All Forum Posts by: Rob L.

Hey everyone, @Nick Katsikis, @Jason Donovan , @Seth Robinson, @James E., @Thomas Hickey, @Kapil M. , @Donnie Mendell, @Patrick Wheeler, @Mike D.

After researching locations I think Assembly Row in Sommerville would be the best meeting location. It offers free parking & is accessible by public transportation. 

The first meeting will be Tuesday, March 20th @6:30PM at Tony C's. 

Tony C's:  699 Assembly Row, Somerville, MA 02145

http://www.assemblyrow.com/visit

I will touch base as we get closer to the 20th but I look forward to meeting everyone!

Ok great, looks like there is some solid interest. For those still on the fence, I outlined the purpose and benefits of the meeting/group.  

The Purpose

No question about it this groups goal is to help each other in the process of purchasing apartment buildings. This will be done through sharing best practices, case studies, ideas etc.

The Benefits of a Mastermind Group?

• Mutual support. Every one of the group shares the same goal. Combining experiences and learning from each other's mistakes will speed up our learning
• Differing perspectives. Hearing the different views and ideas from fellow mastermind participants will let you see issues and opportunities you wouldn’t otherwise become aware of –
• Resources. Everyone in the group will have access to a different skill set and a network of people.
• Accountability. Fellow group members will hold each other accountable to goals we set. In addition, I know for me personally just knowing that I have a regularly scheduled meeting internally drives me to make progress – because I don’t want to be the only person reporting back that I haven’t made an effort to move my projects forward.

From a logistics standpoint, it looks like we should meet somewhere in the city or close by. 

If anyone has any ideas on a location that would be great, otherwise I can find something that is right off the highway. 

I'm thinking about a tentative date of Tuesday, March 20th. 

Its probably too short notice but the next meeting is tonight. There hosted at the Roma's in Haverhill on the 4th Tuesday of every month. Good Luck! 

Ok @Nick Katsikis, I figure we can pick a spot to meet that is in the middle for everyone. Close to the city or something like that. 

One of my goals this year is to buy a larger apartment building (+10 Units). Were refinancing a 7 unit we bought last year and I want to reinvest that into a larger building.

With that, I thought it would be great to set up a group of other investors that are looking to do the same. We could use the meetings to discuss deal sourcing, investment criteria, running pro-forma's on current opportunities etc. I learned a ton on the last purchase and any lessons I can share or advice I can use from other investors on this next purchase would be great. 

I don't envision this being a large ordeal just a handful of investors who want to throw ideas and whatnot around. 

The only prereq would be that you're in the hunt for larger multi-families. 

Let me know if any interest. 

massachusetts, Haverhill, Lawrence, Boston, Lowell,  

Next meeting is tomorrow at the Roma's, should be a good turn out. Look forward to seeing everyone there. 

 @Manik Zaman You might want to attend one of the real estate guild meetings in Haverhill.  A lot of owners there and a quick pitch at the end that you're looking for off-market apartment buildings could potentially get some leads. Just a thought because I know a handle of owners that attend that have 30-50 units a piece. 

@Colleen F. I like the camera idea. I haven't thought about that before. You could take a screenshot of the meter and save it for your records. 

@Alex Cornwell No, the city still bills you on a quarterly basis and it's up to you as the owner to read the sub meter's and bill out the tenants each month. It sounds like a lot of work but we had some properties that had 3X the normal usage. So I would gladly pay someone 15 dollars an hour to drive to all the properties and read the meters and then send the tenants a bill. The cost of the installation of the meters is usually 100% recouped within the first six to 12 months.

@Rich N. Just to further clarify, I attached a photo from the last one we did in Haverhill. It ended up getting delayed because the plumber failed to pull a permit and the city inspector wanted to look at the work. 

I have our guys install the low flow showerheads and do any work that doesn't require a permit or licensed plumber to save money. 

@Rich N. We have been doing this to all of our buildings and you need a licensed plumber to sign off on the form that goes to city hall. 

It's definitely worth doing, the only thing that's a pain is tracking the water usage and doing the billing. We haven't found a company that does it so we've been doing it in-house. Also, make sure you get multiple quotes from plumbers and make sure you let the plumber know they need to sign the form but I would drop it off yourself with the city it will save you some money.