http://www.realestateinvestor.comRealEstateInvestor http://www.realestateinvestor.com/media/blog/7885-Deep-in-the-heart-of-rehabs/?back=profile http://www.realestateinvestor.com/media/blog/7885-Deep-in-the-heart-of-rehabs/?back=profile Hello fellow Real Estate Investors, The blog title says it all. We have 2 apartment buildings in the middle of rehabs and moving forward towards getting them done enough to start showing and renting them out. Building Number One Building number one is a three family, or as we say in Massachusetts, a triple deckah. This one is moving along although I wish the electrician would get through his portion so we can start to button things up over there. Both the Plumbing inspector as well as the wiring inspector have gone through all of the newly installed services and have given their thumbs up to move forward. This was no small task either. This building had the pipes ripped out of it back when folks could get more than a pretty penny from a hunk of copper. So, needless to say, in this building everything from the town water meter to the sewerage drain pipe where it leaves the building is all brand new pipe. All vinyl and pex, so this plumbing job should last longer on the planet than I... Sat, 21 Aug 2010 21:08:11 -0400 http://www.realestateinvestor.com/media/blog/7814-Still-picking-up-apartment-deals-in-this-mark/?back=profile http://www.realestateinvestor.com/media/blog/7814-Still-picking-up-apartment-deals-in-this-mark/?back=profile Just chiming in with the latest status on the deals we were looking at. If you have been following along the blog thread, there were 4 deals that we lined up offers on while we were on vacation in June. 2 have already closed, 1 we dropped for too much bidding competition, 1 closes in another month from now. We are very excited to have gotten started on the first 2 closed building rehabs. The first was a 3-unit apartment for $70K. "I know" 70K!!! We have a construction loan budget on that one that is about $30K (construction loan 25% down / 75% wrap into the new mortgage) so the per price unit there will be just a tad over $33K per unit for the deal. Large yard, 2 car garage space for extra rental, and plans for a coin op in the basement. Gross rents plus coin op is looking like $2,500, with a net after stabilization of about $1,100.00 per month. This has a cash on cash hovering around 50% to 60%, which we think is fantastic. It gets better because at this price, once... Sun, 1 Aug 2010 14:08:43 -0400 http://www.realestateinvestor.com/media/blog/7728-Another-Day-Working-in-Paradise/?back=profile http://www.realestateinvestor.com/media/blog/7728-Another-Day-Working-in-Paradise/?back=profile "Things may come to those who wait , but only the things left behind by those who hustle." - Abraham Lincoln I really liked this one today. I am writing this blog from Eagle Beach from our room with an ocean view in Aruba. We are headed home today but this has been one of the most exciting "vacations" we have had in a long time. Last week before we left the states, we had one multi-family deal tied up and were waiting for the PSA for the second deal we had a price agreement on. We needed to get the PSA sent to us in Aruba, but that is another story for another blog. We DID tie up that deal and were able to receive and send the signed PSA back to our Realtor (who we love dearly). She has been spot on find us deals that match our buying criteria. 2 down while on vacation. But it gets even better. The first 2 days we were here, we were able to tie up 2 other opportunities to buy multi-family buildings on the MLS from our Realtor. So that is 4 deals in the works,... Sun, 20 Jun 2010 08:06:55 -0400 http://www.realestateinvestor.com/media/blog/7665-Loving-my-laminates-and-tickled-over-tiles/?back=profile http://www.realestateinvestor.com/media/blog/7665-Loving-my-laminates-and-tickled-over-tiles/?back=profile About a year or so ago there was a great forum post on this site started about flooring. There were a lot of good answers and great ideas in there and I was able to put some of those ideas into affect at our rental properties. Although we don't allow dogs because of the insurance restrictions in a multi-dwelling unit, we do allow cats. Now I know some of you out there are cat lovers, and every tenant we ever rent to with a cat