All Forum Posts by: Timothy Gagnon

He's being petty and unreasonable, but then again maybe so are you over $200. What did they mean when they said "I told you we're not the type of renters you rent to" was the experience poor for them due to other tenants on the property?

With that said I'd send him the Notice of Payment Due with your attorney's business card stapled to it and instructions for mailing the check. Good luck =).

I did a forum search for his name after finding his series on REI on Amazon prime.

Seems to be a fairly typical guru but I haven't heard anything that I hadn't already heard on BP. 

Actually the BP versions tend to be much more in depth as there's usually 3 points of view on any given subject.

Fall River is a tough city, the drug and crime situation in particular. But there is a real strong group of hard working folks that are keeping it from deteriorating into a pit of despair, lots of entrepreneurs and small businesses and with the industrial park we're slowly but surely attracting some job providers... we'll see what the next 5 years brings.

The MA CCC https://mass-cannabis-control.com/licensing/ is a good place to stop and spend some time.

The red tape to work for or invest/own in these companies is extensive. I believe there is also about 5 times as many applicants as there are available licenses at present, with the application process taking at least 12-18 months, costs close to $50k and requires facility blueprints. 

While it's probably not too late to get in on this, you're definitely behind the curve. (the next 3-5 locations in Fall River where I am have already been announced despite being 6+ months away from opening). 

To already own an available commercial space that one of the companies would choose to lease in is a long shot. Many of these companies are just buying the properties out right. 

Find your top realtors in your area who are doing what you want to be doing and offer to be their assistant for little $$$. However, for the time involved with finding, screening and meeting prospects, walking properties, door knocking, sending mail and reporting the info back to the agent, I would argue you should just be the agent. 

You seem to be pretty adamant about not getting your license and I can't help but ask why not? It's not difficult, costs less than $1,000 and you will make it back on your first deal. Every $1,000 after that is cash on cash % profit. It's one of the best INVESTMENTS you can make in the Real Estate Investing space. 

Hey guys, just curious as you go through your Education phase and now perhaps in your Development phase, what news sources do you guys follow? Are there any Real Estate specific news outlets that I don't know of? Preferably content focused (not pitching or click bait).

Examples might include;

Bigger Pockets Forums

Realtor.com

Forbes.com/real-estate

Local Newspaper

Etc. 

Thanks in advance.

I'm a new homeowner, the description of which is in the investment section of my profile. Basically a duplex/hack from a family member, I'll be here for a while to take care of my grandmother but eventually will be looking to rent entirely and move to a single family where I may do it again. 

I found Bigger Pockets  by following a 3-4 month podcast binge that started with Dave Ramsey. I'm a full time employee and one of the programs they started running was general personal finance programs and DR was their main suggestion. And while he was extremely influential in how I view consumer debt and structure my budget, I was already a bit ahead of the game having had no debt but my mortgage. So I started looking for other financial podcasts that talked more specifically about what to do once you got your financial house in order and had some money to invest.

That took me on a circuitous route to BP. About 10 years ago I took the RE Course and never sat for the exam and am now kicking myself. I intend on getting me RE License in the next 9 months and will try and use that to expand my sphere. I'm in sales now and deal with relatively wealthy individuals (dentists) on a daily basis and am very comfortable with large numbers, business analysis and some of the nuances of investing. 

I don't know exactly what my eventual goals will be, but owning a few buy and hold rentals free and clear over the next 20 years sounds like a decent start. 

Thanks in advance for reading!

Google docs spreadsheet for a budget. I've been tweaking it and adding formulas for about 3 years. It now has my entire financial statement on it. 

Essential elements;

1) All Expenses, categorized by type. Fixed, removable, variable, etc. In both weekly/monthly/yearly format.

2) Income by source. In weekly/monthly/yearly.

Subtract 1 from 2 to get personal NOI.

3) All Assets & Liabilities

4) Net Worth. Subtract 4 from 3. I time stamp it every quarter so I can see my Net Worth growth over time.

5) Future expenses listed. 

6) Goals listed. 

7) Tax Bracket info. 

8) Useful links (Bankrate.com mortgage calculator, BiggerPockets, etc.)

9) My House Stats - including equity, interest paid to date, PMI paid to date, etc.

I've created similar budgets for friends and family as well and help organize them for them. 

Investment Info:

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

Purchase price: $160,000
Cash invested: $20,000

Family purchase from Grandma. She's downstairs in the 3BR until she can't be anymore and I'm upstairs in the newly renovated 2BR for the forseeable future. Will be a full rental eventually.

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

I was already looking when I learned my grandmother was in dire financial straights, negative cash flow and in a reverse mortgage, someone needed to step in, cash her out of her equity while allowing her to continue to live there.

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

The family heard I was looking and told me about the situation.

How did you finance this deal?

Traditional 15+1 ARM @ 3.865%. Will refi into a 15yr fixed within the first 36 months.

How did you add value to the deal?

I completely renovated the 2nd floor apartment and dressed up the yard, fenced it off and made the basement hospitable.

What was the outcome?

Still living there but eventually this will be a free and clear rental property within 10 years or so. I may HELOC it to get a DP for future endeavors or not, we'll see.

Lessons learned? Challenges?

Yes, rehab can be extremely costly without knowing the trades yourself. Spent $5k on sheet rock for 300 sq. ft., also spent $3k to put in a brand new bathroom with dual sinks and new fixtures. The former was a screw job, the latter was a good deal, need to know what you're doing.

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

My local Credit Union is carrying the note, I'm not sure if they're a portfolio lender but I'll do a few more deals with them.

Another landlord told me that so long as I'm the owner and I DIY it to code (I'm surrounded by licensed tradesmen), permits, while encouraged, are not required.