All Forum Posts by: Joshua Poitras

Looking for the best Real Esate CPA in Northeastern Massachusetts. Asking for referrals.

@Alton Phouvong atta boy

@Karen Rittenhouse can you expand on the affidavit of purchase and sale a little bit? Is there a standard format? Would it come up in a title search? Do you need sellers signature to record? Sorry this is huge learning point for me. 

I am at Candor to Josh, Work with this team, d you have an investment property yet? 

Try penfed credit union. One of our investor was able to do up to 80% LTV for a flip off an investment property.

Investment Info:

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

Purchase price: $441,000
Cash invested: $1,500

All real estated out, living in a basement and needed a home for my son and I. I Bought an under fair market value 4-plex from a friend and used the city's lead loan program to repair exterior and make house lead compliant. Pro-forma, the building has the potential to bring in $2,400 a month in cash flow. Potentially more if I add some much needed square footage.

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

Beautiful opportunity to start over after a major hit in real estate.

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

A colleague of mine was retiring from our job and was selling off his investments. I decided to jump on the opportunity.

How did you finance this deal?

VA Loan with a "Subject to" close and $1,500 bucks.

How did you add value to the deal?

Made home lead complaint, renovated the worse unit in the building.

Lessons learned? Challenges?

You can push less than pristine homes through federally backed loans. Have a little faith, make the offer and the home will become yours eventually.

Investment Info:

Single-family residence fix & flip investment in Roslindale.

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

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 I also learned to understand how to grandfather out of date construction and learned the importance between making profitable repairs. I learned how to consider snow removal during constFinally, I learned how important it was to not run a saw after 7 pm.

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

I wanted to make some money. This was a bank REO i thought I could take advantage of.

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

MLS Bank REOs

How did you finance this deal?

Hard Moneyu Loan w/ Personal Investor

How did you add value to the deal?

Ran the project and contractors.

What was the outcome?

Semi-successful flip. Made enough to put it back into next deal which was awfully mis-budgeted.

Investment Info:

Single-family residence fix & flip investment in Roslindale.

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

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 also learned to understand how to grandfather out of date construction and learned the importance between making profitable repairs. I learned how to consider snow removal during construction. I Learned what a Stop work order was. I should've of pulled city violation records at the city to negotiate concessions. I experienced what ripping up multiple floor layers was like.....miserable. Finally, I learned how important it was to not run a saw after 7 pm.

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

I wanted to make some money. This was a bank REO i thought I could take advantage of.

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

MLS Bank REOs

How did you finance this deal?

Hard Moneyu Loan w/ Personal Investor

How did you add value to the deal?

Ran the project and contractors.

What was the outcome?

Semi-successful flip. Made enough to put it back into next deal which was awfully mis-budgeted.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $717,300
Cash invested: $196,080
Sale price: $806,500

RE Lesson : Adapt and Overcome. A planned buy and hold turned condo conversion. After filling out a permit wrong we triggered a city of Boston ordinance of having to require a sprinkler system put in. Rather than just correcting the permit, we decided to split the building into three separate condos. On paper numbers look good, but after paying contractor overages and extremely high hard money fees and payoffs. We about broke even. However, the lesson was invaluable.

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

It was the first ff-market deal we were offered. At this time South Boston was in full gentrification ad Eastie hadn't been touched yet. This property we got for 400K today needing a full gut job would of went for 900K today.

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

A fellow realtor offered me this deal. Price was too good and off-market, we went for it, as-is.

How did you finance this deal?

Herd Money Loan in Conjunction with a Private Investor who accessed his 401K for funds.

How did you add value to the deal?

Gut Rehab. I ran the contractors and project.

What was the outcome?

After all fees, finances, Hard money mortgage payments for an unanticipated long project, we pretty much broke even.

Lessons learned? Challenges?

Do not write "full gut job" on permit application. Write one repair at time. Also always get a refi loan estimate, we could have likely refinanced out of the hard money loan with a cheaper long term loan and held on to it as a buy and hold even though budget went way over.

Investment Info:

Small multi-family (2-4 units) fix & flip investment.

Purchase price: $717,300
Cash invested: $196,080
Sale price: $806,500

RE Lesson : Adapt and Overcome. A planned buy and hold turned condo conversion. After filling out a permit wrong we triggered a city of Boston ordinance of having to require a sprinkler system put in. Rather than just correcting the permit, we went ahead with the sprinkler system and decided to split the building into three separate condos. On paper numbers look good, but after paying contractor overages and extremely high hard money fees and payoffs. We about broke even. However, the lesson is invaluable and I still use the experience today.

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

It was the first ff-market deal we were offered. At this time South Boston was in full gentrification ad Eastie hadn't been touched yet. This property we got for 400K today needing a full gut job would of went for 900K today.

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

A fellow realtor offered me this deal. Price was too good and off-market, we went for it, as-is.

How did you finance this deal?

Herd Money Loan in Conjunction with a Private Investor who accessed his 401K for funds.

How did you add value to the deal?

Gut Rehab. I ran the contractors and project.

What was the outcome?

After all fees, finances, Hard money mortgage payments for an unanticipated long project, we pretty much broke even.

Lessons learned? Challenges?

Do not write "full gut job" on permit application. Write one repair at time. Also always get a refi loan estimate, we could have likely refinanced out of the hard money loan with a cheaper long term loan and held on to it as a buy and hold even though budget went way over.