work if the market won't support it, as tenants will avoid your units if they don't want to be responsible for their own actions.

These are just some of my lessons learned over the last 25 years.  I would not consider buying a property in Franklin at this price.  The experienced investors in NH won't pay anywhere near that for a property in Franklin.  If you buy it, you will become experienced, but the experience won't be a good one.