All Forum Posts by: Joe R.

- Actively used Stripper pole 

- Clawfoot bathtub used to train pit bulls in for fighting 

- Framed out and enclosed dogfighting arena 

- New/Used Hypodermic needles 

- Jumped out electrical service that bypassed city metering 

- 2 Pharma grade marijuana grow tents with ventilation, and watering automation 

- 3 Untitled Honda civics 

- Boxes full of sex toys and dolls 

- Cabinets with chicken wire for raising & keeping chickens indoors 

This was all in 1 house! Bought it from the tenants Grandmother -- she was so embarrassed to show me the house -- claimed her "wonderful" Grandson had gone off the rails and she needed to salvage any remaining value in the home.  Bought it cheap, and was well rewarded for my efforts in fully restoring the property while rebuilding relationships with the neighbors & city.  Believe we used 18, 30 yard dumpsters to clean out and demo -- bear in mind, it was a single family, 2500 sq ft home.  The tenants also left behind a: collapsed garage, 2 sheds, collapsed pool, and some structures for holding dogs outside (we removed all). The Mayor of this particular city, building inspector, counsel, and health inspector were all aware of this house -- received a Thank You from them when it was done.  Very proud of the turnaround.  

This by far was the worst house I purchased that was actively being lived in until I bought it.  

Many Thanks All For Weighing In -- Its Appreciated! 

 Fellow cash flow investors can expect ~$200-$400 per door in Western Mass, depending on building size, area, tenants, etc.  There are some unique elements about investing in this market that investors should consider: 

- Stagnant job market and economic outlook.  Some big employers are leaving this area, lots more NGOs/Non profits popping up out here. 

- Difficult and varying building inspection requirements.   Each town has their own "checklist" for a permitted renovation and or build out.  One town requires seismic analysis to be done on brick apartment buildings.  This analysis costs north of $100K.  We are known to have notoriously difficult and unreasonable building inspectors.  

- Low tenant quality in some inner city areas 

- High crime rates in most rental areas, e.g., Springfield, Holyoke. 

- Common to all of Massachusetts, the legal environment favors tenants heavily, and in Western Mass courts, the tenants have all the rights. 

- Contractors are more reasonable than Boston rates, but the solid ones are few and far between.   

Hi All,  

Is anyone doing direct to guest advertising to book their short term rentals? Any success stories or points to be cognizant of?  What's been your experience with it? 

Curious if anyone is having success going direct to guest and not using sites like Airbnb, VRBO, etc.  

Looking forward to your feedback.  

-Joe

I'm a licensed agent in MA, and have stopped working with investment clients for this reason (don't want to get sued for my opinions, financial cases, advice or conjecture).  We have too many unsophisticated and unaccredited people entering the real estate market, and it does raise the risk factor for suits when things don't go as planned.  I think the celebrity pumpers of various get rich quick schemes have significant legal exposure if the market continues to shift -- those who've lost will organize suits against them.  

I think STRs will hold up where there are a lack of alternative options for short term housing, and where there are year round vacation attractions, assuming the area is not saturated with STRs.  I think the people that buy an 80s furnished house and rent it out, will have to invest more to compete with more modern/desired rental offerings.  The easy money has been made.  

Shiloh, I love reading these stories and seeing normal folks steadily build long term wealth with real estate over time -- Keep up the good work! 

Hi Maryann, I sent you a PM.  Joe