All Forum Posts by: Frank Rosatone

Hi Justin, Yes I think we're on the same page.  thanks for the 'heads-up' about my idea of trying to earn a referral fee.  The owner told me that she was told by other real estate agents that the unit should sell for $330k.  I think this is fishy and probably over promising based on what I observed for needed repairs to bring the property up to current standards as a rental.  My plan is to inform the owner that I will pass on the opportunity but keep the door open in case we can consider the property again at a different price.  I guess I can always make an offer at a price that I think would be worth my time and effort to focus on the opportunity but it will have to be significantly lower... tbd

Hi Everyone,

I checked out a condo unit last night. This is one unit of a side-side duplex. Located city of Malden Massachusetts and so far is not Listed and being sold as a Private Sale. This may change based on how much time the owner wants to wait while trying to sell it. Owner asking $330k, built 1991, only one owner and needs tons of updating. Three levels (Basement, Living/Kitchen, Bedroom), three beds, 2 baths, off-street parking for 2 cars. The basement has been modified to add 2 additional bedrooms and 1 additional bath but I'm told these have not been permitted by the city. It's too rich for me due to the rehab costs needed. I'm looking for ideas or advise on what I can pursue with this now on my radar screen. For example, maybe I can try to capture the deal as a wholesale opportunity, or maybe I can go in on the project with a partner investor who has the capital for the rehab costs, or maybe I can introduce the owner to a broker and earn a finders fee. Not sure what may be a good strategy before I simply walk away. I also learned that the property is not properly setup with a HOA and there has been conflict with the other owner about maintenance costs. My initial idea was to check out the property as a possible long term hold for rental income. My estimate for rent is that this unit can earn $2200/month.

I know the asking price is too much. I'm not in a strong position to make an offer because I can't predict the rehab costs. Any thoughts on how you would look at this as an investment opportunity or pursue a potential deal? Or, does it sound like a bad deal and just walk away? I have not met the other owner but since the HOA is not properly setup and there has been conflict in the past I also fear an on-going problem with the over all property maintenance (landscaping, snow removal, etc.)

thanks, Frank  

I was driving past a house in my neighborhood this morning and saw a For Sale sign.  The house looked worn but it's a small 2 family.  I'll research it a little and pass the information out to you guys.  Maybe this can be a start to some kind of a business deal... lets see.

I'm still trying to figure out which brokerage to associate myself with.  Honestly, it's still too early.  I have some friends and colleagues who can help me get introduced.  I really need to focus on my own goals first in regards to what part of the market I want to participate in.  I'm interested in spending some time working in the rental side of the business.  I know this is a tough business and not really what BP is focused on.  However, I think there is a great deal of exposure one can get while working in this capacity.  I can see properties and evaluate properties based on the rental market conditions.  I may even be able to network within the landlord and investment community in case investment opportunities come up.  My long term goal is to hold Notes and other financial instruments.  I've already owned properties and run them as a landlord.  As I get closer to retirement age I prefer to minimize my time dealing with the day-day maintenance of properties and tenants.  Collecting passive income based on a financial instrument is much more appealing to me... stay tuned....

what do you think will happen in the local market once the new Casino is built in Everett?  It sounds exciting and I bet many properties have already changed hands in preparation for the new economics.  Does anyone track the condo market in Everett, Malden and nearby communities?  These were once depressed investments but I think have come back strong over the past couple years. 

Lots of good things happening in Malden.... police station moved and City Hall will get torn down to help open up more space and create new developments, the downtown will become more accessible and I predict better access to restaurants and the local business community, more housing coming online via new apartment buildings and condos. It seems properties are getting sold at retail and above asking prices. Not sure how to invest without paying too much. I would love to own another 2 family in my neighborhood. In the meantime, I’m 50% done with my real estate course for a Massachusetts sales person license. I plan to have my license before Thanksgiving. The goal is to earn commissions and then use this for investment activities.

thank you everyone for the warm welcome!  There's a lot of info to digest on the web site.  I look forward to making some great connections and learning from the community. Stay tuned....

I'm excited to join and I look forward to making friends in this area of business.

My interests are with smaller multi-family units and building long term passive income as I start planning for retirement. One of my goals is to demonstrate success in this business so my children can feel confident that they too can pursue their dreams and build a solid financial future.