All Forum Posts by: Kristopher K.

Thank you Ann, I will pass this along to her. It is not an estate sale and I'm not sure of all the details.

Hi All,
I just had a friend/colleague ask about what to do with a property that has just been condemned. She was asking if there are listing agents that deal with such property types working with contractors...and I do not know. The property is a SFH in the Boston, MA area. It's her parents home. My sense is this would be a wholesale/ rehab deal and not really something to go through a typical Realtor with.

I don't really know any details other than that, I just told her I'd post here to see what advice turns up - so feel free to fire away.
Thanks,
Kris

Well, welcome to BP Mike. What a small world - I grew up in Holden!
Tons of good stuff on this site. Check out Black Diamond, they are going to start a meetup in Worcester in April. I've gone to one in Waltham and it was great. Missed the last one but hoping to get out to Worcester for their launch.

http://www.meetup.com/Black-Diamond-Real-Estate-Investors-Massachusetts/

What area do you focus on?

Welcome to BP Lawrence G.
As others will point out you'll find lots of good info here. You seem to be in a good central location. Have you decided on an area to focus on; Worcester, Providence? Somewhere between?
Again, welcome to the community.
Kris

Jerome Adams, If you have access to the facilities management group they may be able to direct you, or they may be the ones to talk to. They are also most likely the ones who would know about the contracts and service plans they have with vendors regarding mechanical systems.
Good Luck!

Jerome Adams, be sure you research the developers you go after if that is your decided path. Many of the developers I am aware of look at short term calculating, therefore the cost benefits aren't always there from their point of view. They are more interested in an approach they've done before and they are accustomed to.
I'm not trying to generalize, and yes a lot depends on location. Some communities require higher performing buildings, so you will find that the developers there can handle the requirements (although they are not always happy about it). Also if you look at a market where buy and hold is the focus, and as Emily Dixon has pointed out University work could be a good start, you may find a different perspective.
Not to get in the middle of it ;> but you can see the contrast between short term cost analysis as I think Ryan Richard is looking at it and more of a life cycle cost analysis as a buy and hold oriented group would.

Of course scale comes into play and market too, but hopefully you get what I'm trying to explain.

Caleb,
Absolutely get the degree. You don't mention what kind of engineering, but chances are it will only help your RE education as well. I work with a lot of engineers, most of whom do very well and could be in positions to do REI quite easily. Student debt and all.
Be patient, learn, apply.
Kris

Hi Daniel,
I've noticed 'out there' that the good ones go fast, and cash moves it faster even in Worcester. It really depends on the local area of Worcester you're looking at - WPI/Elm vs Greendale vs Main South vs Quinsig village areas. The few I had gotten the nerve to go after, went to more experienced and better funded parties. I'll be back at it once I get my current project finished up, but with more experience and hopefully more funding.
One thing I notice from driving around and scouting the areas I look at, is that not all of the properties that have signs out front, don't always show up on the MLS/Redfin etc. Similar to what Chris Cox describes.
Kris

Are you kidding?? Absolutely!

Hi Ryan-
I'd heard the law had passed, I like the idea of the individual metering for a couple reasons. It helps the tenant be more responsible about resources if they are paying for it. It helps you detect where leaks might be or at least which units have high usage. Do you know how the billing from the water dept would work? Is it left to the property owner to bill the tenants?
If I were looking at a property of this size in MA now and the water was metered per unit I would see that as a plus.
Most of the plumbers I've dealt with are too small for this I would think (1 or 2 person outfits). I'll ask around to see if anyone I know has any preferred contractors in the area.
Kris
-just saw Ann's post. I'd agree inspecting each unit and mains on the property before undertaking the metering. I mis-read, thinking you did have a local property management.