tells us their cat is clean, fixed, declawed, or what ever they needed to tell us to get their pet in the building. However, cleaning the smell of cats is and always was a big problem in the turn over in our units. especially when there are rugs invloved. Nothing is more labor intensive then trying to clean the smell of "missed kitty accidents" out of the rugs in our rentals. In the past when we would rehab a unit, we did the sticky tiles over luan, or PVC tiles (Plastic Vinyl Commercial Tiles) in kitchens and bathrooms, and always did better quality... Mon, 24 May 2010 08:05:38 -0400 http://www.realestateinvestor.com/media/blog/7660-Coin-ops-It-all-adds-up/?back=profile http://www.realestateinvestor.com/media/blog/7660-Coin-ops-It-all-adds-up/?back=profile Just over a year ago, we bought a gorgeous Victorian multi-unt in our market. This particular unit is the first one we ever had that came with a pay coin-op washer and dryer. The funny thing is all of the tenants have their own washers and dryers in the same laundry room so we didn't think much of it at the time. We had even considered moving the coin-op to another building where we thought it would get more use. After a few months, just for curiousity mostly, we popped open the coin compartment to see that it was nearly FULL of quarters! How can this be? Everyone has their own machine. Why would they pay the coin-op when they have their own machine just steps away in the same laundry room? Well, it turns out that they don'y want to be stuck doing their laundry "all day" so they utilize the coin-op to cut their time in half. In their eyes, they see it as "getting half off at the coin-op" for using their own machine plus our machine. In my pocket, I see it as 100%... Thu, 20 May 2010 09:05:44 -0400 http://www.realestateinvestor.com/media/blog/7657-Don-t-just-sit-there-go-buy-something/?back=profile http://www.realestateinvestor.com/media/blog/7657-Don-t-just-sit-there-go-buy-something/?back=profile For some time now, I have been watching the blog posts on this site and they have been a little less than inspirational. I am calling out all of the seasoned pro deal makers to the carpet to start adding more content, give advice and direction to this site that the beginners in real estate are starving for. The forums too have also been a little heavy on the advertising as of late and need to get back to basics and real estate fundamentals. I have been holding my cards close to my vest for what I have been doing in my market, as I have been closing many deals on multi-unit apartment buildings and been busy in the rehabs of these units. The last thing I want to do is strike up more competition in my market by spreading the news as to how good the deals are that I am finding. So, I have been quietly scooping up deal after deal and bringing them into stabilization to produce positive cash flow to care for my family, my lifestyle, and the basic nessecities of living. I am not here to blow... Tue, 18 May 2010 20:05:01 -0400 http://www.realestateinvestor.com/media/blog/7591-RRP-RULE-AND-NEW-LEAD-SAFE-PRACTICES-REQUIREM/?back=profile http://www.realestateinvestor.com/media/blog/7591-RRP-RULE-AND-NEW-LEAD-SAFE-PRACTICES-REQUIREM/?back=profile The EPA has issued a Renovation, Repair and Paint rule (RRP) requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning. Under the rule, beginning April 22, 2010, landlords and contractors performing renovation, repair and painting projects that disturb lead-based paint in rental property built before 1978 must be certified and must follow specific work practices to prevent lead contamination. Common renovation activities like sanding, cutting, and demolition can create hazardous lead dust and chips by disturbing lead-based paint, which can be harmful to adults and children. What types of properties and facilities does the lead paint rule apply to? The RRP Rule applies to "residential houses, apartments, and child-occupied facilities such as schools and day-care facilities built before 1978." In addition, the rule must be followed when "repair or maintenance activities disturb more than 6 square feet of paint per room inside, or... Mon, 12 Apr 2010 10:04:03 -0400 http://www.realestateinvestor.com/media/blog/7489-EPA-Renovation-Repair-and-Painting-RRP/?back=profile