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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 14 times.

Post: New Investor Massachusetts

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

Hey Jacob, welcome! I'm new myself but a few investors I know locally seem to use Bay State Savings frequently. 

Good places to network are Black Diamond and Multifamily Investors Network, in my opinion. Good luck out there, I'm sure I'll see you around!

Post: Is a 2% (or even 1.5%) Rule SMF in Worcester too much to ask for?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

A lot of buyers from Boston and NY have been coming in and driving prices up, some of them paying questionably high prices for places that are in or are adjacent to warzones. The influx of out of town/state buyers has actually created talks of a multifamily rental registry which will of course come with a fee. I may be erring on the pessimistic side but I think the days of above 1% are drawing down until perhaps another market correction or rent increases swing sharply up to compensate. As someone local looking for my first I feel your pain man!

Post: Can You Get it For Free?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5
Originally posted by @Michelle Bright:

Hi @Account Closed!  I went to real estate express school. It was an all online course that had to be completed within six months. Of course the tests were proctored and you still sit for the state licensing which cost money but other than that considering that It was pretty affordable! Also consider the fact that there was no travel time and I could study when I was able to because it was an online school I found that it was pretty amazing!  I remember purchasing it around Black Friday so there was an extra deal and I paid less than $400 at the time. I will copy a link here for you to check it out.  Unfortunately they are not in California but they are in the following states: 

https://www.talkable.com/x/5JQzOT

 Unfortunately I'm out of Massachusetts :( but this is a great place for people to start and I bet someone could really use this info

Post: Can You Get it For Free?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5
Originally posted by @Lynn McGeein:

There are free online PLE and CE programs in Virginia from Moseley, which I've done so I know they actually work for required CE credits.  As far as initial real estate licensing, you may have some luck speaking to individual brokers who may provide assistance, or they may reimburse you for your education as part of an incentive to join their brokerage.  Or talk to schools offering actual classroom licensing versus online as they may have known connections for tuition grants or assistance.  

 Asking a prospective employer and calling schools were two of the most popular ways that I managed to find via the internet. I think I'm going to try reaching out to school/programs first and then perhaps call local brokers.

The idea of free online accredited courses and groupon are fantastic ideas that I had not heard of but am certainly going to dive into as well!

Post: Can You Get it For Free?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

Alan Donegan of PopUp Business school posed an interesting question in a podcast that lately has stuck with me and it has been to ask the question, "can you get it for free?" Be it a new appliance, video games or even an education.

In turn, I pose this question to the community (also a bit selfishly!) can I get my pre-licensure courses and or license for free? I've been looking into several grants but they insist that one must be enrolled in college full time (which I am not). 

Has anyone managed to get their license for free or reduced cost, if so, how did you do it? Bonus points if you find anything state specific that isn't California!

Post: Estimating CapEx in Massachusetts

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

Perhaps a dumb question but wouldn't many of these be largely subjective based on variables such as quantity and surface area? Ideally it would be great to have an engineers opinion on the cost of depreciation when all these items are cost segregated. If that's what you did to arrive at these numbers then ignore that suggestion!

Post: 7 Briarcliff Ln. Flip

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

Looks great, nice to see a fellow Graftonite around here! I'm curious as to what the story is with the electrician and plumber; who you used and what the hangup was

Post: REI friendly Realtors in MA?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5

Thank you all for your responses! I added all of you and between both jobs I'll be doing my best to hit you up! Good luck out there

Post: [Calc Review] Spot the Errors?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5
Originally posted by @Brian J Allen:

There are only 51 multis for sale in Worcester right now. Most of them are 2 families.  This particular property you discuss is one of the lower priced 3's for sale, and as you know it is a short sale.  The asking price of $272k is the approved price.  It is possible that you can get it for less but it is unlikely.  There would be a line out the door at $250k.  This would probably sell at The $272k if it did not require a cash buyer and close in 10 days.  That prices is likely close to market price.  I hope that helps.

B

Noted, I appreciate the hard numbers on rental properties. Based on your phrasing I'd say that is a low quantity and makes this a fairly competitive market which is good to know so I don't underestimate the unknown.

Damn that is a lightning fast close, but I'm also glad to know where the market stands at the moment in terms of baseline pricing.

Thanks for your time!

Post: [Calc Review] Spot the Errors?

Account ClosedPosted
  • Grafton, MA
  • Posts 25
  • Votes 5
Originally posted by @Rich Tirado:

@Account Closed: Be careful with the flood insurance requirement. I know here in CT it makes a huge difference in price. Try to find Comps that have the flood insurance requirement so your not overestimating the ARV of the subject.

A great alternative to NFIP (FEMA) Flood Inusrance is the private market flood insurance. I know it saved me a lot of money.

The Flood Insurance Agency (TFIA) they are out of Florida. I can't post the contact info here because of the Forum rules but you can private message me if you want the info or simple do a google search

The comps with flood insurance is something I hadn't thought of, great tip!

What's the difference between private and public flood insurance? Surely if I'm saving by going private there must be some sort of trade off, no?

Thanks in advance!