All Forum Posts by: Brunno Goncalves

Derek,

Welcome to BP!

The best way to meet people and learn without breaking the bank are at meeting like this. hope to see you there next Monday. Let me know if I can help in any way.

Best,

Brunno

Michael,

Happy to hear you will be joining us. It should be a good event with lots of opportunities to learn and network.

See you there.

If you would like to join on official meet up page at Meetup.com, please Click Here.

Our next meeting is scheduled, and I would like to see everyone there for a night of straight networking. We will have our 30 second intro by all attendees and lots of times to NETWORK and find value adds to our 2019 goals.

Bring lots of business cards, and lets have a good time connecting with each other.

REMEMBER: We network to make connections that will eventually help us in ou journey to success in our Real Estate career. Bring value to the group and help others, and the same will come your way.

See you guys in two weeks!

Follow me on:
Instagram - https://www.instagram.com/bg_family_god_realestate/

@Bill Rich I have been paying all of it upfront. Than getting the HUD consultant to go in and make sure job was done to than get a check within a week or so. That part is very frustrating.

I will contact them about that for sure.

I'm in a 203k loan now, and about a months a half to finish the project. The 6 months timeline that was mentioned here can be extended, which I did with mine. There is lots of paperwork in the beginning, but after that it should be all good.

The big downside is to have to pay for everything upfront, and than have the bank pay you back. @Bill Rich if you have a way that I don't have to do that, I would like to hear about it for sure. 

Also my 203k loan only allowed me to have 4 draws, which means you have to make sure you calculate correctly the $$ you have saved to cover the expenses before the draw. Basically if you need $100K you will have 4 draws of $25k lets say. Basically have $25k to pay upfront, to than get that back and move to the next phase. 

There is also a fee for every draw, which should be built in to your loan.

HUD consultants, if you get a good one, you are good, if you don't that can make your 203k loan a nightmare.

Also be extremely specific and go over all numbers of the project with the HUD consultant, and the contractor. The HUD consultant will do their estimation of the work, and you need the contractor to do the same for you.

As an example my estimation did not include the dumpsters, and I did not verify, I ended up using 8 dumpsters!!! Out of pocket expense : (

I believe that is it for now. I would do it again now that I learned a ton with my first one. As it was said before make sure you have a company doing your loan who has done at least 100+ of these types of deals to help you navigate it properly.

Good luck.

Our February meeting is confirmed.

We will have plenty of Networking Opportunities as usual, and a VERY SPECIAL GUEST to guide us on the extremely difficult task of keeping more of our hard earned money through tax advantages.

Paul Dion, CPA

Paul Dion operates a New England Regional CPA practice specializing in Proactive tax planning for Business owners. Paul is also an author and speaker and has written books on Tax Strategies for Real Estate
Agents and Investors as well as other books for Dentists and Chiropractors.

Paul has been planning and preparing returns for small business and real estate agents for more than 25 years. In his private practice he has helped businesses recover $3,000 to $7,000 or more in wasted tax dollars in a single year and has saved some businesses as much as $25,000 per year in wasted tax dollars.

Paul is a regular contributor to Real Estate Talk Boston as a power
player, and provides regular articles to the New England Real Estate Journal which can be found at www.Nerej.com.

See you there!

Brunno

@Mike Bean Thanks for the message. I will announce the February meeting here, and also on the official group page on meet up. Make sure to join by clicking on the following link http://meetu.ps/c/2Xzmc/yD2FF/f

@Alejandro Chaparro 

Alejandro, you are more than welcome to take a guest with you. I will see you tomorrow.

@Cameron Dye 

I'm not sure if I will say much different than all the messages before me. I will try.

- THINK BIG from the start. There is no reason not to.

- Set up your short and long term goals, place in front of you and write downs the tasks to reach each one of them. Stay on top of it, and follow through with these steps.

- Apartment Hacking is definitely the way to go during college.

- Why not start direct mailing with handwritten letters to Tax Liens and Pre-Foreclosure properties in your area? Some towns you can get a list of these properties through your town hall. Research in your area how to get this. Ask at the meetings. 

Once you get it, find the properties that look the best, and send them a simple letter. If you PM me I can send you a sample. Once you get a response, now you have a nice value add to ask a partner to help you with this lead. If you get it, split the deal. Remember 20-30% of something and the education gained along the way is better than 100% of nothing.

Hope this helps. 

Looking forward to see you post your accomplishments here 5 years from now!