All Forum Posts by: Jeremy D.

I wanted to comment on this as well. A buyers agent that closes 100% of the time should be avoided like the plague! We've gone through several transactions where backing out was absolutely the right thing to do after we did our due diligence. If my agent tried to force me to go through with the purchase just to protect their reputation as a 'closer' I would fire that agent on the spot! 

I still disagree, but I think you make a fair point. Unfortunately you are lumping every buyer an agent may work with into one category, which isn't really fair to the buyer. I'd prefer not to have to use a buyers agent at all if I could. I can get away with that in Maine but buyers are essentially forced to in Mass. Most of the buyers agents I've worked with in Mass eventually get sick of me (save for a few) because I'm not the typical 'pretty kitchens, first time buyer' which they are used to working with. I guess that brings us back to the original point of this thread; finding an agent that actually truly understands us is difficult.

I know most people who get into private lending usually start by lending to friends or family or someone in their trusted network. Is it really as simple as that? Just draw up a promissory note, register it with county so you have a legitimate lean secured on the property?

How did you get started?

What is your process like to vet your borrowers and their projects?

Do you finance 100% of purchase price? 2nd mortgage or PMM?

I'm really interested in what others have to say. I've gotten so burned out trying to buy properties in this market and it's painful. For the first time ever I find I have more money available than I have projects to put that money to good use. Private lending seems like a great solution. My experience is that private funds are always in demand, why not capitalize?

Of course, the biggest factor for the lender is risk! How do you mitigate that? What metrics do you use? Any hard and fast rules for what you want to see? 

This is exactly the thing I like LEAST about this business. It's the good old boys club.

A qualified offer is a qualified offer. Giving preference to your "buddies" in the industry is doing both the buyers you represent and the sellers you represent a disservice. 

I grew up in New Bedford. I still have family spread out all over the area. I visit several times a year. I would personally not get involved in that market. The city's crime rate has consistently increased over the last several years. I don't see any big businesses moving in. Not many economic opportunities for growth. Most of the tenement housing is in poor shape. Rents have increased for sure, but I really don't think its worth the headaches. Drugs and violent crime aren't for me. That said, there are some nicer areas. I just don't think you'll see a return that's worth your while in the few nicer neighborhoods.

Taunton has better promise, but a much smaller supply of housing.

Fall River on the other hand, has seen lots of improvements since I moved away from the area. If you get lucky, you could find something. The highlands is the only neighborhood I'd be looking in.

Not sure why you were called out for this. This is the correct response. Lease says payment due the 1st, then payment is due the first. I would service a notice or quit on the 2nd. Not that you actually want to evict them. Of course you don't. But if they know you are not going to stand for them violating the terms of the lease THEY signed, they will quickly get in line.

We got quotes from several builders for metal prefab / clearspan type buildings for our farm. Morton buildings makes a solid product and we have had no complaints. Costs are reasonable per sq ft but the total cost will really depend on what type of options you select. Building permit was no different than any other. Building permits are very easy to obtain in our rural community. They will simply tax the square footage as with any other building. The assessed value will be different for warehouse/commercial than for residential. You will have to find out from your town office.

I'm having a hard time locating an insurer willing to underwrite a policy for a house my partner and I are set to close on in a few weeks.

I've tried Liberty Mutual, Amica, Arbella, and a few other local sources. All have said it does not meet their underwriting standards. 

I haven't been given any specific explanations as to why. Some don't like the age of the roof (estimated 20 years since re-shingled). Can this alone be a deal breaker?

Any help or recommendations would be appreciated.

Thanks