All Forum Posts by: Jason Regan

@Jonathan Bombaci you beat me too it! I was going to suggest yours. Jon runs a great meetup. I would highly suggest attending

Andrew,

We have begun our own marketing on the off market properties in the area.  I actually found the one I have under agreement in Fitchburg through Black Diamond Facebook group.  There are many wholesaler groups on social media, its a matter of finding them.  This will help your flow of off market properties.  Also, a BP tip I like is you can call for Rent signs to see if the owner wants to sell instead. 

Andrew,

I manage a few buildings around the college campus in Fitchburg. We do not currently have any college renters, but I have been contacted by many. One of the big things I was seeing was the parents were the ones paying the lease. In this case I suggest the parents are on the lease so they have incentive to continue paying. Worcester is a hard multifamily market right now. Do you own a home now? If not you can house hack your way into one with an 3.5% down FHA loan. I also like your idea of reaching out to current landlords. Most have more then one property and you may be able to take one off their hands that they dont want to deal with anymore. "Do you have any problem properties you want to get rid of?"

The market is so hard right now on and off market as inventory is historically low.  This is especially true where you are.  Ma as a total is has 53% less inventory then last year!

I am working on texting campaigns.  I have found a few on listings, but cant seem to find the distressed seller for an off market buy

We found our two projects we are doing now on MLS. We also began text and direct marketing campaigns, but we just began so that pipeline is growing

I have done a few 203k loans for my clients. They can work, but know there is a lot of red tape, hoops to jump through, and fees. Any large renovation will need the contractor you find and another contractor called an FHA consultant. Also, make sure the contractor you are working with is well aware this is a 203k loan. Many do not want to work with this loan product do to the paperwork and the hoops they have to jump through to be reimbursed.

BRRR can be hard if you are a 9-5 you need to align yourself with the right people so you can get it done in reasonable time. It also helps to talk to others who have BRRR in the area, the prices can be different. For example an investor I work with bought a 2 family in Fitchburg. On the open market it would probably resell for $230,000 at the time, but appraised at $270,000. He would not have done it at $230,000 but because he knew it would appraise higher then the price someone would buy it at, he was able to get the BRRR

@Ryan Moffett It is actually not a bad thing to be unlicensed in MA and wholesale according to my thoughts.  I am a realtor and know we do have added red tape we need to watch to ensure we are not using "pocket listings".  On the flip side, being a realtor means if I get a deal that comes across my desk and it is not a wholesale deal, then I can push to list it

Handy Welcome man.  I am an accomplished realtor who is also pivoting to investing and setting up my lead flow.  Id love to bounce ideas off of one another @Jonathan Bombaci also runs a great Properties and pints group that you should jump on.  I missed the last one sadly, but am looking forward to the next.