All you need is a $30 diamond blade for your skill saw to get started and a cheap diamond drill bit for punch holes.

Since I knew I had more cash with which to invest, I kept analyzing deals in my town, and kept looking.About 2 weeks ago, what would nicely be called a diamond in the rough came on the market and I went and looked at it.

I'm not sure if the term diamond in the rough applies, but it leans itself towards it with that return!

You also must check out the Black Diamond event that is in Waltham (2nd location in Worcester as well) that @Ann Bellamy is one of the founders of.There is also the Boston Area REIA which would be the other super close one for you.

Hey Everyone, I have been working with an investor trying to find a good rental property to go in on and I think I might have found a diamond in the rough.Here it is: Asking $582,00012 unit 3/2 apartment buildingAll units rent at 900/month so $10,800 monthly or $129,600 gross yearly profit 20% ($116,400) down at 4.1% over 30 years = $2,250 mortgage per month 50% rule deducts $5,400 Total costs: $7,650/month which leaves $3150 net profit per month or $37,800/year COC return: $37,800/$116,400 = 32.47%These numbers look very strong to me, but once again I would like the eyes of seasoned investors to look them over an see if there is anything I missed. 

While, there may be distressed properties not vandalized, that might also have a good price, they are diamonds in the rough.What is nice about this property though, is although it might not be super profitable, it will be easy to just walk into, with a renter already in place.

Being in Winthrop you should check out the Black Diamond meeting in Waltham for sure.

You just missed the Black Diamond meeting in Waltham Tuesday which is a great one to go to (2nd meeting in Worcester too).  

If you haven't been to a Black Diamond REIA meeting yet you should join us at the next one in Worcester is June 16 at the Compass Tavern at 6PM if you want to meet for a coffee or something stronger and to chat about the market here send me a message and we can work something out. 

He actually presented at my Black Diamond networking group on the situation, it was so bizarre.