Diary of Newbie Real Estate Investor week 2

   Happy Monday folks…

I wrote this post once already.  I even employed the save early, save often principal I learned but, for whatever reason, when my computer froze, it didn’t save.  And, you know how life is?  Well my life has been crazy busy.  I believe in multiple streams of income and was presented with an opportunity a few weeks ago that has me hoppin’.  At first I thought it would take a little bit of my time until it really started growing.  But, this thing is growing very, very fast.  I won’t post about it here…if you are interested in multiple streams of income, just reach out to me at dette101@gmail.com and we can schedule a time to meet to discuss it. 

I wrote this blog post last week and now I am trying to remember what I wrote.  What is the saying?  Technology is great…WHEN IT WORKS…anyhow, I was talking about how I had sent out a group of mailings through the system that Brownstone RG has.  The focus of the letters was to absentee owners and the next lesson was giving a script of what you say when the phone rings.  I also set up an search engine marketing campaign through YP and did some Facebook ads for http://buymyhousebostonareia.com/.  After I sent the letters out and set all of the campaigns up, I kinda forgot about them.  And, because I had been so busy, I hadn’t viewed the video on what you say to people and I certainly didn’t have the script in hand.  So, if you guys are stuggling with this…I get it!  I’m sure you will become much more porficient after the first group of phone calls.  I have to tell you, I was so distracted by everything that’s been going on in my life that I totally flubbed the first phone call.  This phone call actually came in through my website and I wasn’t expecting it.  

I barely was able to get the address.  And, I’ve done this before…LOL.  So, if you are brand new and you flub the first or second or third call, don’t feel bad.  It happens.  I was able to get her number, name, address of the property and that it had been on and off the market a few times.  WOW!  That was bad…lol.  As it turns out, because of the location, I actually turned the lead over to some folks I know in that area. 

So, one of the ways that you can drive leads is to network with people.  I am always networking.  One of my favorite places to networking is at a BNI I have been attending regularly since September.  It is on Wednesday mornings at 8am.  Here is the FB link for this coming Wednesday.  https://www.facebook.com/events/1303309416353264/ .  You are always welcome to come.  Just RSVP through the Facebook link.  Anyhow, one of the lawyers in the group is interested in becoming an investor.  I keep telling her to focus on properties that are off market that need work.  She sent a Facebook message to me and I got the information over to Brownstone on the rehab side of things and hopefully it will turn into a deal. 

Then, I had the following deal come in from Lee Kravitz, this is a time is of the essence deal in Chelmsford.  The project is a 9.4 acre parcel of land that has been permitted for a 48 unit single apartment building. It is a 40B project so 20% (10 units) have to be rented at affordable rates based on the Chelmsford MSA.

The following approvals: 

  • Comprehensive Building Permit which expires on March 10, 2019 (all outside opposition to the project has been taken care of)
  • Massachusetts DEP WPA Form 5A Superseding Order of Conditions (there is an endangered wood turtle species on the land that has been addressed and approved)
  • An engineering plan done by Hancock Associates
  • Architectural Renderings and Floorplans by Bloodgood, Sharp and Buster
  • Division of Fisheries and Wildlife Conservation and Management Permit
  • The only thing left to procure is the actual building permit which is largely a formality due to the previous approvals.
  • In terms of the rental income the 40B apartments are expected to rent at $1100 (with utilities included $1250) and the market rate apartments should rent at $1600.
  • This should give a gross monthly income of $71,800 and an annual gross income of $861,600.

Contact Lee Kravitz at 617-842-3392

Well, I’m off and running again.  Happy investing everyone!

Bernadette Trafton, Boston AREIA Chief Connector

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