All Forum Posts by: Jim Sestito

@Austin Jester are you looking to invest in AZ, FLA or TX... wait read Austin wrong!

@Alexander George

Sounds safe to me.

Get a pre approval from a smaller bank where you can write a letter of explanation to the underwriter and hear his opinion.

You can do this b4 they even pull your credit and shake your entire financial tree. Just did something similar myself.

Keep us posted.

@Rob Beattie Got some good information here on converting to Gas heat as well as some insulation chats in Massachusetts.

@Ashley Pohlman Deerfield, MA huh... never heard of it - love Northampton tho!

Join some real estate networks in your area (and maybe wider) -  establish a little knowledge and offer 'the opportunity to work with you for a guaranteed return.'

Here is an email I got from a MA investor just a few days ago (he's a BP guy)  I will block out the details but you can see the formatting.

If you have a deal - you will find money.

"Hi,I have a property I am closing on at end of month and another that I suspect to be getting under contract today. We are organizing financing for and are reaching out to investors who many be interested in earning a secured return. Below a brief description of property/return requests.

• 3 Family
  
  Request is $35,000.00 to cover cost of renovation. 9 month note, guaranteed 6 month return even if paid off early. 12% annual interest which equates to $350.00/mo passively and guarantee low of $2,100.00. Home is a simple renovation, will be refinancing and adding to portfolio. Secured by lien position.
• 6 Family
  
  Request is $100,000.00 for a 24 month term at 12%. Guaranteed 12 month return if note is satisfied early. This is a 6 unit, 18 bedroom building that is over 6000 square feet that we will be re positioning.

If interested, pro formas are available upon request and specific details/strategy on each property can be sent. If you would like to discuss over coffee or lunch, please let me know.

If you know anyone else that may be interested, please forward this email along. Referral fee's for any meet and greets that result in a working relationship.

@Shannon H.  I do not think your schedule is too aggressive.  

Get even more specific with it.  

Offer on XX# of houses by XX Date - close by ____  Start reno ______  finish Reno by _____  Tenant placed by _____   Celebratory date night with first rent check by ______ 

@Mike Sanford I think if you reach out to enough banks in NM you will be able to find someone who will lend to you.  (offer a high % down payment)

Find a real fixer upper and use your construction experience to live in fix.  

Curious as why the move from AZ to NM?

Also if you are going the partner route and wanted to occupy you will probably have to pay some sort or rent or work something out as being the live in property manager.

@John R ables Mr. @Dmitriy Fomichenko certainly knows his stuff on all things 401K !

https://www.nerdwallet.com/blog/investing/roth-ira...

I assume the area is still RI?  If so I would be interested in discussing the opportunities for green rentals.  This is something I have also begun to explore.

Talk soon,

Jim 

@Charlie MacPherson   --- Did you have to add insulation to the rehab as well?  Also do you think knowing now the sale price and days on market the upgraded system was a no brainer?

@Megan Phillips Assuming this was an old house - did you have to add insulation? Same Q to @Kyle McCorkel @Matt Leonard 

@Shane Woods curious to know if you still deal / buy / sell - stay in contact with the Tiny House market??