Happy Holidays Boston Area Real Estate Investors! And, more adventures of newbie investors

​​  Good morning folks,

I got this great email from one of our investors Vito – Hello Bernadette,

Great meeting last night again – thank you.  One of the great take-outs for me, by listening to guest-speakers like Chris Coute and Peter McLoughlin, is having a role model. And also examples to “show” my subconscious on an ongoing basis that it (success in real estate) can and is happening every day. 

 

Tony Robbins was using the term “programming” early in his career, until clients whom he had helped stop smoking went back to smoking after three-four years and blamed Tony and his technology. They said if it is “programming”, why is it NOT WORKING. He said, “What do you mean it’s not working, it worked for three years!” :) 

 

So he started using “conditioning” instead, which implies the need to practice it just like we brush our teeth and take a shower. Zig Ziglar’s quote  drives home how I feel about the Boston AREIA meetings right now: “People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.” In our case it is monthly but it definitely helps. It gives me a feeling of community – like-minded people that relate to a similar passion and purpose. 

 

Thanks Vito, I LOVE that!  For Boston AREIA 2014 was the year of partnerships; partnerships with seasoned investors, new investors, lenders, and much more.  Check out our year in review and then read what some of our newbies have been doing below.

Blog from Corey Besner with Archpath Properties:

Becoming a Real Estate Investor is something that has always been a goal of ours. But not knowing where to start or how to go about anything made the thought of it very intimidating at times. As we started to research on how to become an investor online, coming across book after book, articles and websites, videos, and of course THE trainings. You know those trainings that I’m talking about, the ones from the people on TV who making flipping look easy and like it only takes 30 minutes to turn a $75,000 profit. We thought to ourself, “Here’s the answer we’ve been waiting for!”
 
So we signed up for one of those classes. For $2,000 we got got to listen to a motivational speaker for three, nine hour days. (Who was not one of the TV stars we were expecting to see by the way!) And don’t get us wrong he was a great motivational speaker, and he had a lot of information but you couldn’t learn any of it! He spoke so fast you couldn’t understand him and they crammed every possible real estate investment strategy into a 3 day course and told you to NOT take any notes while they presented!
 
Here we are sitting through the last hour of training and our brains are mush at this point. Then they dropped the bomb! For more money, $43,000 to be exact, we could buy their full training program. This seminar was only a taste of what investing was all about they said. Feeling defeated and even more confused than when we showed up, we left the seminar that day thinking ok what next. (and no we didn’t give up $43,000)
 
We weren’t giving up! We wanted this bad. So Back to the drawing board we went. After more researching, we decided to post a forum question on one of the Real Estate investing sites. “Where can we find a good place to learn more about Real Estate investing?” Someone posted about a great group to go check out at the Hyatt in Medford on The 3rd Thursday of the month. That’s when we learned about the Boston AREIA!
 
We went there, surrounded with like minded people from our own back yards. New and Experienced investors alike. Heading up the REIA was Bernadette Trafton. During the networking portion of the meeting we introduced ourselves to her. She welcomed us to the group and we could see from the beginning her passion was helping us follow ours. She welcomed us as new members and explained that she offers new members 2 free coacing sessions and she invited us to spend some time with her later that week so we could get to know each other and so she could learn more about our goals
 
During our meeting we told her about all of the research we had done, how we had been spinning our wheels, and the seminar we attended. She listened to us intently as we told her about all of our goals. She could see our motivation to be successful and let us know she could connect us with some people that could help us achieve those goals. That’s when she told us about the Joint Venture program through Brownstone Realty Group. A Local investing company specializing in residential rehab. 
 
As she explained the Joint Venture program to us we realized how much different it was than anything else out there being offered! Brownstone Realty Group not only trains you how to find, finance, and rehab properties but they have you flip one of their properties with them! They find the property, finance it for you, and walk you through the Rehab while you project manage it. And through the process they spend time helping you develop a business plan built for success so your real estate investing can grow. They are also not afraid to share their lending resources, contractors, and the other people necessary to rehabbing. 
 
Because of  Bernadette at the Boston AREIA, and Chris and Kim at Brownstone, the last 60 days for us has taken off! Our real estate investing career has catapulted. Going from not knowing where to even begin, to now getting started on our very own rehab project. These guys made it possible! With out them, we’d still be just sitting at home watching HGTV.
 
Thanks Corey and Will with Archpath!  Now, I’ve been watching Vito on FB this is a blog about what he’s been up to:
Here is a short story about our land development project:
 
After going to a three-day real estate seminar, the two ideas I took immediate action on were these:
– if you are serious about real estate investing, join your local REIA – it is small money for the value and relationships you can create; and
– select a branch of real estate you want to start in, and begin looking at properties and writing offers. While doing this, learn as much as you can on the subject and find a mentor you trust.
 
This was in August, so I signed up for the next Boston AREIA meeting. I also spoke with someone I had been half-jokingly, half-seriously asking for the last four years to be my mentor in doing a modular home deal, because he had done over 30 successful ones. Days later me and my business partner had an accepted offer in the town next to ours and my soon-to-be-mentor agreed to walk us through the whole deal (being our GC). 
The numbers did not work on this first lot of land and we dropped it but a very important thing had already happened – we had momentum. A few weeks later we had another offer accepted on land in our own town, a single-family lot.
We were supposed to close with a bank loan but couldn’t meet the deadlines to get all of our contingencies in place (mainly to get the building permits). So the next-best thing to do, we took an “educated risk”, based on the seller’s (whom we trusted) and on our mentor’s independent opinions, that the permit will not be a problem, and based on this and on gut feeling, opted to close in cash and get some working capital from the bank once we have the paperwork lined up. The cash came from taking out HELOCs on our existing investment properties, which we had already set up with a local bank.
So far, we closed on the land, got the foundation permits and build the foundation, closed on the bank loan and got some working capital, ordered the modular home and are about to build and finish the sill plates and knee walls. The house is expected to be delivered and dropped on the property in about two weeks.
I will keep you updated as the project goes along.
 
Thanks Vito!  I’ve been watching the progress on FB, it’s awesome!
 
See you all in January!  Bernadette, Boston AREIA Chief Connector

 

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