All Forum Posts by: Thomas Murray

Hi Joel, I don't see any info on your R E boi so I can't tell your level of experience. This note is 10 months after the fact but these posts are a way for us all to learn and grow. What skills can you bring to the project such as maybe experience as a carpenter or an accountant. Maybe mngt skill. See what assets you have that would be of value to someone else if it were Their deal. Than find an investor who you could take a smaller position with. It suons like you might have had this offer under contract and you could wholesale the deal, and instead of receiving the wholesale $$, request that you get a % ownership in the deal. That's all for now. TomM 

Investment Info:

Large multi-family (5+ units) fix & flip investment in Dorchester.

Purchase price: $1,500,000
Cash invested: $600,000

Large residential with private driveway, garage parking, close ro buses, highway. Srilll undwe rehab.

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

I wasn't ! Manny the Rehab GC said I was approached by a person with this deal. Manny and I often drive 4 dollars and this came up.

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

Since it's a straight rehab b deal for a seller we didn't have to negotiate the price, I just had to back the rehab costs.

How did you add value to the deal?

A total, total gut job including redoing the electricity and heat. The City of Boston took months to approve the changes, the approvals take a while due too the huge volume in this market. So Manny and us we have to carry those carrying
costs. The project now at basic rehab stage floors and walls

What was the outcome?

We have another residence on the property with a non-conforming change fro single to 3 unit. City of Boston

Lessons learned? Challenges?

Followup, follow up, checking with licencing, communication with different vendors due to delays, evicting squatters, and ordering more dumpsters on a very tight budget . Due to length of project return on investment much longer and created a cash shortage for me.

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

2 of my mentors, partners from MA and members of the local Boston REIA groups Manny Perez of DNM, my partner and also R E agent, and Nick Aalrud of Completedealfllwsystem who hosts the local REIA Black Diamonds Real Estate Investors.
2 books and 2 Audio books by Grant Cardone hae kept me on course and focused, and continually challenge me to question the status quo. I work full time in the medical field, was director of the 2nd largest Army Medical hematology Lab in Europe. These field imbue com

Investment Info:

Large multi-family (5+ units) fix & flip investment in Dorchester.

Purchase price: $1,500,000
Cash invested: $600,000

Large residential with private driveway, garage parking, close ro buses, highway. Srilll undwe rehab.

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

I wasn't ! Manny the Rehab GC said I was approached by a person with this deal. Manny and I often drive 4 dollars and this came up.

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

Since it's a straight rehab b deal for a seller we didn't have to negotiate the price, I just had to back the rehab costs.

How did you add value to the deal?

A total, total gut job including redoing the electricity and heat. The City of Boston took months to approve the changes, the approvals take a while due too the huge volume in this market. So Manny and us we have to carry those carrying
costs. The project now at basic rehab stage floors and walls

What was the outcome?

We have another residence on the property with a non-conforming change fro single to 3 unit. City of Boston

Lessons learned? Challenges?

Followup, follow up, checking with licencing, communication with different vendors due to delays, evicting squatters, and ordering more dumpsters on a very tight budget . Due to length of project return on investment much longer and created a cash shortage for me.

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

2 of my mentors, partners from MA and members of the local Boston REIA groups Manny Perez of DNM, my partner and also R E agent, and Nick Aalrud of Completedealfllwsystem who hosts the local REIA Black Diamonds Real Estate Investors.
2 books and 2 Audio books by Grant Cardone hae kept me on course and focused, and continually challenge me to question the status quo. I work full time in the medical field, was director of the 2nd largest Army Medical hematology Lab in Europe. These field imbue com

 Simmy, Iwill send you a proposal of the land deal to your website. Banks have reviewed

the deal, we are looking for private funding

With perfect traffic conditions  probably  closer to any hour , off route 1 A Charlie. 3 sites were in cosideration at the time the project was proposed, I like the questions you bring up and even more the experience you have had. Reviews show you take more than the extra step neccesary to help others.  You also have an excellent capacity to persevere and problem solve.

Yes !Im not in a position to assess the final cost of the entire project,  and I will address your obsevations to the principle in charge. The land and landmark bldg. were bought from the town. They have several  use restrictions on the land and also had several goals on what  could generate income and provide usability for the town and it's residents . The proposal appears to meet the goals set by the town. My feeling is this is why we got a favorable price on the land. 

I will send out the proposal to your. Website. Thank you for your insights.  Tom Murray Boston Pain Center, Hyde Park

Wow Adam that was long but very well thought out and well explained. Rent vontrol desyryed seversl regions of NYCity about40 years ago. TomM

For Samuel : once you have finished financing VA deal the 1st SFH with 20% down wll be handled as 2nd personal loan , I think. Be sure your debt ( credit cards, auto loans, store card ) are 40 % or less. 3 0% would be even better. Respectfully TomM

The VA. loan for your personal residence ( 4 plex with you in one of rhem is fine ) is ONLY for the Vet buying the prop. If you seel prop in future tpu can purchase another Va deal

HelloSimmy, Thank you for youur reply. The principles are a brother Medical team-Drs Roberto and Ed Feliz. They own and manage three medical faclities in MA  at present and have the green light for this project from the town managers. I have Roberto's  permission to give you his phone # and he will talk to you personally about the project's.

Rbt Feliz Anesthesiology and pain mngt 781-727-1719

Feliz Enterprises is building a $ 200 MML + cutting edge international medical center wirh historical bldg and 20 acres in beucolic setting 30 min from aiport & downtown Boston. Town to be disclosed in interview to prevent land specultion. 

Key Investment Mngt and Tom Murray 617-821-5616. Land and an historic landmark bldg purchased. Excellent oppotunity & many moving parts to select your area of expertise and opportunity. Sanctioned enthusiastically by town board of directors.  TomM 617-821-5616

World class teaching Med facility, Concierge multi -service Hotel, restaurants, shopping and family friendly entertainment. Opportunities for investment; construct; land development. We would love to hear from you!

Key Investment Management  & Feliz Enterprises

$ 200 MML + cutting edge international medical center wirh historical bldg and 20 acres in beucolic setting 30 min from aiport & downtown Boston. Town to be disclosed in intervieew to prevent land specultion. 

key Invearment Mgt and Tom Muray 617-821-5616. Land and ahistoric landmark bldg purchased. Excellent oppotunity & many moving parts to select your area of expertice.and opportunity. Sanctioned enthusiastically by town board of directors.  TomM617-821-5616