http://www.realestateinvestor.com/media/blog/7489-EPA-Renovation-Repair-and-Painting-RRP/?back=profile Hello REI members, Below is a link to our landlord association web page where you can download more PDF documents on the subject. This is not good news for real estate investors. http://www.bhbgroup.com/nwcla2009/legislation.htm If you are a investment property owner, plumber, electrician, contractor, or painter working on a property built before 1978, then listen up to this one. Non compliance is $23,500 per incident. YES, per incident. If you rehab and install 10 new windows into a building constructed before 1978, then that would be $320,500 in fines or imprisionment if you are caught being in violation of the new EPA law guidelines. This is a national law and they can start levying fines effective as of April 22, 2010!! At our February 2010 NWCLA Meeting, board members Jeff Landry and David Fleckner announced information about the upcoming legislation that affects any of us as landlords who do maintenance repairs on our buildings, and run that property as a business to make a... Wed, 3 Mar 2010 11:03:13 -0500 http://www.realestateinvestor.com/media/blog/7094-30-Day-Demand-Letter-M-G-L-c-93A-Massachusett/?back=profile http://www.realestateinvestor.com/media/blog/7094-30-Day-Demand-Letter-M-G-L-c-93A-Massachusett/?back=profile For Massachusetts this article from http://www.mass.gov/ may help you if you have been wronged by a vendor, contractor or other services paid for. You can probably find an equivalent type of consumer protection law in your state. Hopefully this will help out some of the folks who have been emailing me and leaving posts on my blogs. If you are unable to resolve a complaint with a merchant informally, then you may decide to take legal action. If your problem involves an unfair or deceptive practice, which is a violation of the Massachusetts Consumer Protection Act, the law requires you to send the merchant a letter 30 days before filing a claim in court. (M.G.L. c. 93A). The letter must outline your complaint, the harm you suffered, and how you want the problem resolved. This is called a 30 Day Demand Letter. The merchant must make a good faith response within 30 days, or it could subject him/her to triple damages and attorney’s fees. The 30 Day Demand Letter serves to... Fri, 18 Dec 2009 21:12:32 -0500 http://www.realestateinvestor.com/media/blog/6813-Most-excellent-day-today/?back=profile http://www.realestateinvestor.com/media/blog/6813-Most-excellent-day-today/?back=profile Hi fellow Real Estate Investors, Just bloggng in to say hello and chime in on the day's events. We made some real progress on our last 2 units to rehab and clean up for a November rentals. We will be at 100% occupancy as of November 1st. What a great feeling having our real estate engine firing on all cylinders. Here is one of the properties we have ready to go. Yes, that is a sauna in a rental unit. http://www.bhbgroup.com/168_Oak01/ Last night I printed out my next letter campaign going out to some 90+ owners of multi family investment property in the markets we target. We pick our neighbors hoods very carefully as to not waste our time looking at deals that we really wouldn't want to own in the first place. These letters will be hitting the mail within the next day or so. We have been seeing about a 10% return with phone calls on the letters we send out. Then we weed out the motivated sellers. We have found we get our best deals during the fall and winter when all of the spring and... Tue, 13 Oct 2009 11:10:28 -0400 http://www.realestateinvestor.com/media/blog/5846-NOAH-S-ARK-TODAY/?back=profile http://www.realestateinvestor.com/media/blog/5846-NOAH-S-ARK-TODAY/?back=profile In the year 2009, the Lord came unto Noah, who was now living in the United States, and said: "Once again, the earth has become wicked and over -populated, and I see the end of all flesh before me." "Build another Ark and save 2 of every living thing along with a few good humans." He gave Noah the blueprints, saying: "You have 6 months to build the Ark before I will start the unending rain for 40 days and 40 nights." Six months later, the Lord looked down and saw Noah weeping in his yard - but no Ark. "Noah!," He roared, "I'm about to start the rain! Where is the Ark?" "Forgive me, Lord," begged Noah, "but things have changed." "I