All Forum Posts by: Mike Koprowski

I completely  agree that it would be a sore subject to talk about, that's why I would recommend sending them reminders that you would like to help them out with their situation. You will definitely get a lot of proverbial and literal doors shut in your face in this game. I'd like to know how you use the MERS  to gain knowledge, is that different than searching your local County Registry of Deeds? 

Thanks, PM me if you'd like.  Hope you gain some traction.  

Hey Robert Vernazza , Do you think these guys are just stonewalling you? Seems strange that they are still shown as the owners. I'd say add them a mailing list and send a friendly letter every three weeks or so letting them know that you can help them. I've compiled a pretty good list of properties in the last few months just "driving for dollars" to find from market leads and I send them letters at regular intervals, but I commend you for directly calling them, I think I need to step up my game!! Remember this is a numbers game, if these guys aren't interested move onto the next one, there's certainly a lot out there. Good luck!

Yes on Facebook, and it's great! I love that my feed is getting filled with useful information instead of the usual BS, and I really like when you do the Facebook Live, I attended my first webinar that way, good stuff!

I think about getting into the other social platforms just for you guys at BP, but I have a hard time because I feel that I can be using my time more productively to accomplish my goals..... probably an 80/20 thing.  

Keep up the great work, you guys/gals are amazing!

Hey @Seth Thompson,

Currently thinking about the same thing, well, there wasn't much thinking involved, the answer seems pretty obvious to me.

 My partner and I each have our "own" agents that we have used in the past, we figured "Hey, two is better than one!"  So when one agent is busy we can rely on the other. 

Well, between vacations, golf league, school plays, dance class and other scheduling conflicts we are still waiting 3,4,5 days to get in to see a property.  This hasn't cost us a deal YET, but I can see that someday it probably will.

Initially, we just want the quick access to the properties as well as the MLS. I would opt to hand the commissions to my broker and let her deal with the paperwork and red tape while I focus on what is more profitable.

They seem to ask that question a lot on the BP Podcast and I don't think one guest has said "Yea, it was a bad idea for me to get my RE license." Goals really seem to be the factor though, if your a slow and steady type of investor buying one property a year, the $$ might not make sense. If your into fix and flipping as well as multiple buy and holds per year, yea go for it. Worst case scenario you have a license that you don't actively use, but you'll still have the access to the MLS that is packed full of data that us non-licensed people don't get, so when your ready to pull the trigger your are as ready as you'll ever be.

 Here in Massachusetts we can take the course over two weekends to get the required hours, so that will be my approach.

Also in Massachusetts it is illegal to charge a prospective tenant a fee for a background/credit check unless.........wait for it......your a licensed agent.

I say go for it!

Congrats and happy birthday! Keep up the momentum!!

Wow! Sounds like you have a wonderful property to begin with, hopefully qualified tenants are lining up to get in. Stand your ground, it's still YOUR house. Not much to add, lots of great advice already, just here to give support. I particularly like the "today's privileges" quote by Michael Boyer (Alaska is cool, I have family on Kodak Island) Good luck, hope the "lid" stays shut.

Congrats! The milestone is well deserved, I tell EVERYONE that I talk RE with about BP and it's amazing how many are still not taking advantage of the service you provide. I'm so grateful for discovering this community, I only wish it had happened years ago. Here's to 1 MILLION!!

Hey @Erica Melia,

Here's a few resources that I use that are really great and MA specific.

1. Check out Masslandlords.net, it's an association for landlords that focuses on education and advocacy for rental owners in MA. They do have a dues, $98 I think but with the membership you get all sorts of perks as well as access to any form or document you could ever need to be a landlord.  All the forms are written by MA lawyers for MA landlords so you know your backside is covered.  They also have regional chapters that have monthly meetings that consist of legal updates, educational presentations and networking, there is most likely one in your area. I actually attend meetings at two different chapters because the content is so good and its always great to get together with like-minded people!  

2. I really like the book by H. John Fisher, Property Management Manual For Massachusetts Rental Owners.  I took his class and bought the book back when I bought my first rental and I literally keep it on my desk at all times.  Its loaded with MA specific info and no fluff.  I just checked and its available on Amazon for $45.  The copy I bought came with a CD that also had all the forms you could need for rentals in MA and they were editable, but some of the reviews said their copy did not have the CD, so some further investigation may be required.  Regardless of the CD its a great reference on the rules and regulations for Massachusetts. 

Hope this helps!    

@Meghan McCallum Wow, great show! Really enjoyed your perspective and insight and it was super funny too!  @Brandon Turner and @Scott Trench did a great job flushing out all the info... hehe, get it?   Ok, I know that was terrible.  

I wished they had gone into a little more depth on your financing for that year when you were really racking up the properties.  Were you buying all cash with your contractor $$ or already pulling in partnerships? Maybe @Joshua Dorkin would have picked up Brandon's slack!  Congrats on the success, looking forward to the 1-year follow up podcast!

Hey @James Denon, have you already closed on the property? I may be missing something in your description or maybe I just don't know the entire story. 

Are you purchasing this as a flip or BRRRR project?

Please understand that I only bring the following points up because I think there are some more questions that need answering.

- no certificate of occupancy?? That's kind of HUGE man, a red flag that would stop me in my tracks. The CO tells you everything from the class of property and approved uses to whether or not it's been built to code and is safe for habitation. Technically you cannot live in a home without a CO,  you can possibly get fined or even sued by the city for not having one. 

-I'm not positive on the K&T wiring, it's still pretty common to find it in our area  but I have been hearing that insurers won't underwrite on the property if it's present.  I'm currently rehabbing a 3-fam and getting rid of any K&T I find.  How's the plumbing? If the electrical hasn't been upgraded its possible the plumbing hasn't been either.

- the lead certs aren't a deal breaker but you need to be familiar with the lead laws here in MA.   Are any of the current tenants children under 6 years old? If so it's going to be trouble, and if you try to avoid renting to families with young children your getting into fair housing violations, it's a fine line to be walking. The chipping paint will also be a red flag for your insurance company. 

- do you know the story on the open roof permit? What was the problem? Why hasn't it been closed out? If the roof is fixed all it takes is a quick visit from the building inspector.  You could go to the city and ask see permit to find out what repairs were listed when the permit was submitted and that could give you better clues to find out if the problem was fixed.

Did or are you get a home inspection?

Do you "think" or KNOW it's worth 35K more than you paid for it? Does that factor in any rehab or repair costs? I've been listening to the BP podcasts constantly and one of the MANY things the stress heavily is to know your numbers.

Lastly, I find it a little weird that the current owner would be telling you about the great offers he's been getting but he's choosing you, the cash guy because he doesn't want to "deal" with FHA inspectors. The way I see it, inspectors are there for our own good. Sure, they can be a pain in the a$$ sometimes but it could be a clear indication of a bad deal... Kinda seems like the owner doesn't want to deal with ANY inspector ever, hence the open permit and no CO and no lead remediation certs..

Like I said at the beginning, I don't know the whole story and possibly someone with far more knowledge than me will chime in and say I'm being too conservative which would be fine with me.  All these problems are solvable,  like most things, its just a matter of money.  Good luck, hope you get those answers.