All Forum Posts by: Jason Brooks

Have you done any market research in your area Michael? Maybe some of the locals here can help to identify some of the better performing markets right now?

Hi @Michael Barlow welcome to BP! Whereabouts is Franklin, is that in the Western part of the state? Definitely good to see another person from MA here. You will make some really life changing connections here if you are persistant and committed. Best of luck! Please don't hesitate to let me know how I might be able to help, I'm happy to assist in any way I can, although there are far better qualified individuals here.

Any investors in the western Part of the state?

I am looking to network with any investor in western or Central MA. please reach out if you are interested in buying or have properties in Berkshire, Hampden or Franklin County!

Hello and welcome @Mark I'm getting my business started here in south western and central MA. We should get together some time and share notes. I can definitely say that determining the strongest markets around you will be key to being successful in this business. If all the casino jobs are coming here, iw it too far to work the markets that may be positively affected? Let's talk about using that MLS access to make some market determinations.

Ann Bellamy If that is true then I am being misinformed! Thank You, I have been told that I will have to pay 40% (roughly) in capital gains on a rehab if sold in under a year, but if I hold it for a year and sell, that rate drops to 20%. Looks like I need some accounting advice! Thank you Ann! I would say that is certainly a game changer from where I stand.

Another important point to think about is the taxes. If you do a fix n' flip you pay capital gains tax on that I think its around 40% here in MA. If you purchase a buy and hold investment and have to fix it up you have the ability to refi with cash out, providing you buy with equity or build equity by rehabbing. If you rinse and repeat the process with the proceeds from the refi, no tax hit! Just a thought.

Does anyone know of a good, investor-friendly Attorney that works with investors here in Western Ma?

@Mike Hurney Can you elaborate? I'd love to get a quick rundown of the legal-eze here in Mass. I know we can't use title companies, anything else us newer investors should be aware of? What are the rules on double closings, assignment contracts, multiple assignments, the and/or assigns language? Any advice would be be appreciated.

Welcome @Deborah Monteleone Please elaborate with any information you may have on legal regulations and any investor advice or cautions you may have from your experiences.

@Josh Barton When you go to the home page, you click the pros or professionals link. Then look for estimator tool. Very, very involved...kinda cool really.

Sorry premature post, lol. ...If you have to go to a house alone to estimate, measure rooms height x width, take pictures of anything not in good-great condition, check and get pics of major systems (plumbing, heating/cooling, electrical) get good visible pics of each room, check for
dampness/water in basement, check sill plate for rotting/termite damage, and take pics of the yard, the house, the neighbors houses/yards and the street up and down. Go home, figure the sq. footage of each room...drum roll please.....and go to the Home Depot website, and use their project planner tool. You input the dimensions, and the quality level of the project and you get a materials list and prices. The rule of thumb (again, as I'm told I have not yet tested this theory) is you double the cost of materials for a contractor to do the project, and triple the cost for a major system like electrical or plumbing...I have yet to verify but they do have an estimating tool that I'm playing with right now and you can indicate everything right down to permits and lock box and signage...anyone use this?