All Forum Posts by: Tim Wilkinson

excellent. Thank you so much @Darlena Jones!

thanks. Would that involve subdividing into three parcels, one of which has the road and shared taxes and responsibilities by the other two?

Hello BP Community,

I am looking at a property 5 minutes from the beach in MA. Here are some details:

• Inherited by 6 siblings
• There was a $450,000 mortgage originating in 2005 when the value was probably $700K or better. (Estimate $360-370K remaining)
• Land alone assessed at $350K
• Home is a complete remodel even though a couple rooms have been redone in last 10 years
• There are comps within a mile that sold for low 600s with less than 1 acre. 

Logic tells me that if I figure the extra land is worth $200K, that if I refinish this home to rival the others, that I can market it in the $800s.

I've considered subdividing it, but it is 30' short of frontage to have 2 homes unless they are semi-detached by use of a breezeway or garage. 

They are looking for $490, which I believe gives each kid $20K or so. I cannot count on subdividing, and selling a semidetached in this area would be difficult. I considered propositioning town on  a shared piece of unbuildable land with common driveway or private road, but again no guarantees.

My main question is: Is the extra land valuable to most? It's all ledge and not flat, but still very private. If I could count on the land being worth $350, at least that's a certainty. 

Any other advice about any part of this is welcome.

I thank you all in advance. 

TW

He's from Attleboro. One click is all it took haha.

Welcome, Clarence! This is a great place to learn just about everything you need to know. It is full of great info, podcasts, tools, and the most important thing of all:

PEOPLE! 

Hello all,

I have a new site that will be live in the next week. 

I am looking for other members who would like to share backlinks to our websites and/or blogs.

It is preferable that they not be wholesalers. 

I am looking for realtors/lenders/brokers/attorneys/marketing folks or anyone who has a website that is in the real estate industry. 

Of course, before agreeing or adding my link and myself adding your link, we will each have an opportunity to review the sites to be sure that we want to be connected to each other. 

Anyone interested, please inbox me.

Cheers!

I think we are still talking about apples and oranges. In Fitchburg, a two bedroom apartment can rent for $750. In Everett or Chelsea, the same apartments are $1600. 

A full analysis is required on each deal to know which is the better investment. 

once the condos are created, you'd need separate permits for each unit as well. Location is everything concerning condo conversions. In good towns they work. If the neighborhood has a lot of renters, you may sit on it awhile. 

The beauty is that even if you sell one and the other is slow, your exit strategy can be to rent it and be okay (lease option or one year lease)

there seems to be a great many homeowners where values were way up a few years ago that just haven't accepted that the value is diminished quite a bit. I think it's typical for all the great towns in MA. I've seen it from Southborough to Harvard to Noth Andover.  

The sellers aren't motivated enough for the kind of deal you want to make. Dan has a point, Haverhill and Lynn and Lawrence and towns like that are going to be much easier to purchase in...

I just moved to the area myself. How are you getting your leads, through wholesalers?

Welcome, Ralph. I live in Groveland now, from Northborough. I'm getting familiar with the market and doing some wholesaling. Also, I have two passive investors that want to flip North Shore in the Spring.

Have you been going to any REIA locally?