All Forum Posts by: Jason Regan

I am currently under contract on a 4 plex in Gardner Ma.  They are only allowing me to access about 50% of the units and the basement.  I know it is a older home and they sent me repairs needed per a section 8 inspection.  They also let me know the porch has to be redone ($18k) and electrical upgrades ($10k).  I budgeted $90k in renovation for this project to be safe.  I would love to know how people have come up with renovation budgets on rentals when they cannot see the whole house.  This is not vacant; three units have people living in them now.  No rent is flowing because section 8 cut it off until certain repairs are made

Thanks for your insight!

Thank you!  I figures this would be hard as the lender would be taking way to big of a risk when it comes to resale of the property.

Just never cheap out.  One of the books from BP i read talked a lot about this.  Rentals take a beating, do you really want to be replacing floors all the time.  I like ceramic core because it stands up to water.

I recently came across a property in Athol (yup way out there) and it looks like I can make a decent profit on it.  It is currently up for $79k and needs $120k in repairs.  I would not be offering the $79k, closer to 50k.  I ran into a roadblock with a hard money preapproval as this is over 2 times the price of the home to repair.  Has anyone run into this and how were you able to make it work if the deal made sense in the end?

I recently started the Deal Finder trail and am really liking how quick and easy it is to do mailing campaigns or skip trace.  Does anyone use it here?  If so whats your strategy for finding drivers to help find you deals?  I like the idea of paying $1,000 per deal I close but fear people will easily get bored with how long it will take to get that first check

I was playing with Cozy for a while and it looked very good for an owner to use.  I ultimately made the switch to Buildium as I manage some other peoples properties and wanted to be able to take on clients as a Property Manager as well as run my own.  The goal is to get it running and hire someone to run my PM side of my business

In the Fitchburg Ma area we were looking for 600. I found it hard to get that in the area I am working in. We shot for 600 because that is a good credit score, but not something that someone can buy a home with now. If a person is 620 and above they may qualify for financing, FHA or otherwise

The best thing in my mind is to hook up with a GC or seasoned flipper and see what they think costs are.  If they are willing, make sure you pay them for their time.  Other then that you can buy into certain repair estimators and slowly augment it as you work to make it more and more tight.  The one I use was under estimating siding cost and roof repair cost, so when I received quotes I augmented the price per square foot to meet the actual for future estimated

Hey @Odie Ayaga. I perform the property analysis by going to the property and estimating repairs using a sheet my mentor gave to me. From there I analyze the market to see what the property will sell for. As I have been doing CMA for 3 years as agent, I feel very confident with this second step. Homes I list tens to sell for 10% above asking as I have my marketing and strategy dialed in here. I would love to talk to you lender if you would make an introduction. I will gladly get the numbers together as they desire.

Ben,

Thank you very much for the insight.  I don't take offense at all, don't worry.  I understand the lender has to be safe and there are a lot of newbies out there that typically lose on their first deal.  You are in the business to help but need the money from the deal too.  It would be a hobby, not a business if you treated it any differently.  Ill send you a private message.  I would love to hear more.  I do have skin to put in the game and know I will require more then a seasoned investor.