All Forum Posts by: Isaac D.

Hi,

I'm in central Massachusetts, and often come upon properties I want to purchase that have failed septic systems. In the past I've been running away, but I'd like to learn how people are making it work. How long did it take you to get it installed from start to finish? What did it cost? What factors can contribute to the cost being higher or lower? What are some other considerations and major things to be aware of? 

TIA

Makes sense. The list for senior housing at most places around here is years long. 

Why aren’t more people in the senior housing business? 

I often see these large obsolete homes and think they’d be perfect for senior congregate living. A large home for seniors who need minimal/no health supports with shared kitchens and bathrooms. Not a nursing home with 24hr supersion/care.

But how would you get past the rooming house regulations? Is there a business model for this?

Thank you for the suggestions guys! @Jonathan Bombaci @kyle Curtain

I just completed a project, and now that the dust has settled I’ve started to think about what I could do better and how I can improve before I do the next. I’ve come to the realization that I have a networking problem, and that attempting to do everything on your own as a new investor is a sure path to destruction.

I’m seeking out unpaid mentorships/internships and I thought the first place I should probably start is some local AREIA’s. Which ones are you guys members? Why did you choose it? Does is have a friendly and knowledgeable group of agents, investors, wholesalers, etc.? Do you find it to be beneficial in helping you reach your goals?

I’d love to hear some local input.

Any one have experience with 18th century chimneys/fireplaces. I’m about to acquire a New England Colonial one year older than America. It has a huge center center chimney that sits on an extremely large fieldstone foundation that takes up most of the basement. It’s got 5 fireplaces include a rather large one in the kitchen with an old beehive oven attached to it.

Removing this chimney is not an option. What are you guys doing with these chimneys and fireplaces to get the best bang for your buck. Are you historically rehabbing them, covering them all up, painting them all, veneering/tiling over them? Worth the effort and money to make them a focal point or cover them all up?

@Stephanie P.

Thank you!

I’m closing on my 2nd flip in a few weeks using hard money.

I’m estimating it’ll probably take 4 months to do the rehab and another 2-3 to market and sell the property.

I could get a conventional loan but this property wouldn’t qualify due to some minor issues, and the seller was distressed and needed a quick close.

The numbers work either way, but if I were to remedy the minor issues within a couple weeks could I refinance immediately and save a ton on my holding costs. Anyone have experience doing this? Is it worth the hassle? Is it even possible at all?

@Bud Gaffney I was really interested in Taunton due to the proximity factor but they don’t have a lot of 3 family homes. I don’t know a lot about New Bedford or Fall River, but I have heard they’re in the process of extending the commuter rail to that region. It’ll be interesting to see what that does to the property values if anything.

I live and work in Boston, but like many others I’m kinda priced out of investing anywhere in the metro Boston area right now. I have a multi family house hack that I’m currently living in and I’d like to use some of my equity to invest in buy and hold properties elsewhere.

Even if it were necessary to hire a property manager I’d like to occasionally still be able to regularly visit my properties. I plan to take the next couple of weeks doing some drive by’s of mls properties and exploring some of the neighborhoods in Springfield, MA and in the Pawtucket/providence area. The numbers seem to work on many properties I’m seeing online. I’d like to focus on one community where I can grow and eventually own multiple properties.

Do any of you invest in Providence or Springfield? What are some of the pros and cons? Do you have good cash flow? Good housing stock? High quality tenants?

Help me make up my mind.

@Jerry Padilla

It would be an investment. It’s a 2 unit multi-family with a 4 bay auto repair garage that’s zoned commercial. The goal is to have the rental units pay the mortgage on my business.