All Forum Posts by: Joe Abesamra

 Thanks all for responding! Just a little update, My brother and I got it passed! We are currently waiting the standard appeal timeline before we can record any plans and pull permits. We did not go door to door, but waited until the city sent out notifications. From those 40+ notices only one neighbor came to us to discuss our plans, and in the end they were pleased to hear that my brother and I would be staying in the neighborhood, after that ice breaker we went to our most immediate neighbors and gave them a hard copy of the submittal. All of them loved it and a few of them sent in recommendations to the city. 

Now my brother and I are on the next steps of finding a good couple of builders and financing it!

-Joe

Hi All, 

I am looking for some insight and experience with informing my neighbors about subdividing a lot my brother and I have been living on for about 3 years now. It located North of Boston and is an oversized lot that if approved, would need a variance on frontage, but will meet all other dimensional regulations in our zone and not to mention after it being built, it will "fit-in" with the rest of my neighborhood. It will give my brother an I our first experience taking a lot from planning stages straight through construction. My brother plans to continue to live in the existing house while I move into the back house for the foreseeable future. 

I work in the Civil Engineering Field, so I have been getting mixed advise on the matter. From the classic developer saying "Don't tell any neighbors, the meetings are online so the neighbors won't even know!" to the person saying to go door to door.  We have the plans finalized and will be submitting within the week. We just want to inform the immediate neighbors and let them know our goals with this property. 

Any advice will be greatly appreciated!

Thanks, Joe

Looks great!  Time for me to get into gear! 

@Marcus Holloway a quick internet search can find you a list of approved 203K contractors in your area. I found several contractors that gave me quotes on a deal that eventually didn't pan out.

-Joe  

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $430,000
Cash invested: $15,600

Built in 1905, was the original farm house that has been immaculately maintained. The neighbor hood around has sense been subdivided, but this sits on the larges lot.

-Two unit up and down
-Plans to finish attic for additional bedrooms and studio style addition to second unit.
-Four stall detached garage that have a huge market in a city like Lawrence!

What made you interested in investing in this type of deal?

-multifamily
-high demand for rental in Lawrence
-large lot
-detached garages to rent
-room for updating

How did you find this deal and how did you negotiate it?

Buyers agent that my brother was using and trusted.

How did you finance this deal?

A mortgage broker.

What was the outcome?

Only a month in but already have tenant lined up!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Realtor - Erica Hadley
Loan Originator - Kim Arsenault

Ask me how to reach them or why they stood out!!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $360,000

Split two family ranch style with a great bones. Other than interior cosmetic updates it was move in ready! The yard was entirely fenced in with an in ground pool.
My partner and I lived on either side so we didn't capitalize on full potential of rental income, but it was a great first house to enjoy the yard, neighborhood, and pool in the back yard!

What made you interested in investing in this type of deal?

The potential for rental income.

How did you find this deal and how did you negotiate it?

Working with a buyers agent.

How did you finance this deal?

Large mortgage company.

How did you add value to the deal?

-New Roof
-Updated outlets / cosmetics
-Deferred landscape maintenance

What was the outcome?

My partner in this deal bought me out and currently resides there.

Lessons learned? Challenges?

We did not anticipate the roof needing to be done, but lucky had reserves in the bank to cover!

Also that life / circumstances between partners changes quickly!

Great write-up!