All Forum Posts by: Timothy Walsh

I need some help with seller financing, ideally anyone in Massachusetts. A friend of mine and his fiancé just bought a house in Braintree (pretty hot desirable market) and their neighbor approached them and said "hey we're looking to sell, if you know anyone we won't want to use a realtor."

My wife and I were planning to buy next fall, as we're still in our lease til August, but it's a great property (havent seen the inside yet) but it's a great project for us as it will definitely need work and exactly what we want.

Unfortunately since we have some wedding debt we're paying off, we likely won't qualify for the mortgage we would need on the place so I want to possibly suggest seller financing.

How do I word this to them or approach them with the idea? I have listened to some podcasts on it and I love the idea since it will hopefully be a win for all parties involved I'm just unsure about how to approach them without sounding like I don't know what I'm talking about.

@Jonathan Bombaci

Those are awesome numbers. Amazing numbers, how long have you been investing? That's a great find in Massachusetts these days. Certainly something to aspire to!

@Jonathan Bombaci

Thanks for sharing. Looking forward to seeing you complete this deal. Great to see deals being made when markets don't "support" this. From what I hear, deals are always available... It's just how hard you try to find them.

@Shaine Grogan

Shane you need to check out the Real Estate Addicts podcasts. It's 3 developers, one of whom is @Ray Hurteau, specifically in the Boston area who have done work in South Boston, East Boston and surrounding. They have many episodes that have knowledge specific to exactly what you're doing, including a episodes specifically on zoning. (But don't just listen to that episode, because all of them provide great info and it's more or less and pertaining to Boston). Good luck. I live in Jeffries point so great to see the neighborhood getting renovation!

@Ray Hurteau I agree with @Enis Shehu the podcast is fantastic. I listened to a ton of Bigger Pockets but the REA podcast is awesome because it's local, and especially since we can't be 4 families around Boston for $40k. I've been cramming the podcasts and I'm already on episode 22. Will likely be reaching out to you guys soon to bounce some ideas.

I'm curious if there are laws against being a landlordi n 55+ communities. Specifically South Florida. There are a couple neighborhoods near where my father lives that have very low cost units for sale and some of them appear to be rent-ready, and some that have been previously rented. I tried to look up some info as to whether or not you can own and rent out a mobile home. I know they most likely have maintenance/HOA fees but I'm seeing some rent out for $1 500+ that have mid $500s HOA and they are for sale for near $10k.

Seems like a no brainer, no?

What am I missing here

I'm curious if there are laws against being a landlord in 55+ communities. Specifically South Florida. There are a couple neighborhoods near where my father lives that have very low cost units for sale and some of them appear to be rent-ready, and some that have been previously rented. I tried to look up some info as to whether or not you can own and rent out a mobile home. I know they most likely have maintenance/HOA fees but I'm seeing some rent out for $1500+ that have low $200s HOA and they are for sale for near $10k. Seems like a no brainer, no?

@Thomas Guertin

Hi Thomas,

The percentages you listed, are those on the rental income or are those on the cost of the ARV divided by 12 months?

I'm starting to look at places to analyze but I'm not sure how to calculate repair costs and capital expenditures

@Mason Hickman

Hi Mason,

My wife and I grew up in sandwich, we're in Boston now but I still have some friends that live in the area. I would be interested in the meet up next month, even if it means the travel. I am definitely interested in finding and making some contacts as I know the Cape is a huge rental market, whether year round, seasonal or short term.

Hopefully you get enough interest to hold the even!

@Ray Hurteau

Ray, sounds great. I'm (obviously) new into the process of Real estate in general, but I have definitely heard of costs going up. I agree with you on the sweat equity and I am no stranger to it. My wife has me building shelves, furniture or creating pieces for our apartment and I have a limited amount of tools at my disposal, and still save money versus just buying the end product.

I have some more due diligence to do, but you're absolutely someone I need to talk to when I have gained some more traction in the analyzing process.

Glad to be here!