All Forum Posts by: Mike Hurney

Hey Kyle,
Why did you established the LLC?
Seems like you have a happy family, is it to protect your husband, son and preserve assets?

Hey Paul,
small world.
You do that great sounding deal in Abington with your Dad?
Mike

Hey Maria,
always glad to help another Bostonian or Real estate Investor.

I'm assuming by wholesaling you are not taking possession? You're Selling before your Buying or Selling a Contract to Buy?

There's a gentleman in our Association that has more gumption than most and will go anywhere to meet an owner and propose a sale where he makes money ($5-10k) and his buyer makes money. This is the first hurdle to overcome.

There's a lot to this and a lot of info on BP but do you have any specific questions?
Good Luck Investing, Mike

Hey Beth,
Early on in my career I had a property for rent that could have been cleaned up better.
An experienced friend stopped by and asked "Would you want a Tenant that would move into this crap hole?"
I had forgotten that us RE Investors have 10/10 sight where we can see property finished/maxed out beyond it's current state.
Rent or For Sale? Stage it, even partially!
Good luck investing, Mike

PS I've picked up a fair amount of invaluable "Art" work that some Tenants and Owners have left behind, although I've tried to track them down;-( I would always put something up on at least one wall and an appropriate piece of furniture in each room.

Timing of Steven's topic is fortuitous!
I had a request this week from a Tenant (1 of 3 roommates) that they are now staying.
Last month they gave me a 60 day move out notice because they were moving into a new place with their significant other.

However #1's significant other is moving in. Now 4 roommates.

My first inclination is to raise the rent $50. covering wear/tear, more water and sewer. I do have a completed (and checked) Application for #4.
Now with the familial discrimination possibility, I may wait for the anniversary of the original 3 where I was planning to raise the rent anyway.
Of course checking with our "Bible" (Legal Tactics: Tenants' Rights in Massachusetts 6th edition) we're still within the 410.400: Minimum Square Footage - 150.SF for 1st occupant and 100.SF for each additional occupant.

Hey David,
That's what I like to hear, that you're doing well in that business!
You in DIG, ACRE or PROA?

Fellow Investors,
I'm sure there's a much easier way but I haven't found it.

I visit all the Open Houses in an area, taking note of the List Price and what I think it will Sell for.

I track the final Sold price and check my Sell prediction. If I'm off by a significant amount, I'll contact the Selling agent or even owner.
After 3-6 months I have an understanding of the values in my area and I'm prepared to make offers (and money)!

This seems like a Sophisticated bunch of Investors on BP so you guys could probably reach an understanding of your markets in 3-6 weeks!
Good luck investing, Mike
PS I do have a sheet I use with all the associated costs and renovation estimates, Good catch Peter.

Hey David,
So what's the bad part about Special needs housing?;-)

I've known Nick for many years and been impressed with him and his materials. However like the other books/tapes/courses on the shelf, they don't do anything by themselves.

I tell the folks, contemplating a course, at our meetings:
You need to make a commitment.
Read and Listen to the material at least three times.
Make a plan to implement it.
Review it with the Author.
Do it!
Do it!
Do it!
Don't be discouraged by complications/mistakes which are really Entrance Barriers to Beginners and Quitters.
Feedback to the Author on a regular basis (Once a week or month).
Did I mention, Do it!
Enjoy your success.

Like my father (who was never involved in Real Estate beyond a SFR) used to say: "It's Simple but not Easy!"
Good Luck Investing, Mike

Hey Shea,
Just a cumbersome Excel sheet to track by hand.

I advise students to also look at abandoned/vacant properties with Absentee Owners(that are close to them) and go knock on the door. Usually tons of mail there and you won't believe your competition, it's like a Museum of Offer Letters;-)

Also in Dan Kennedy style, in my letters, I'll make an offer for some type of Report. (Offer = Thing w/Deadline)

Can we post images here? I've got a letter I liked that was sent to me Titled: "Get Rid of Your Pain In The Butt..." or I can email it to you from [email protected]

Finally the timing is important, think of the time of the month and what's due in and out that'll coincide with your letter?

Hey Mason, where'd you get that phone number, it doesn't even work! Kidding of course.
I don't see WIIFM in the first paragraph (and on the outside of the envelope).

I'd do a split test and put ten different letters together based on your submission letter below: Mix up the order of paragraphs, highlighting, circling, spacing (mail 10-20/day) and see what works best.
Good luck, Mike