All Forum Posts by: Jason Regan

@Chris Bodden got it!  Also, dont forget to factor in resale costs such as Real Estate agent fees, sales tax (example MA is $4.56 for ever $1,000 it was sold for), and lawyer fees.

This might be a hard strategy for a complete BRRR. A VA loan has high requirements on the state of the building. This loan wont qualify for most fixer uppers. I would look for places that are in good livable condition but need cosmetic updates to enhance the rent and value of the property. While this isn't truly a BRRR, you will greatly enhance your wealth and pay no mortgage while fixing them up. Shoot me a message and ill gladly talk to you more about VA loans.

@Jonathan Bombaci This will be my first year running a Real Estate business and an investing business.  I need to sit down and figure out my goals for both.  How do you keep focus on both. It is going to be a learning curve for me to keep my eye on two businesses.  This year ill do over 50 sides.  I am thinking that my goal on sides should be lower and focus should be on total profit between the two companies.  Any tips is appreciated.  

Nice job there.  You crushed it

Hey everyone I have a project under Agreement in Gardner and am looking for some quotes for someone to complete the job. This is a 4 family and here is the basic scope

New Two story porch needs to be built

Elec 

Move the meters outside from the basement

Update all the fuses to switches.

Add Owners Box

Wire smoke detectors in a 1 bedroom unit

Instill Electric Heat in 2-3 Bedroom

Rewire Demo unit

Plumbing

Replace 20ft of leaking sewage pipe in the basement

Other

Fix small subfloor issue in 1 bedroom unit

Fix holes in the drywall in 1 bedroom unit

Replace floor in 1 room of 1 bedroom unit

Demo Unit

Finish Drywall walls and ceilings

Install full bath

Small amount of Framing

Install new kitchen

Reach out if your interested.  I am looking for a good GC to work on this project and future projects with me

Ed.  I handle northern worcester county if you are looking for anything in that area.  I am very specific with what properties I handle though.  If you want feel free to shoot me a private message and we can talk more

We are working on a project now in Littleton.  For a faily easy Septic we were quoted $30k for the job. TThere is another in Westford that we were looking at. This one was near water and the quote for $40k. When I assess a home in Ma i use $25k as my mark for the cost unless its near water then I use 40k.

Update.  I decided not to move forward with this property

@Mack Benson I didnt even think about that.  I spoke to my lender and they will need access to all the units to lend.  Looks like its time to have a tough with the seller

They stated they don't want to alert the tenant they are evicting they are selling.  I am working on getting my way in.  I have equity partner approval contingency in there and subject to signing off on my view of the basement, which both should be able to get me out of this contract.   This is what I know so far

Per RCAP they will not pay for the apartment until the left side porches are brought up to code.
The other code violations I mentioned are unit specific to the unit labeled unit #3, which I call 2R (Second floor right). "Whole sections of wall missing. Exposed slats. Many holes in the wall that are not finished.""No smoke detectors in the unit""Linoleum floor torn and curling""Bathroom floor has a large hole inside the doorway that should be covered"
There is also some mention of the gas stove and vent line needing an inspection however it was inspected last year, replaced, and reinspected so I am sure there are no issues with that specifically. The above cosmetics are the code violations for this apartment.

There is also an electric job we were quoted it was $10,050 dollars by CYR Electric. This would be to move the meters outside from the basement and update all the fuses to switches. (Separated electric). The reason I am recommending this is so that you can install electric baseboard heating in #1L.
The final disclosure I need to give you is that there is a leaky pipe in the basement.
The apartment status for each 4 apartments is as follows;

#1L: Demo and ready for rebuild

#1R: Tenants in process of eviction - no guarantee of removal prior to closing (i placed it in the offer that they were to remove him)

#2R: Withholding rent due to code violations

#2L: Tenant had RCAP (assisted rent) although they will not pay due to porches needing to be brought up to code.