All Forum Posts by: Robbie Reutzel

That's great Ned.  Where do you own your properties now?

Hi @Marlana Elliott

It's really impossible to say unless you tell us your goals, skill set, available capital etc.  Are you broke looking for something to pursue as a career or do you have a profession and are looking to supplement your income and/or save for retirement?

-Rob 

Hi @Zach Welner

I am not sure if you deal in anything commercial but we would be looking for small apartment buildings, off-market if you come across any.  Anything ~6-50 units (bigger if you find it and the numbers look good).  I am an attorney, broker and investor in the Boston area but have family in Tampa who own some commercial real estate.  My partner and I are looking for multi-family.

If it's better we can set up a call to discuss.  I am actually in Tampa now but leaving tomorrow morning or else I would set up a quick meet-up.

Thanks,

Rob

@Eric Drewniak

Great job taking the plunge!  Most don't even get to that point so it's commendable.  Your goals are absolutely doable.

I look forward to meeting you in person in the future at one of the many local meet-ups. I suggest Black Diamond which meets in Waltham and Worcester every other month as well as the Chelmsford REIA. Mike Hurney's meet-up in Peabody is also good.

Best!

Rob

@Phil Reames, you are absolutely correct about trusting the process and taking action.  Too many give up too fast.  If you can't commit to 12 months of solid marketing with REALISTIC expectations you're probably not going to succeed. Sad but true.

@Account Closed, I love the approach of going to the courthouse.  I have never done this and I suspect not many people are which means it's a great thing to do!  Always good to be different. 

Keep calm and market on!!!

Exactly, there are opportunities everywhere they are just fewer in number in some places over others.  Good luck to you.

@Dale Beach,

I am not from Portland and don't know that market at all but am down in the Boston area.  

I love the city but how is the market up that way?

Good luck,

Rob

Welcome @Abby Rausch

I am an attorney, broker and investor out of Winchester MA.  We buy deals within an hour of Winchester and have several we are working on in Gloucester and Beverly.  If you have anything that would interest us please do reach out.

Thanks,

Robbie

Hi @Derrick H.,

It depends on what the end use will be. Assuming it's buildable, if you are selling to a developer who is going to do a new build you need to know what his building costs will be and then determine ARV by comping it out and then back out how much you can pay for the land.

For instance, say the $/sq. ft. is $100 and you've mostly seen 1500 sq. ft. 3 bed 2 bath houses selling for $300K in the area. Building a 1500 sq. ft. house would cost $150,000.00 If the developer wants 12%ROI based on ARV he will need $36K in profit, there's also some soft costs, let's call that 12% as well.

So, to figure out your maximum allowable offer (MAO) for the land you would back it out:

ARV-Construction costs-soft costs-required profit-wholesaler fee=MAO

$300,000-$150,000-$36,000-$36,000-$10,000=$68,000 is your MAO

Obviously there are a lot of variables here and they will be much different in your market than here in Boston but you get the idea.  Of course this all goes out the window if it's not buildable or the end use is not a new build.

Good luck with it!

Hi @Keeya WangJones,

I think your friend means that you can avoid paying some commission if you act as your own buyer's agent because you would not need to hire one.  You will still have to pay closing costs which are usually 1-3% of purchase price.  Closing costs are generally broken down in to loan costs, pre-paids, and taxes and fees.  They do not include commission paid to realtors.  You really won't get a discount on closing costs by getting a license but you will save money on commission which is close to the same amount as closing costs so it might even out.  

Good luck.