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All Forum Posts by: Meghan Reed

Meghan Reed has started 5 posts and replied 99 times.

Post: Investor and Manager from Massachusetts

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

Hi @Mike Beaudry, welcome to the site. I'm in Suffield so we're practically neighbors. There is a Western MA REIA group with a lot of great local investors which meets in the Springfield area. This month's meeting is at Monte Carlo Restaurant: 1020 Memorial Avenue, West Springfield on Tuesday, January 19, 2016 at 6:00 PM. Come join us if you can.

Post: New guy from western MA

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

Hi @Paul Duval, welcome to the site. It's a treasure trove of information so please check out all it has to offer. The podcasts are great and very motivating. Also, there is a Western MA REIA group which meets monthly. It's a really great way to meet other local investors. The next meeting is at Monte Carlo Restaurant,1020 Memorial Avenue, West Springfield on Tuesday, January 19, 2016 at 6:00 PM. Hope to see you there.

Post: How many of you are charging application fees?

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

Totally agree, @Steven Gesis.  Our app states that the fee is non-refundable.

Post: New Investor from Western Massachusetts

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

Hi @Shane Clark, welcome aboard!  You'll love the site.  Soak up all the glorious free education and learn, learn, learn.  Your goals seem totally feasible if you put your mind to it and house hacking is a fantastic way to start. 

I hope to see you at the next Western MA REIA meeting.

Post: How many of you are charging application fees?

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

I charge $35/adult.  We have had to turn down a couple people after running their credit history and while they weren't thrilled to lose the money they understood it was non-refundable.

Post: NEED HELP ASAP-25hrs! 2 properties - which do i buy?

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

I agree with many others.  Neither of these are a good investment.  Find a property where you can actually make money every month once you're out of there to help fund future investments or help pay your next mortgage or rent.  If you don't, you'll likely be kicking yourself down the line.

Post: Tax Accountant/RE Investor from San Diego, CA

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

Welcome to the site, @Charlie A.  It's great for you to have the skills of tax accounting in this game.  They will serve you well.  Way to go on the prior purchase.  San Diego is a pretty darn pricey market as we all know.  I myself would love to spend every morning walking the beach in La Jolla but I sure as heck can't afford any property there now.  Hopefully you'll be able to pick another one up soon enough whether local or not.

Post: re: bad investments

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42
Originally posted by @J Scott:
Originally posted by @Ryan Mullin:
You are entirely to "nit picky" to be investing in real estate.  From what I can gather your husband "gets it" and you are nervous and scared. 

....

Our contractor failed to send the test in...  guess what he's busy doing actual contracting.  Welcome to dealing with contractors. Guess what...  we lost money too.  We lost time.  Still losing time as I type this.  

I'm not jumping into the he-said/she-said and taking sides here (I don't know any of the parties), but after reading this post, I'll throw in an unsolicited opinion and a piece of business advice...

As a business owner, this is the WRONG way to be dealing with customer issues.  Badmouthing a potential customer -- who's biggest mistake is likely just being new, naive and paranoid -- in a public forum is not good business practice.  Especially given that many of your customers will be new, naive and paranoid.

As for your second statement above, it sounds like you agreed to get a mold test done and your contractor dropped the ball.  Sorry, but this isn't something you just chalk up to, "Welcome to dealing with contractors."  You told your customer you would do something; then you didn't do it. 

I've purchased hundreds of houses (i.e., I'm not new, naive or paranoid), but if I were told by a representative of mine that they would handle something for me, didn't handle it, and then just blamed it on a bad contractor, I'd be pretty pissed too.

The fact that you can blow off the fact that you didn't follow-through on the mold test you supposedly agreed to makes me wonder if you weren't just as nonchalant about agreements you made with the sump pump and the windows.  You may think these things are minor, but it's understandable that a customer wouldn't find them to be minor.  

This all goes right to the heart of your role as a turnkey seller -- you need to be TRUSTWORTHY.  And your comment above about the mold test doesn't instill much trust from me.

Again, I don't know you (or the OP) and it sounds like others here have had good experiences with your business, so maybe you're just having a bad day.  But, my suggestion is that, in the future, when you have to "fire a customer," you do it without the name calling and perhaps an apology for when your contractors may have dropped the ball.  If it weren't for your post above, I would have walked away from this thread with a relatively positive opinion of your company (based on others' comments and your other posts); but after this, I'm walking away thinking just the opposite.  

My opinion probably doesn't matter to you, but just think of all your potential future customers who may read this thread and walk away with the same impression I have...

I have to say I agree whole heartedly with Jay's sentiment.  They say that the customer is always right for a reason.  Are they actually?  Definitely not always.  However, it sure doesn't make a business owner look good to bad mouth customers who have put their time, energy, and money on the line to take a chance on doing business with them.

Post: re: bad investments

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42

@Laurence Walsh-Hodson It is typically not a great idea to choose long distance for your first investment property.  It's possible that the experience could ruin you as an investor altogether.  Try to find a property somewhat close to home so you can get your feet wet and establish your systems and best practices before jumping to something out of state.

Post: The Occupants from Hell!

Meghan ReedPosted
  • Investor
  • West Suffield, CT
  • Posts 106
  • Votes 42
Originally posted by @Will Barnard:

As usual, today will not be the day again. There are a couple pending issues so the judge has ordered a conference to make sure all is cleared up before hearing trial on this matter. Pending today's outcome, the judge will set trial tomorrow.

 Grr, not at all surprising but still annoying.  Hopefully your day will come soon enough...