All Forum Posts by: Matthew Charron

I had it in mind as much as I wanted to finish the basement it wasn't as important as the rest. Biggest issues would have been the septic and I want to remodel the kitchen and take down a wall to open up the kitchen into the dining room and definitely update the bathroom. No master bath but I'm not sure if it would be possible to make it happen in the space but it would have been nice. The three bedrooms just need to have wallpaper taken down and painted. All hardwood floors except the kitchen unless there is hardwood under the linoleum. I forgot to ask when I was there the other day. Roof was done in 2003 and no trees in the area or overhanging objects so as long as things go well I could hopefully get another 5 years out of it. Service is 200amp and has circuit breakers instead of fuses. Would like to paint the exterior and do some changes to the yard to increase curb appeal. All in all it's in pretty good condition and I don't think, knock on wood, there is too much I have to worry about except for cosmetic things.

The plan is for the house to be my primary residence. It's being sold to me for $150k, the current estimate as according to zillow is $255k. I've checked some of the single family homes in the area around the same beds/baths/sqft and they were around 230k-300k. I'm a musician and wanted to build a studio in the basement so that's part of me wanting to finish the basement. Definitely plan on living there and living it for a while, hoping to increase the value and add some equity to use to get a rental property, and at some point down the line I may end up selling or using as a rental but that's far away from now.

A friend of mine uses Jordan Property Solutions for his SFR rental in Worcester. Had them for a good number of years now and seems to be very happy. Said the longest he went without a tenant was 2 weeks and his current tenants have been there at least 3 years. They're based out of Marlborough, MA.

Hey everyone I have got a quick newbie question. So I am currently a renter and a brand new investor trying to get into the business. I don't own any properties, not even my own. However my fiancés grandfather came to us recently offering to sell is his house for 100k less than it's estimated at. The house is in great condition as far as I can tell. It's just a tad out dated and doesn't have a finished basement. I was looking to purchase with a full 203k loan as I have to put in a septic system and I would like to remodel the house. My question at the moment is... who exactly would I be looking to speak to about the design of the remodel? How to make best use of the space available. It's a 3bd/1ba about 1234sqft I believe. No master bathroom. I'd like to open up the kitchen to the dining room and maybe even the living room and would love to try an add a master bath and finish the basement. Just not really sure who to contact to get an idea of how we can use the space available to us. I know I need a certified 203k contractor to do the work but are they able to decide how to use the space or would I need an interior designer or architect or someone like that? Thanks all!

Thank for the reply. Just want to get a clarification. Is it possible to pay the attorney to draft a contract for you to use for every deal or does the contract need to change per deal and thats why you "need" an attorney for each deal? If you are assigning the contract wouldn't the end buyer need to be the one to provide an attorney? I started looking into wholesaling before but strayed away. I went to a REI meeting tonight and they were discussing it and it sort of lit a fire again to give it a shot so I am just trying to make sure I fully understand a lot of how it works and the expenses that go along with it. Some people make it seem like you're only spending the money to get the deal under contract (after marketing expenses) and then find a buyer and get paid. I feel like some things might be left out.

Hello fellow BP members, Just a quick question about wholesaling and the expenses that go along with it. Now I know if you're doing any kind of marketing you'll have to spend some money. I know you'll need an attorney to draw up your contract, but is that a one time fee or must they be involved in every deal somehow that will cost you? I also know you have to put money down to put the deal under contract as well. Is there anything else that goes along with this? Thank you.

Hello All,

I am currently starting to search for my first Buy and Hold property. This morning I was looking at different counties in MA and RI near my location, but more specifically I was looking at school systems rated 6-10 (using Zillow). The questions that have come to mind from this is.... How do I decide where to invest? Should I look deeper into the towns with the best school systems to see if there are parts I should and shouldn't shop in? Should I get an analysis on population and crime and all those things on a number of these towns? Or should I just pick one town and stick with it to get to know it in an out? Is it possible and lucrative to only invest in a single town or should I spread out the portfolio? I look forward to hearing what you have to say and thank you in advance for your input!

Matt

Hello fellow BP members, My business partner and myself are in the beginning stages of investing in Buy and Hold properties. We do have a property management company lined up and we are sorting out our goals and etc. I'm just curious from some of your experiences.... Is it better to start with SFR over small multis? Can they cash flow the same if the deal is right? Do you typically run into less rehab surprises in one unit as opposed to 2-4? If we aren't managing it ourselves does it even matter besides the numbers in analysis? I'm trying to get a solid idea of where to focus my energy finding deals as we start this journey. Thank you, Matt

Hello, I am in the beginning phases of putting together a partnership with a private lender for investing in buy and hold properties. Looking for some recommendations for an attorney for drawing up a contract between us and someone to advise us on the best way to structure taxes, form an entity if need be and etc. Thank you in advance.

Hello Fellow BP Members,

I am here because I am about to take another large step forward in my REI career and I could use some guidance. I have found myself a business partner to move forward with on B&H properties and we have a meeting set up this Saturday night to begin discussions. Now this partner of mine also happens to be my best friend for the better part of 25 years and I want to try and keep it that way. Where we stand at the moment is he has capital, he is interested in investing, but with his job and family he doesn't have the time. As far as his experience goes he purchased his first house, years later built his second and now primary residence and has been renting out the first residence since using a property management company to do so. My experience has only come from the books I've been reading, the webinars put on by BP, Podcasts I listened to here and things of the sort. No actual hands on or property purchased as of yet. However I am incredibly driven and I have the time that he lacks to acquire and manage these properties if need be.

Now regardless of whether we are friends I am going to assume a contract will be the best way to go to maintain our roles and be held accountable for our part in the business. What is the best way of drawing up a contract? Do we write them ourselves, find a template somewhere, or other? I've heard its good to have an attorney look over them to make sure they are fair to both parties. Do they assist with writing them and should we refer to one or is this something we could come to terms on our own and sign it and be done?

I'm sure we will need to speak with a tax professional about the best way to structure this to benefit the both of us. Do we need an entity to do this as a partnership? Is that something the tax professional will suggest or do we need another party to assist in that decision? As far as purchasing houses goes, does one name or both names go on the property? Should one or both parties apply for mortgages together? Should we have a joint bank account separate from our own strictly for the REI business to keep track of funds and cash flow recycling and etc? I believe this is something that would be in the name of an entity should we start one correct?

Haven't been able to read too much yet on investing in MFH (Aside from "The Book on Rental Property Investing" from BP") and partnerships so I am open to suggestions because I am full of questions. I also plan on attending two REI meetings this month in my area to hopefully network there but I wanted to try to get a handle and direction on this to be more prepared for my meeting on Saturday.

Thank you everyone for your time in advance! I appreciate the willingness of the members of this great community to help those around them grow.