All Forum Posts by: Tim Wilkinson

I would think that the rent rolls would be a more solid reassurance. If they've never struggled to make rent, associated CAM payments (if there are any), etc., then it seems safe (for 8 years at least). 

40 miles from Boston odds are really good that it is a great location. It is a very lucrative business, especially in MA. Be sure to check for complaints with state. I can't imagine a daycare having been around that long without a complaint. 

I can see no reason they wouldn't renew the lease, unless they were sellling the business.  In that case, the new owner would be your tenant for the next 10+ years. 

There are a hand full of towns within 40 miles of Boston that are way riskier than the other 90% of towns. 

Hopefully that helps. Good luck with the deal!

@Paul Martin I forgot to tag you in the above post 

Hey Paul, 

Fitchburg has great cap rates, an influx of students annually, and all the signs of a mill town that is struggling to survive. Becasuse tents are a little cheaper than say, Worcester, many renters flock there. The market is good, tenants can be high maintenance on lower end properties, but the ROI is so good usually, that management fees are a no-brainer.

I'd be happy to discuss the property. I have in-house maintenance that is in Worcester area, about a half hour away, for most issues. 

Tenant relations are everything in MA. Setting up e-mail relations with tenants, and even text can be documented. These are preferable modes of communication. MA is very tenant friendly, so professionalism always. 

Good luck with the acquisition. If you have questions about rent rolls, etc. let me know some details and address.

Thanks for reaching out!

Tim

@Steve Porcello congrats! 

I am taking mine next Wednesday. I am in a similar quandary. The difference may be that I blew through savings in two years of wholesaling and attempts to capitalize fix and flips/condo conversions. 

 As an ex-GC in two states, I thought it would be a breeze to partner up with folks with a little more stomach for risk. That isn't the case, and I likely won't do my first deal until I capitalize it personally. 

I have a couple property management contracts for cash flow (need 25 more to sustain), but am now in the situation to make a decision like yours. 

I have a small broker willing to do a 90/10 split on anything (rentals-sales), but I'd be on my own 100% to market,  but now that I'm cash poor, I'm struggling with this decision.

If I go with a KW or Coldwell, I have a shot at leads and opportunities to network with buyers by doing other folks' open houses and showings. 

It could be worthwhile for you to put in the 25 hrs weekly required to get brokers license with a known brokerage. The networking alone can't hurt, and as a buy/hold strategist, having extra capital to leverage your income/debt ratio can't hurt. 

My two cents. Best of luck to you on the south shore.

Hey all. Trying to figure out how to help my old man out. Here is his situation. 

He lives in SC, but owns an investment property in FL. This mortgage would be for the investment property. 

He is 69 years old (maybe that's useful)

Credit 700-750

The house payoff is $55,000

The value currently is about $70,000.

Looking to put $30,000 in rehab cost
ARV estimated at $120,000

He wants me to manage the project as owner/builder with POA. I can self-perform more than half the rehab. I can't do it for free. I would be going to FL from MA and househacking the remodel if possible.

FNMA Homestyle reno loans do not compensate for sweat equity, but they do offer refi/rehab for investments. 

Are there other options I may be missing?

Thanks in advance!

no. Load bearing walls, decks, roof framing, lally columns, etc. 

if you're careful, you can find rehabs that need nothing structural even if it's a gut.

correct. In MA, the rules in 1-2 family dwellings is different. 

If you are doing anything structural on even 1/2 families, you MUST have a CSL. That even includes building a deck. 

Full text here: http://www.mass.gov/eopss/consumer-prot-and-bus-lic/license-type/csl/homeowners-faqs.html

What is the location, @Account Closed? I am on the North Shore and I am a Property Manager. We self-perform a lot. Hopefully it isn't as bad as it sounds. If you need eyes on the ground here, we may be able to fix your issues and prevent a repeat with the next tenants... Feel free to reach out. My info is on my page. 

Hey everyone,

I am a real estate investor in Salisbury, MA. At the beginning of this year we started a Property Management division for my company to increase cash flow, so we can get into more deals. 

We self-perform almost all maintenance and have great rates with top notch service. You will forget you have property until you get the check each month. I would love an opportunity to win some of your business.  Feel free to reach out on here. There is a Property Management link on my website as well. (See profile)

Thanks and I look forward to doing business with you!