All Forum Posts by: Nick Foundas

Hi Ann. There should be plenty of local broker/offices for you to choose from that would be willing to take you on.  Just be honest and tell them you are doing this part-time and using your license for helping family, friends and for your own personal investments. Most offices have several part-time agents on their books who may only do 1 or 2 deals per year or none.  

Holding onto your license will pay off when you buy property for yourself and can use your license to earn the commission.

The problem with using the Sellers agent is they are working in the best interest of the Seller trying to get the highest price possible at the best terms possible. If the Sellers Agent ends up working with both the Buyer and Seller then they are now performing as a Dual Agent and will need to disclose to both parties and would need to be impartial throughout the negotiation.

Could always try to talk to some of the local community banks or credit unions to see who would keep the loan in house/portfolio loan and put together a list of banks to be given to potential buyers. Winter Hill bank could be a good option. I have a contact there if needed. I'm sure a potential buyer would have no issue being told which bank they have to use if given a few options and the situation is explained clearly.  

It's extra work/headache for a potential buyer down the road if they ever want to refinance or sell plus it could be a potentially higher interest rate and down payment requirements so this in turn should make the market price lower than typical condo prices but shouldn't be a deal killer as there are plenty of community banks to shop around. I'm thinking maybe roughly 5% lower (in a sellers market). Apples to apples if the same condo that is warrantable is selling for 500k I'm thinking this should be 470k - 475k. 

Hi Tony, for the Attorney you may want to try Inessa Shur (Shur Law Group) who is an Eviction Attorney and one of the sponsors of the Black Diamond Real Estate Investors Association.  If she handles evictions then Im sure she would have a really good/strong lease she can draw up for you to protect you from future tenant issues. I cant post contact details but if you google the office name you should find it easily

@Patrick Wheeler this looks great, awesome job, you should be proud!  

I think you priced it well to elicit over asking offers, curious what sort of feedback you were receiving from Buyers/Agents...It's a great reno with great finishes, it shows really well and the room count / general flow would appear to be desirable (3 beds upstairs, bathroom on both floors, extra room for an office etc), is there anything that Buyers were saying that would explain why it didnt go for more initially?  Was it maybe location that played a factor?  Or maybe the Winter market?

On a side note, I noticed the MLS listing says 6 total rooms, but with the Office you may want to consider marketing it as 7 total rooms?

Great job, congrats on the successful project and Good Luck with the next one!

Hi Jonathan, great job and thanks for sharing. Please keep me posted if you see any good opportunities in Norfolk County or Suffolk County (I'm interested in Flips, Condo Conversions or Value Add Buy/Hold).

I will send you a PM with my contact info (I'm not allowed to include in this post).

Thanks!

Hi @Enis Shehu I'm looking at a rehab project in JP which will require sprinklers, if you wouldnt mind could you pass along the contact info for your sprinkler contractor?

Thanks!

Hi @Haley M. You may want to call TD Bank and ask them about their "Right Step Mortgage" program, its designed for first time home buyers, and I believe only requires 3% down payment, and does not charge PMI. Also, I think the Interest rate is very low (I think its in the 3% range) which may help them keep the mortgage payment down to a similar level as what you are charging them for rent. Their are income requirement for the loan so this may be up their alley. Good Luck!

You should look into a Modular Builder, they work throughout all of Massachusetts and can probably come close to that figure especially if choose basic finishes.  Pro's Edge Quality Homes and Millbrook Homes are 2 you could check out.  I think Millbrook Homes is based out of Walpole.

Ari, this is excellent, thanks for taking the time to provide such an in depth behind the scenes look at your project.  

Sorry to go back to the #s but I had a quick question regarding the Pro Forma. I noticed you had a line item for "Annual 2nd Mortgage Interest" (I assume this is for a LOC). The $15,750 payment is only accounting for the Interest payments on that loan. Eventually you would need to make principal payments on that 2nd loan (I believe after 10 years?) so I was curious how you were planning to account for the principal balance on that LOC especially if this was a long term hold for you? Are you planning to eventually cash out refi to pay off the HELOC balance? If it appraises post-reno for 1.8mm then a new loan at 75% LTV doesnt leave much cash left over to pay back the LOC balance.