All Forum Posts by: Keith Baird

Thank you @Lien Vuong!

Would anyone be willing to share what they are paying drywall and tape in the Massachusetts market these days?

Would love some recommendations for installers as well. I just got two outrageously high quotes and can't stand to try Craigslist again.

Very simply, buildings take time and money to manage. People have various reasons for not wanting to own but I think the most common reasons are: 1) they want to cash out for other interests, may or may not be real estate related 2) Retirement calls, not everyone wants to hand down their assets to the kids, liquidating and buying a boat may have been that individuals reason for getting started and ultimate goal all along!

Welcome Chris, I hope you'll find BP as helpful as I do... I grew up in Bedford, Lexington is a great place to be working out of right now. Enjoy the forums!

@Nat C. I love that you trusted your instincts, I had a similar experience with an HVAC contractor last Spring. If a contractor absolutely demands money up front I like to make sure the work is clearly agreed to in a contract, I have the contractor's license, address etc. and I will never pay more than 1/3 of the the total cost. I have a terrific electrician that I trust, but I would not be surprised by anyone trying to eventually skate with a deposit if we working together long enough. Sad to say but better to be safe than sorry. On a somewhat related note, isn't it funny how indifferent contractors treat you when there is a lot of work to be had? How quickly some of them forget the recession we just emerged from....

For me, the rehab business is a means to an end. I use my flipping income to fund my ultimate goal of owning a large portfolio of rentals. I think of the redevelopment business as my job, buy and holds are my retirement, college and vacation funds. Hopefully 15 more years of working my butt off flipping will position me to enjoy significant cash flow while I work on my golf game, somewhere well south of Boston.

I started my business while I was working a traditional 9-5 that was completely unfulfilling but paid the bills. My first couple ideas failed, but the safety of my job allowed me to learn without worrying about starving. In the spirit of full disclosure, my wife was working also, making a strong salary with benefits. In retrospect, my financial situation starting out had no real bearing on the growth of my business. The key to the success that Ive been fortunate to realize was, without doubt, the three mentors/advisors/experts that I was able to learn from. For the record, 2 of those 3 mentors are people I came to know while I was trying to figure out how to get my foot in the door. I believe that if I didn't have the $80k I started with (primarily a HELOC) I would have found another way but that money helped me get taken seriously at the beginning.

For the areas I buy and build in, being adjacent to a highway is a major negative. Also, I would avoid a single fam on the same block as subsidized housing but generally speaking, in Boston, buyers and renters are used to dealing with parking issues, neighborhood diversity and train/subway tracks. Nearly every property within 10-15 miles of Boston is worth owning at the right number.

Personally, I find properties with foundation problems to be attractive because so many builders and investors automatically rule them out. Ive found that foundation issues are almost never as daunting or expensive to repair as people think but can be great leverage in negotiating a lower acquisition price. One thing that does turn me off is difficult access in and out of driveway and or garage. If there is an awkward vantage backing out on to a busy street or low visibility trying to pull out of the driveway I will often pass on that deal.

Hi Kevin,

Id start by identifying the area each prop is in, maybe some bpers can help compare based on that info. Then I would look at the actual street each prop is on, get to know the recent solds around both/all properties, the prices of recently sold houses of similar lot and building sizes with similar finishes will be the main tool a buyer's realtor will use to value a property. Finally, if you are doing work at both or either properties, how much work and at what cost can be a determining factor.

Throw out some specifics without giving anything away and I will offer what I can as I'm sure others will as well. I invest in Boston MA but spend a good deal of time in south fla, I might have some insight based on that. Good luck choosing the right deal for you!

Around here, we would spend a few hours of time prepping for demo, then a half day or less to tear down. The haul can be done in under a day also depending on the foundation and whether you are keeping it.

I would estimate 15k for clearing the lot and ground up in Rochester at a mid level finish to be 100/ft.

Assuming you aren't in a historic district, you should be able get the demo permit in under 90 days and wrap up construction 4-6 months thereafter.