needed a building permit." "I've been arguing with the inspector about the need for a sprinkler system." "My neighbors claim that I've violated the neighborhood zoning laws by building the Ark in my yard and exceeding the height limitations. We had to go to the... Thu, 26 Mar 2009 11:03:51 -0400 http://www.realestateinvestor.com/media/blog/5726-The-NWCLA-has-moved/?back=profile http://www.realestateinvestor.com/media/blog/5726-The-NWCLA-has-moved/?back=profile THE NWCLA IS MOVING!!! The Northern Worcester County Landlord Association is moving our monthly landlord member meetings from the Monoosnock Country Club, to the Monty Tech “Tea Room” in Fitchburg Mass starting effective for our March meeting on Thursday, March 12, 2009 at 7:00 PM. When you get to Monty Tech, just drive around the right hand side of the building behind the Dukakis Performing Art Center. Our Guest speakers will be Bernie Sullivan of the Gardner Board of Health. Michelle Powell of the Leominster Board of Health, and Cindy Soule from the Montachusett Opportunity Council (M. O. C.) speaking about the Get the Lead Out Program. There will also be a brief presentation by Sherri Way from MRHA about legislation on the floor that effects us all. See you there! What: NWCLA March meeting Where: Monty Tech – Tea Room 1050 Westminster St, Fitchburg, Massachusetts 01420 When: ... Thu, 5 Mar 2009 12:03:00 -0500 http://www.realestateinvestor.com/media/blog/5297-Happy-New-Years-REI-com/?back=profile http://www.realestateinvestor.com/media/blog/5297-Happy-New-Years-REI-com/?back=profile Hi Colin and the rest of the REI team, I wanted to thank you and the rest of the REI team for such a GREAT year here on the site. I remember when I joined there some 8,000 members, and that was just about 4 - 5 months ago. You are now topping off almost 15.000. Nice job to you and all of your team. I also wanted to thank you for the network of so many solid RE people. Folks like Jeff Tumbarello and John B. Corey are an asset beyond mention to the tone of the blogs and forums. The community shares that sense of "let's ALL get through this-ness", and it is encouraging to see the newbies land their first deals. The site is critical to my marketing resources, negotiating tactics, and generating leads towards the buying of apartments. I have teamed with a few of the REI members to source leads and it's been great to check their profile stats, personal web sites, and Google them too. So reaching out at the years end - just to say thank you. God bless, and have a Happy Prosperous... Wed, 31 Dec 2008 09:12:39 -0500 http://www.realestateinvestor.com/media/blog/4681-How-To-Stay-Warm-This-Winter/?back=profile http://www.realestateinvestor.com/media/blog/4681-How-To-Stay-Warm-This-Winter/?back=profile Here in New England and other Northern States, heating fuel costs are going to be more of a challenge this winter than they ever have been before. I came across these tips to stay warm and I am posting them here for those of you who have tenants and care for their well-being. Especially those who are elderly, handicapped, disabled or on fixed incomes- please share this information with your tenants. And you can use these in your own home too if you live in a climate that produces frost or snow. Be Safe This Winter • Do not use cooking stoves or the oven to heat your home. • Use a space heater that meets the current safety standards and shut them off when not in use or when sleeping. • Keep all space heaters away from carpets, kids, and pets. • Do not use cracked or frayed electrical extension cords. • Have woodstove chimneys cleaned and inspected before use. • Shut off electric blankets when not in use. Heating Season Tips: How to... Thu, 2 Oct 2008 17:10:44 -0400 http://www.realestateinvestor.com/media/blog/4680-Recent-Survey-of-NWCLA-Landlord-s-Political-V/?back=profile http://www.realestateinvestor.com/media/blog/4680-Recent-Survey-of-NWCLA-Landlord-s-Political-V/?back=profile At our September meeting for the Northern Worcester County Landlord Association we thought it would be fun to hold a survey to see if the fact that we are landlords had any affect on how we would be voting this year in the presidential election. We asked first of our landlords would you be voting for the John McCain/Sarah Palin, or the Barack Obama/Joe Biden ticket. Then