All Forum Posts by: Jourdan Mercer

I would send the offer digitally that evening as well. But by handing them a copy in person they have an offer from the start with a deposit check to show I'm ready to move forward and very serious.

by having the deposit check they don't need to wait for me to drop a check off with them to then put in escrow.  It's ready to go then and there. 

I've seen so many properties get snatched up in front of my eyes, I'm trying to figure out if there's a better way to display my offer and interest.

 The property is by appointment only this weekend. It's been on market for 2 days.  I already have an appt. set to see it and my agent is meeting me there.  We're printing out a few offers, that way depending if we find any surprises at the walk through we can present an offer that's fitting. 

I've heard of people submitting an offer before an open house. Many properties I was planning to check-out and they got swiped away before I got to look.

I'm fairly new to investing. I might try that strategy on the next one tho

I've heard of people bringing an offer with them to an open house/house showing and handing their offer directly to the listing agent in person with a deposit check, showing they mean business and are ready to move forward.

Has anyone done this or have any suggestions on the best way to go about doing this?

I have a property I'm very interested in that I'm going to see this weekend and would like to put my best offer out there.

I'm trying to get some realistic numbers on what it would cost to build a new triplex or fourplex in central Massachusetts.

I'm thinking about different strategies to create and build my investment portfolio.  One of them is to buy tear down properties, get it all approved by the town and build a new tri-plex or quadplex in it's place.

I know there's a lot of variables that go into it and not all properties are the same and I need to take certain steps for each property.

I have remodeled residential homes most of my life and done and seen all aspects of remodeling.  I am a licensed builder and I'm trying to shift my career path and get into investing and utilize my license to operate my own business.  I've always worked for someone else and have never really dealt with the money side of things.  I have the knowledge and experience to do the work, but I'm lacking in the finance knowledge aspect and trying to educate myself before I take any big steps so I don't bite off more than I can chew.

Has anyone found an average cost/sq.ft. that their buildings cost them to build?

I would like to buy and hold properties.  

Average size unit that I would like to build would be a 3 bedroom, 2 bath.  I know most places seem to be 1 bath, but if I could do 2 that would make the place more desirable.  Approximately 1,200 sq. ft. / unit

Tri-Plex:  9 bedrooms, 6 baths, 3,600 sq. ft.

Quad-Plex:  12 bedrooms, 8 baths, 4,800 sq. ft. 

ARV: My estimations are about $650,000 - 700,000 for a tri-plex and a quad-plex would be about $700,000 & up

Biggest costs I can see are the obvious purchase price, demolition costs with all the dumpsters, foundation fixing or new foundation depending on the age and condition, Framing, siding/ext. trim, plumbing.

I'm trying to see if this is worth going this route.  I know a building like this can easily cost upto $600,000 to build if you're not savvy or putting top notch finishes everywhere and subbing every little thing out.  I'm looking to make my places nice without being over the top or breaking the bank.  I can also do some of the work myself and would like to do some of it as long as it makes sense for me to do so.

Any thoughts or suggestions would be greatly appreciated

 That's very helpful, thank you.  I will try that.

As for hard money lending.  I've talked to a few very reputable lenders.  Most deals that I've come across, I would still need to come up with about $50,000 to cover the difference.  

I don't know if you have any suggestions on how to finance a deal using hard money where that isn't an issue?  I know if they cover 70% of the arv and that 70% is more than the purchase price I can get into the property for no money out of my pocket.  However, if that's not the case, other than finding a capital partner like you already mentioned, do you have any suggestions on how to handle the financing?

Percy N.

I've been trying to do just that. I went to 3 REI meetups in the last 2 weeks and I'm going to another one this coming week if not 2. I've been trying to build my network and find someone. I haven't found the right person just yet, so I thought I would give this a try and throw another line in the pond.

Do you have any suggestions on how to present asking for a partner in person to someone that I've just met?  Should I ask people, if they know anyone who might be interested in being a private money investor?

I'm a fairly new investor trying to get into real estate investing.  My biggest hurdle has been startup capital.  

I live in Hopkinton, Massachusetts.  Ideally, I'm looking to invest within an hour or so radius from Hopkinton.  

I'm interested in multifamily properties of all sizes as long as the numbers work.  I'd like to start small and gradually work my way up.

I'm also looking for waterfront properties that I could turn into airbnb's.

I'm looking to buy and hold.  Exit strategy would be to re-finance.

I love the idea of getting Brrrr properties and fixing them up and adding value to them.

I'm also a licensed GC in Mass and have remodeled over 50 homes through the years.  I currently work in a custom cabinet shop and want to get into investing full time.  I would love to do some of the work myself and anything I'm not comfortable doing or don't have the time for I'll sub out.

I'm looking for someone who would like to join me in my investing adventures that would bring things to the table that I don't bring myself.  One of those things is capital.  I have some capital, but I'm looking for someone who can cover the down payments.  I'm more than happy to discuss what kind of split there would be and the terms and all that.   

I'm very easy going and very easy to work with.  I'm a perfectionist and I do things right the first time.  I'm always trying to educate myself more and learn new ways to do things.

 Which bank did you use?

These are all very helpful. Thank you