All Forum Posts by: Joe Rinella

Great, thanks for all the detailed information @Ann Bellamy! This clears things up a lot. 

@Alex Deacon Interesting approach. Thanks for sharing this. Are there any websites or resources you recommend using for title research?

Hi folks,

I'm new to real estate auctions and would like to know what due diligence others do before placing a bid at an auction? Do you run title searches for all auctions before placing a bid to ensure there are no leins? If so do you pay an attorney for this every time, or do you use some resources do perform a title search yourself? 

Perhaps I'm being naive, but it seems that paying for title searches for every auction you attend would be costly, especially if you get outbid most of the time.

Thanks!

-Joe

Hi folks,

Does anyone have any experience renting multifamily properties in Northbridge or Southbridge Massachusetts? I'm considering expanding my search for rental properties in these areas but wanted to get more information on the areas first. After some preliminary research, it seems that these are low crime areas and Northbridge appeals to higher income individuals compared to Southbridge. It also looks like the population has been increasing in Northbridge while decreasing in Southbridge.

For any landlords in Northbridge or Southbridge could you please share some insight on these areas? Would you recommend investing in rental properties here? Are there any bad parts of either town that should be avoided? 

Thanks,

-Joe

@Sid Leibowitz Thanks Sid. I had reached out to Real Estate attorneys specifically but didn't get any response. Today I finally got in touch with one that would be willing to write up an agreement so I should be good.

@Jimmy Murray Sure just send me a private message with your criteria 

Hi everyone,

I'm working on building a team of bird dogs to help me find deals in Massachusetts, and I'm willing to pay a $1,000 referral fee for any deals that people bring me, as long as I purchase the property. Some potential bird dogs have been asking for a written agreement to ensure they get paid if I buy the property. 

I have no problem doing this, but after calling a couple of attorneys to write one up for me I've gotten no response. Before I contact more attorneys, I'm wondering is there a general agreement/contract I could find online for this? Has anyone else made written agreements for referral fees with bird dogs, and if so what do you recommend doing? I want to make sure that myself and my LLC are protected so I'm very hesitant to write one up myself.

Thanks in advance for your suggestions and help.

-Joe

Does anyone have recommendations for great property managers in Worcester Massachusetts? Also what are your average property management fees for Worcester multifamilies? I've always been told 10% of the rent, but I recently heard about flat rates per unit that are much less than 10% of the rent and I'm wondering if other investors have come across this?

Thanks @Dante Pirouz that's good to know.

@Mike Hurney I've been looking for deals with $100 cash flow per unit in Central MA, with a 20% down payment. I want to make sure I'm not aiming too low though, so I'm curious what other local investor's expectations are for multifamily deals right now. 

For you other Massachusetts multifamily investors, how much cash flow are you looking for per unit in the current market? It seems as though $100 per unit after mortgage and expenses is a good deal in the current market, but I've heard of folks looking for $200 or more per unit in Mass. 

How much cash flow per unit would you consider to be a good deal?

Thank you @Andrew Schena @Jessica Costa and @Paul Timmins This is all very helpful information.