All Forum Posts by: Joshua Poitras

@Colleen F. looks like it may have to be that way I do have one spot I may be able to put in a closet in the attic. Thanks for the heads up though. It would be natural gas. 

@Mary Smiththank you. :)

@Dan Milinazzo @Brandon Rush Thanks guys. That was awhile back though lol

@Colleen F. My hypothesis is that it will be more financially efficient because it will run off gas rather than electricity. 

@Seth Borman I actually paid less in heating costs with electric baseboard. I didn’t see a cut in electric costs at all. Therefore, I say I am not impressed. The whole point was efficiency
. I might as well just bought more electric baseboard. 

@Colleen F. I hear you. I do have small unfinished chases I can use, but no contractor that use 6in plus ducting wants the challenge. 
however, what has caught my eye is the small diameter duct high efficiency  hvac systems. Expensive I know but they seem awesome. I wish someone could tell us about their experience with them. One downside I hear about them is that they are loud but only for the time they fill the house with heat. I might be willing to put up with that. 

Investment Info:

Single-family residence fix & flip investment in Roslindale.

Purchase price: $280,000
Cash invested: $63,866
Sale price: $390,000

My First REO joint venture flip

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

I had paid money to learn the 70% rule from a very experienced investor and was eager to apply my teachings.

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

I found this deal by shopping on the MLS for REO property.

How did you finance this deal?

Hard Money Loan at 3, 13% and Private investor Joint venture agreement. 50/50 Profit.

How did you add value to the deal?

Manage the project, Represented as an agent, Do some of the work myself.

What was the outcome?

Fairly Successful.

Lessons learned? Challenges?

Must learn appropriate region construction costs.
Stop Work Orders
Make beneficial repairs and just tasteful ones.

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

myself, investor and lender.

Investment Info:

Single-family residence fix & flip investment in Roslindale.

Purchase price: $280,000
Cash invested: $63,866
Sale price: $390,000

1st REO Joint Venture Flip - This was actually my first flip which was mostly successful. I learned a lot of valuable lessons. The Lessons Learned.....Always confirm square footage, I learned to understand how to grandfather out of date construction, learned the importance between making profitable repairs and instead non-beneficial changes. Managing Snow Removal during construction. I Learned what a Stop work order was. should've of pulled city violation records at the city to negotiate concessions. I also about floor layering and how hard the layers are to remove. And finally, how not to run a saw after 7pm lol.

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

I had paid money to learn the 70% rule from a very experienced investor and was eager to apply my teachings.

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

I found this deal by shopping on the MLS for REO property.

How did you finance this deal?

Hard Money Loan at 3, 13% and Private investor Joint venture agreement. 50/50 Profit.

How did you add value to the deal?

Manage the project, Represented as an agent, Do some of the work myself.

What was the outcome?

Fairly Successful.

Lessons learned? Challenges?

Must learn appropriate region construction costs.
Stop Work Orders
Make beneficial repairs and just tasteful ones.

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

myself, investor and lender.

not seeing the savings on the mini splits. really not that impressed by them.

First of all Redfin is BS. The lowest duplexes are hitting 450K including lower centerville. Your decision should be based on your goal. If I was in your shoes I’d probably 1031 into something with more cash flow and use the equity as a down payment. What neighborhood is the property in. Message me for more advice. Also have you been to our pints and properties meeting yet? I’m from Lowell, grew up there and own 2 multis there myself. 

Has anyone rent an attic unit that gets way too fricken hot in the summer? Attics are tough to use HVAC in because the limited space. However, I dunno why people don’t use knee walls to their advantage. Anyways, I know you can use the split pump but I’m interested to see if any landlords or home owners have installed a small diameter HVAC unit into their units? Any kind. I like split pump but I don’t really see the savings on electricity.