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All Forum Posts by: Chris Kelly

Chris Kelly has started 2 posts and replied 8 times.

Post: Very first flip - COMPLETE!

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5
@Steven Rubino great work on the flip and also getting past the first one.

Post: College Senior Intrigued By Rental Investing Boston, MA Austin TX

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Zach - welcome to BP.    I enjoyed BP podcast 289 on investing with other people's money.  It might help you out. 

Post: Greetings Fellow Investors

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Hey Corey - welcome. I'm a newbie myself from Boston. Planning to attend my first REIA meeting this month - looking for buy and hold for cash flow. Would prefer the first couple deals be within a 3 hour drive of Boston if possible, but beyond that I'm open to working out of state to find the best cash flow.

Post: Termites and bandaid repairs on SFR Cape Cod, MA - deal help needed

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Thanks all. This is really helpful.

@Shaun Reilly is right that if we knock down the price accordingly and the house needs $30-40K of work we don't have the cash available to put into it right now- and if so I'd rather use that cash to buy a second investment. I'll talk to our mortgage guy about what can be done, but otherwise likely we'll have to walk away.

Post: Termites and bandaid repairs on SFR Cape Cod, MA - deal help needed

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Hi,

I'm currently under agreement for my second SFR home - a small cape house in Yarmouth that we'll rent out (Cape Cod, MA) and need some advice after the inspection.

The offer price was contingent upon the owner treating the home for termite damage and repairing any damage that had been incurred to that point.  We had an inspection yesterday.  The termite remediation treatment is done, but the majority of the sill under the house has some termite damage - mild to moderate damage covering 60% of the sill in the front, sides, and back as well as across a couple of the floor beams.  It is also clear some of the work done on the house is shoddy (forgot to pain ceiling under the cabinets while they were being replaced, didn't complete the tiling of the floor up to the wall, painted windows shut with sloppy paint all over windows, supposedly fixed termite damage- but placed a beam next to a damaged beam in one corner of the house only).  Two buyers have walked away already - and this time he was supposed to fix the damage from termites, but he just mickey moused one corner of the house and it looked like he put a fresh beam of wood that wasn't even doing anything structurally (not sure why). 

Because this is a lean deal I am thinking about one of three things: 1) do I quantify the worst case scenario and make an adjusted offer that would let me fix what needs to be done (since I don't trust his work) or 2) we give him a few more weeks to properly repair everything with a second inspection, or 3) we walk away.

We found the deal on MLS and have it under agreement at a reasonable price whereby rent will cover mortgage and expenses, but if any capex comes up during the first few years it will end up out of pocket. We've been looking around that area for a few months and it's the best deal cosmetically and on paper by about $20K (again, using MLS numbers and not wholesaling, REO, or any of the other great strategies used by folks on BP).

In terms of my circumstances there are a few subjective factors which pointed us towards the cape that I won't bore anyone with the details of. 

Do I walk away or discount the offer (and how much % if so)? I think I could deal with quantifying the damage and adjusting my offer and walking away if he didn't take it - but now I'm worried the termites might have gotten under the shingles and perhaps there is a lot more damage that we can't see.  If it were a corner here or there that I could just replace I wouldn't be so worried - termites happen, but this seems relatively risky with it being in the infrastructure of the house. 

Chris

Some of the biggest commercial rental units in Boston charge between $50-100 for pet fees per month if they allow pets at all. I charge a pet fee of $50 in my rental and we worked with lawyers and an agent when we rented out our property for the first time (I don't plan on shelling out that much each time we turnover - but it was good to use professionals to learn they model).

Post: New BP member from Brookline, MA

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Thanks to everyone for your comments and start-up advice. I've been listening to the BP podcasts (which are great), I've just joined the Black Diamond meet-up group, and I look forward to learning more.

Sounds like Boston is tough so I look forward to learning more about that from some of you potentially at the Black Diamond - I'll plan on attending the Waltham meet up on May 27 to try to connect with some of you in person if you'll be there. I'm flexible so if it's not Boston then Lowell, Worcester, RI, or southern NH all seem like great local suggestions.

Chris

Post: New BP member from Brookline, MA

Chris KellyPosted
  • Real Estate Investor
  • Brookline, MA
  • Posts 8
  • Votes 5

Hi,

New member from Brookline looking to connect with Massachusetts real estate investors. I became a landlord in October and look forward to getting to know the local RE investment community.

I'd like to get into buy and hold multi-family in the Boston area, but I'm an opportunist so not looking to force that strategy into an area that won't support returns. Excited to hear from Boston / MA area investors who are making it in today's market.

Thanks in advance for advice and I hope to get to know some of you in the future both through BP and also local events for RE investors.

Chris