All Forum Posts by: Brian Galvin

Good advice Mark!  I really didn't look at it from that angle other then trying to help them not go into foreclosure. But the fact they could be depending on me adds another level. Great advice. 

@Michael Thompson thank you sir. I’ll hopefully have more info and good news this week!

Hey guys! I received a reply from one of my mailers, a person that is in preforclosure. It looks like the house is going to auction soon. I will be meeting with them hopefully this week. The home looks to be in very good condition has close to $150,000 in equity (subject to full disclosure). It seems as all I would need to do is purchase the house from them and put it on the market. This would be my first time doing a deal like this. So I have a few questions. Is it really as simple as that or because the foreclosure process  has already started will it change things? 

Emilio I have been to his sight I've actually downloaded some of his excel sheets. I guess my concern with that is if there was a possible cost difference in labor. In most parts of the country I'm seeing properties for far less price point then here in Boston. I was assuming cost of construction labor would be a little different from location to location. I am an electrician but I do mostly commercial and industrial for my day to day stuff. I have a few relationships with residential GC's but they are mostly doing new construction. Most I have spoken with use a $40 per square foot cost. I was trying to gather as much info as possible! 

Sean thanks for the tip I will definitely pick it up!

Tory thanks for the input! As a beginner I am all over the map with where I am at as far as what type of flip I'll be doing. I've just started getting some deals "flowing " and have yet to hone in, if you would which deals I'm going to take on. Its been more of a "chase and see" type process so far, by looking at auctions, online auctions, mailers, and even MLS when I get a lead then I analyze it and then make a decision what level of construction it needs. I've used some "rule of thumb" or educated guess with some of the cost but I'm looking to really sharpen the pencil. Any help would be appreciated! I'm also a licensed electrician so if you ever need anything and I can repay the favor let me know!

Looking for some help with Massachusetts construction costs. Does anyone have an excel to share or a price per sq ft they use for light to heavy rehab? I am having trouble pulling the trigger at auctions because I'm not feeling 100% confident in my construction costs when I have to do it on the fly and I haven't done a project yet to have my own numbers. I'd be willing to pay for it.

@josephborges check out REIpro it seems to be a one stop program for investors. There were a few more out there but this one I thought seemed the best and had all.. or most of the features I was looking for. I still need to build a website to send people to but REIPRO looks like it is another tool in the tool belt and not to expensive for what it offers. I also found an older forum where Brandon shows exactly how to build a website. I think I'll try this before I send it out to someone to do.        https://www.biggerpockets.com/forums/87/topics/107357-website-design-referral

Can  anyone recommend  a lead generating site they can recommend? I just had a deal fall apart and I'm quickly realizing I need to start focusing on generating more leads to make more offers..

Thanks guys all great suggestion! I appreciate the feed back! I am a licensed electrician so I have that piece covered. The back story (so I was told) is the seller got cancer and just needs to dump the property, but I think the real story is he purchased it at auction, doesn't want to finish the work from the previous owner (who I found out is in prison) . I think the current owner just wants to get as much as he can out of the property without a lot of work. Which is fine with me as long as there is still meat on the bone fro me. This is my first project. I own property but on this particular deal there is a lot of moving pieces. I am using hard money to purchase the property, I am financing the rehab, then I need to rent the units and refi out to get my money back out for another project. More then likely I will still need to keep some of my money tied up in the project once I refi because it wont be my primary residence and I'll need to keep 20% in the property.