All Forum Posts by: Bernard Chouinard

@Timothy Lewman thank you for posting this this was very insightful.

@Conor Sheridan welcome to BP Connor. You might want to check out the Western Massachusetts real estate investing Facebook page people out there might be able to help you a little bit better.

@Nathaniel Walker it having lead paint or not has nothing to do with you wholesaling the deal. If the rehabbers job to ensure that the lead is taken care of.

Hey BP community, I’d love some feed back on a house I’m potentially working on given the situation. The owner, Peter, passed away in 2011 and his niece Maria became the executor of the estate. In 2017 there was a house fire they were pretty much robbed by the contractor who low balled the estimate to get the job then took off with the money. In August of 2018, Maria passed away.

1. When the executor of Maria’s estate (sister Vivian) becomes the actual executor does she has the right to sell this house that’s still in Peters name? If not, what does she have to do?
2. The mortgage balance ($219K), cost of repairs (roughly $85K), is too much for the ARV ($250K). Is it possible for Maria to take the insurance money and short sale the house or is she required to use the money towards repairs only?

Often, I come across houses where the owner filed bankruptcy if it is recent or even 6+ years prior.  I understand the bankruptcy addresses the mortgage but according to the state records they are still the owner of the property. Do they still have the ability to sell the house even if the house was included in the bankruptcy?  What am I missing here? 

@Justin Rank I personally or not a fan of the pastor as well I would never live in the town. However with its proximity to Worcester and some of the growth is gone through especially with the new plazas it's been doing a bit better but definitely a great rental town.

@Zachary Tremblay don't get me wrong there's a market for everybody. My partner who funds my flips owns several rentals in the town of Southbridge. It's just simply not a ton for me. I'm sure if you do your due diligence right you find plenty of decent tenants there are a lot of lovely areas of Southbridge. And there's also a lot of areas not so great.

No Southbridge.  Southbridge is 1 of 4 towns in central MA I would not in.  Webster does very well rental wise.  Eric Bowlin who was on the podcast is a guy I know who owns tons of rentals in Webster.  He also started the Multi-Family investment group in Newtown.  he now lives in TX but is up here all the time.  I own a home in a low-class area of Webster with a $650 Mortage (piti) and getting $1500 rent.  House values in this area are low but rentals are great.  Any town surrounding Worcester is great to own rentals.  Uxbridge, Douglas, Millbury, Shrewsbury, Northboro ect.  You can't go wrong in any of those towns.  Lots of investors are also focusing on Leominster/Fitchburg.  I personally am not a fan of Fitchburg its a town where one street can be great and the next one over has low values and higher crimes.  However, Boston based investors are focusing on this area with low acquisitions and same as Worcester rents. 

@Carly M. Personally I wouldn't go by that number you would in the small surrounding towns with low rental do very well. even in my town of Leicester which is a small town rentals are still hard to come by because there's not too many but there are a lot of people looking for rentals

@Gert Dervishaj focus on the towns around Worcester. itss extremely competitive in overpriced right now. You got the same returns in the surrounding towns. Even in a town like Webster which is a high rental town low acquisition and still semi decent rent.