All Forum Posts by: Sabrina Sanchez

Quote from @Rahul Munot:

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

It's a 3-Unit Multi-family in Worcester, MA. Each unit is 3bed 1bath. We inherited 3 tenants with the property who were paying below market rents and are month-to-month tenants.

What made you interested in investing in this type of deal?

The property is in a decent shape, the location is very good and I was able to get it for $28k below the list price.

How did you find this deal and how did you negotiate it?

I found this deal via Zillow.
My agent was very helpful during the negotiation process. It was a difficult negotiation due to the fact that the sellers kept changing their mind about the sale of the property and also changed the terms of P&S in the middle of the process. However, we were able to get fair compensation for the misrepresentations.

How did you finance this deal?

Traditional bank financing, we took a 7/1 ARM

How did you add value to the deal?

We plan on making a few minor updates to the property and increasing the rents in the next few months.

Lessons learned? Challenges?

Learnt a lot about negotiation strategies and also to double check all the documents like the estoppel agreements against what was marketed before signing the P&S and putting down the deposit.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, @SabrinaSanchez was the agent who helped us on this deal and I hope to work with her in the future too.

 Rahul, thank you for the kind words! It was definitely a process to get to closing but I'm very happy you were able to secure this one! Looking forward to seeing you grow!

April's event can be found here: 

https://www.biggerpockets.com/...

Hey Everyone,

Please join us for our Monthly Simplified REI Meetup Hosted by Candor Realty of Greater Worcester !

This event will include a presentation by a local long time investor by the name of Michael O'Rourke. 

Q: What exactly is a Simplified REI meetup?

A: SREI meetups are completely free networking events tailored to educate the community on the power of real estate investing in pursuit of financial independence! Like Minded folks get together to share experiences and answer some of the many questions you may have about investing in real estate. Our attendees often include local investors from many surrounding states, real estate professionals (agents, brokers, hard money lenders, mortgage brokers, credit unions, attorneys, CPA's, property managers), and more.

Whether you are a seasoned investor, just starting to build a portfolio, or if you are just simply curious about investing in real estate, you will certainly find value in receiving FREE information on how to make your investment happen!

Quote from @Nick Noon:

Thank you @Sabrina Sanchez for your opinion on this deal. It is very much appreciated, especially someone who is so close to the Worcester marker.  I look forward to seeing you at the next meetup in Worcester and hopefully talking about me closing this deal!

 Yes, let's go! I'll be happy to chat more and meet you in person! See you there!

Quote from @Nick Noon:

I was presented with an off market 2 family deal that I am analyzing in Worcester, MA

1st floor is a 3 bed/1bath, 2nd floor is a 2 bed/1 bath with possible expansion into the finished attic to make it a 3 bedroom.  Utilities are all separated, the house need some updating but no major Cap Ex in the very near future anyway.  

After some negotiation, he is willing to take $330k for the property as long as we delay closing for a month in order for his sister who is living there to find a new place.  

I guess my general question to the Worcester investors out there is that I run the numbers and its still pretty skinny. I figure I can get $3200 to $3400 total for both units, the mortgage would be around 1700, taxes around 420 a month, throw in some rainy day money for repairs and cap ex and im not looking at a crazy cash flow or ROI. However, I feel like you can't really find a two family in Worcester for that price in this decent of condition. So even though the numbers aren't great, does it still seem like a good deal...maybe a 6 month flip? It's hard to find a rental property in the low 3's anywhere in the greater Boston area it seems in general.

Would appreciate any general advice. 

Hi Nick,

You are absolutely right that you cannot find duplexes in decent condition at that price in worcester

Furthermore, depending on condition, size and location you might be able to get more on those units.

With a quick look getting two units for about 165k each is not the best but its not the worst either in worcester.

You also mentioned a finished attic which may also be a value add in the future. But without more info I can't say too much here.  

You mention the condition is decent but it seems like it needs work and I think thats going to be the deciding factor as to whether or not its worth it. You need to find out how much its going to cost you to get it to rent at market rent and make sure its also in area that has a strong rental market. 

Hey Everyone,

Please join us for our Monthly Simplified REI Meetup Hosted by Candor Realty of Greater Worcester !

This event will include a presentation by two investors who will be taking a deep dive into their successful RE Journey of flipping homes and acquiring off market properties!

Q: What exactly is a Simplified REI meetup?

A: SREI meetups are completely free networking events tailored to educate the community on the power of real estate investing in pursuit of financial independence! Like Minded folks get together to share experiences and answer some of the many questions you may have about investing in real estate. Our attendees often include local investors from many surrounding states, real estate professionals (agents, brokers, hard money lenders, mortgage brokers, credit unions, attorneys, CPA's, property managers), and more.

Whether you are a seasoned investor, just starting to build a portfolio, or if you are just simply curious about investing in real estate, you will certainly find value in receiving FREE information on how to make your investment happen!

Hi Matthew!

Thanks for posting this. My team and I are all investors and agents. We focus on Worcester county but also have teams in other areas like Boston. We are more than happy to help you or your clients and if you're in the area feel free to join us at our Simplified REI Meetup on Feb 15 from 630 pm to 830 PM at the Bay State Brewery. It's a free event dedicated to educating people in regards to real estate investing. All in all we have a variety of experience with different strategies so feel free to connect!

Hey Everyone,

Please join us for our Monthly Simplified REI Meetup Hosted by Candor Realty of Greater Worcester !

This event will include a presentation by an investor who will be taking a deep dive into her experience with investing in real estate using a variety of strategies including midterm rentals. She was also featured on the Biggerpockets rookie podcast!

We are very excited to have Jessie Dillon share her presence and experience on February 15th 2023 at the Bay State Brewery in Worcester from 630-830 PM.

Q: What exactly is a Simplified REI meetup?

A: SREI meetups are completely free networking events tailored to educate the community on the power of real estate investing in pursuit of financial independence! Like Minded folks get together to share experiences and answer some of the many questions you may have about investing in real estate. Our attendees often include local investors from many surrounding states, real estate professionals (agents, brokers, hard money lenders, mortgage brokers, credit unions, attorneys, CPA's, property managers), and more.

Whether you are a seasoned investor, just starting to build a portfolio, or if you are just simply curious about investing in real estate, you will certainly find value in receiving FREE information on how to make your investment happen!

Here is the info for this month!

https://www.biggerpockets.com/...