All Forum Posts by: Tim Wilkinson

Hello BP, I have flipped a few homes and wholesaled a few properties, but the question I have is regarding my primary residence that we just bought in April 2021.

We bought the home from a flipper that has done dozens and dozens of flips in the area (Seacoast NH).

I received a letter from the town the other day that would like to inspect all work that was done by the flipper after the fact. There were interior repairs and updates that were done, and some repairs of siding and deck. 

The only thing they pulled a permit for was the new roof and the new septic system. I’m assuming that’s because the subcontractors that did it would only do it with a permit. The rest of the work was likely done in-house or with friendly contractors that would do the work without a permit.

why would I grant them access to my home when they only person they will hold responsible for anything that was not done correctly is me? As I said, this LLC has done many many jobs in the area. I live on the busiest road in town, a state road, and there's no way in hell the town did not know there was work going on here and just decided to wait until I own the property to hold me accountable for anything that's not right.

Has anyone encountered this situation? I’m sure it’s common. Thanks in advance for any advice or knowledge you can offer.



@Andrew Postell Also, it would be the LLC that we did the deal under that would be refinancing, not a personal loan.

I believe the two units would appraise around 580-590K.

@Andrew Postell I bought a property and rehabbed it with 412 from lender and rest out of pocket. It was a 2 family legally. During possession, I converted the two to condo units. They are both on the market, but the market went soft.

I’m wondering if I could borrow 500,000 to pay off the old loan plus personal loans and rent the two units. We would occupy one and my FIL the other. I could pay up to 7% interest only and sell these units in a year or two or three when the market recovers.

I’m not sure if this would take two separate mortgages, but they are all under one loan now because of the nature of the project.

I have a hard money loan in two condos that I converted from a single family with in-law suite to two condos.

The market is way slow and I’m getting killed with interest. We have about $120,000 in the deal.

Is it possible to get an interest only loan for $500,000 for up to 5 years to pay off my lender and then I’d move in one condo and I have a renter for the second condo?

Is this something private lenders will sometimes do? All of my money is in this project so I’m cash poor at the moment.

Thanks you in advance BP!

Hello all,

I am looking for someone who has condo conversion or development experience in NH. If you or anyone you know is, I’d appreciate the connection. 

I am beginning a two family condo conversion in greenland/Portsmouth area this week. 

One big question: are there plenty of buyers that would purchase a condo if it had over an acre of land to maintain? 

It seems that some buyers might like having a condo with open spaces that are limited common areas they can call their own. It would be closer to home ownership without the whole burden of exterior maintenance. 

Would like to learn about subcontractors and strategies with DES and town. 

Thanks in advance!

I all, I am looking for a SFR or Condo (off market-I am a realtor) to rehab and sell for a profit.

Purchase in <100K-200K range with updating only... No gut rehabs. 

Central or Northeastern MA (Worcester, Middlesex, and Essex Counties)

Southern NH

PM me if you know of anything, 

@Sean Loughran I am interested in off market residential North Shore and Metro west and Merrimac regions. [email protected]

Thanks! 

Hello BP Community,

I am looking for MA investors to work with. 

As your buyer agent, I offer a ton of value. I am an experienced GC, flipper (including condo conversion), and wholesaler. I make a habit of previewing questionable properties, giving full income/expense analysis, and superior negotiation skills to your real estate acquisitions. Give me a shout to discuss your goals. 

As your listing agent, I will get you top dollar with the least headache. Accompanied showings 100% in occupied properties. As I said above, you also get an agent with superior negotiation skills. If you are considering selling an investment property or your primary home, I am your guy. 

In service,

Tim Wilkinson

Visit me at http://[email protected]

@Dave Foster thank you. He did some relatively major capital expenses that could cushion the blow some for sure. That may be the angle we have to take.

I also just read that you have to begin the 1031 process within 45 days of sale of the relinquished property, so he’s already passed the deadline anyway.