All Forum Posts by: Tim Wilkinson

Hi Monica, Welcome to BP. Are you planning on working as an agent or actively/passively investing in RE?

I agree that four is good: 

1 Western MA

2 Worcester County

3 Greater Boston 

4 Cape and Islands

Hey guys, 

I have a property that I should have under contract within the week in Worcester in Greendale area between West Boylston St. and Burncoat. 

It is a multi with a bonus. 

I don't want to give to many details. I want to rehab this property and am looking for a partner to finance the flip. 

I am not opposed to wholesaling it if I cant find financing, but this is one I really want to put a stamp on. 

If you have any interest, I mean serious interest, please let me know. I appreciate your interest in advance.

Thanks, Michael. It is an owner occupant and it was a cash sale. He had to borrow a little from family and he is doing a cash out refi as we speak. The closing was mostly painless, except for a two day wait for a mortgage company to send an overlooked confirmation of assignment that had never been recorded.

Hello BP community,

My family must move and we are not quite in a position to purchase through a bank. I have been in business only 6 months in REI, so my income is not worthy of a loan. My wife earns a 6 figure income, but properties near Boston are very expensive and she has a foreclosure on record from 7 years ago with her former husband.

However, her company moved this week and will increase her commute to 2 hours each way five days a week. Needless to say, I can wholesale and rehab anywhere, so I have to move closer to her work. 

I am interested in buying a home (hopefully one that is owned free and clear) from an absentee owner that needs to be rehabbed. I am a retired GC in Massachusetts. Is it reasonable to think that a homeowner who has a burdensome property here would allow me to rehab it on their dime, and then purchase the home under a land contract? 

Unless the seller has cash for rehab, there is a good chance they will take out a HELOC on the property and they would no longer own it free and clear.

My sweat-equity in the rehab would be for a pre-determined price, I assume, and could be applied as a down-payment. The thing is, I would want that money to be available for the actual down payment when I pay off the land contract with bank financing. 

Hopefully that is clear enough and you all see what I am trying to do. Any and all advice is welcome. Thank you all in advance.

After all that, I ended up wholesaling this property to an owner occupant. I made $7,000 on the assignment. It was the safest way for me to make money on this deal, as it is a lower income area and far from anything I'd want to buy and hold as an exit strategy. 

Hi Paul,

Could I have an email address and cell number? I have photos to text and details to email. Thanks a lot fore your interest. I will get the info to you ASAP. 

Hi Paul,

Could I have an email address and cell number? I have photos to text and details to email. Thanks a lot fore your interest. I will get the info to you ASAP.

Thanks,

TW

Sorry for the slow reply, Paul. I was in Ontario for the weekend and just got home. I will send you all the details in the morning. I appreciate the enquiry. I am meeting a sub at the site tomorrow and Tuesday for significant pieces, but my estimates will not be far off. I've been in Construction in many capacities for 25 years from Carpenter to Facilities Manager to General Contractor. 

All the best,

Tim Wilkinson  

Lynn, I recently took advice and went to ListSource and put in the following parameters and received a beautiful direct marketing list:

I put in the county or counties I want to buy in. 

I choose absentee owners.

I choose :In Tax default

I choose: Has at least 20% equity.

I paid $53 for 291 names, addresses, etc. I only sent 55 of those a post card on my first mailing and I have had four responses, one of which I just put an offer on. 

I'm sure you can see how these lists pay for themselves. Best of luck to you!