All Forum Posts by: Chris Pelletier

We are looking into buying our 1st rental property. We need to decide between purchasing a home that's currently rented or buying a home that needs some repair. We think the cash flow would be greater if we purchased low and put in some sweat equity into it BUT we are not professional rehabbers. Guess I'm just looking for someone to steer me in the right direction. What should we stay away from? What types of repairs pay off? Any advice you have would be great.

We will definately do our homework, as a matter of fact, that's all we do these days. Right now, it's time consuming but we're hoping it will pay off in the end. Thanks for the great advice. I'm going to that site right now!!

We do not have a local REIA! :cry: We have looked and can't seem to locate any in our area. We are considering traveling about an hour and a half to attend the closest meeting we could find but aren't sure if it will help us much considering we are so far away.

Still waiting for SOMEBODY to accept one of our offers. But...atleast now we ARE making offers!!!! We will find the right motivated seller if we keep moving forward. Love this post.

I love your ambition and can relate to it 100%. I am new to this as well and we are looking into wholesaling as well as buying some rental property. We went to a seminar which covered the basics and helped us decide our direction. We found it very informative. Perhaps you should look into all the directions you can take before you decide on flipping. Good luck to you!!!

We're looking in Fitchburg and Pittsfield Massachusetts. Thanks for the advice, we'll have to do some more research and determine why the market is depreciating. Even though we haven't bought our 1st property yet, we are learning soooo much. It seems with each deal we approach we learn something new which sends us in a different direction. Thanks for all the great advice. Hopefully our persistance will pay off in the end.

Makes sense! I just wanted to get another opinion. I guess if I would have put the numbers on paper i would have seen this. Like I said, I'm new to this!! :goofy:

This might be a dumb question but.... I am looking at a multi-family in my area. I was told by a mortgage broker that the certain city I am looking in a is a "depreciating market". Is it not wise to buy here or is it ok as long as the house has a positive cash flow? Just need someone's opinion. Thanks!!!

Does anybody know if it is possible to seller finance in massachusetts when there is a mortgage on the property?? We have spoken to several people including attornies and real estate agents and they have told us it is illegal. Just wondering if we should give up or keep searching for more "creative" people. Have any of you done this in Mass? and if so...How? Thanks in advance!!

Oops...RI, I meant to type REI (as in Real Estate Investors Group) Sorry. We are available some weekdays but our days off rotate so it is difficult. If you were to do it during the day Wed and Fri are best, if we know pleanty of time in advance we can always plan for it. We are available most evenings as well. As far as a central location goes, somewhere around Leominster seems 1/2 way.

It is nice to have your spouse involved, we are working together a lot more these days which makes our marriage even stronger. We have been married almost 11 years.