we also asked if their vote would impact them as a landlord. After answering "yes" or "no", we also asked them to comment on "why" or "why not" their vote had any impact on them beings landlords. Of the 40 plus members in attendance, we received 24 ballots from participants. Of those ballots we received 50% who had comments, and 50% with no comments on if their vote had any affect on being a landlord. I thought it would be fun to open up this same survey to our REI.com community to see if there were further views on the subject. Again, I am not filtering, skewing, or slanting... Thu, 2 Oct 2008 07:10:08 -0400 http://www.realestateinvestor.com/media/blog/4496-Looking-for-contacts-in-North-Carolina/?back=profile http://www.realestateinvestor.com/media/blog/4496-Looking-for-contacts-in-North-Carolina/?back=profile Hello REI friends, I've been a little scarce on the RE blogs lately because of some exciting progress in our search for 100+ units in prospering markets. This has been an all-time-consuming process and we're covering a lot of ground. Deals are coming in and once again I'm calling on the social network community of like-minded RE souls to rise to the occasion.We needed your help once before at our Florida property and many of you stepped up, did drive-bys, checked the market and gave us the eyes and ears we needed to make the right decisions. So I know this will work. In fact, I have already made a handful of contacts through this site already in the target markets we're shopping. I want to thank those folks in advance for already being in the game.If you are local to North Carolina, I'd like to connect with you in the "real world" to discuss our plans and how you might be a part of the big picture we have of owning apartment complexes in your market.We are looking for a few... Wed, 3 Sep 2008 16:09:55 -0400 http://www.realestateinvestor.com/media/blog/4423-Friday-Favorite-Quotes-for-Fun/?back=profile http://www.realestateinvestor.com/media/blog/4423-Friday-Favorite-Quotes-for-Fun/?back=profile "If we had no winter, the spring would not be so pleasant: if we did not sometimes taste of adversity, prosperity would not be so welcome." - Anne Bradstreet "One of the lessons of history is that nothing is often a good thing to do, and always a clever thing to say." - Will Durant "I don't want to achieve immortality through my work. I want to achieve it through not dying." -Woody Allen "Most people show up for work being physically accoutered but mentally disheveled." - Eric Butterworth "Above all things have fervent charity among yourselves. For charity shall cover the multitude of sins." - Peter 1/4:8 "I find it unusual that it is more socially acceptable to complain about what you have than it is to ask for what you want." - Phil Lout "No change of circumstances can repair a defect of character." - Ralph Waldo Emerson Please excuse me for not digging into the blogs and forums lately. We have been all... Fri, 22 Aug 2008 08:08:21 -0400 http://www.realestateinvestor.com/media/blog/4194-Happy-Birthday-Colin-from-the-REI-community/?back=profile http://www.realestateinvestor.com/media/blog/4194-Happy-Birthday-Colin-from-the-REI-community/?back=profile Hey Colin, Just wanted to wish you a HAPPY BIRTHDAY and best birthday wishes from all of us at Real Estate Investor.com I have heard many times, from many members, how grateful they are for what you have started here in this online RE community. We couldn't be happier. So from ALL of us to YOU!!! HAPPY BIRTHDAY COLIN!!! -b P.S. This is Colin's card from us, feel free to sign it and pass it on! Sat, 26 Jul 2008 16:07:28 -0400 http://www.realestateinvestor.com/media/blog/4148-Thought-for-the-day/?back=profile http://www.realestateinvestor.com/media/blog/4148-Thought-for-the-day/?back=profile "Reading furnishes the mind only with materials of knowledge; it is thinking that makes what we read ours." - John Locke Tue, 22 Jul 2008 04:07:33 -0400 http://www.realestateinvestor.com/media/blog/4096-Quote-for-the-day-Life-is/?back=profile http://www.realestateinvestor.com/media/blog/4096-Quote-for-the-day-Life-is/?back=profile "Life is a song; sing it. Life is a game; play it. Life is a challenge; meet it. Life is a dream; realize it. Life is a sacrifice; offer it. Life is love; enjoy it." - Satya Sai Baba Tue, 15 Jul 2008 06:07:00 -0400