All Forum Posts by: Paul Sorgi

@Duncan Banks this has become popular with the reduction in inventory.

I am only a member of the Eastern Mass REIA but I enjoy meeting people so I thought I would give the meeting a plug.

I look forward to seeing everyone who attends!

Eastern Mass REIA Monthly Meeting
Holiday Inn Taunton
700 Myles Standish Blvd.
Taunton, MA

Networking Starts at 6:30 pm

I believe it is $20 but don't hold it against me it is a few dollars more.

@Paul Altman I agree with all the posts above find great local legal advise in CA My only other concern is make sure it is a Great deal if it is your first time and if your not familiar with rehabbing then I suggest maybe you invest with a HML.

I can't recommend to you to lend or not. I borrow mainly from a family member and would not even consider this a deal. The numbers are to tight.

ARV 282k * 70% minus repairs/holding costs 70k = purchase price 127k

HML I am assuming has 2-4 pnts and interest payments 12-18%

3k to 6k in points and 10k+ in interest that is close to the extra 20k he is asking for in holding costs. The longer it is held the more it costs. Now you have to consider other costs that come in to play.

Closing costs when it sells

Commission to real estate agent

insurance

utilities

etc.

I hope this helps

Your welcome @Shaun Reilly

I would love to join you but have a prior commitment. Wish you the best.

@Duncan Banks the weekend has come and gone do you see the property?

I don't think he is a scam and give his book RDPD credit for helping me to view money and business from a different perspective. As with any author or Guru there is always fluff and there are always people who will say they got ripped off. Most of the time it is because they buy on emotion and then don't put anything they learn into action. I recommend the book to anyone who is interested in starting a business or increasing their income.

The property has been in some type of Family ownership since 1959. I am blurry eyed from reading deeds and property descriptions and tracing the documents by name. I am sure it needs work may even have tenants who have been there for years (low rent). Typical of rentals owned by "older" folks with no mortgage and just happy to get the rent and to "tired" to manage it anymore.

Wish you the best keep us posted.