Are November and December good times for rehabbing properties around the Boston area?

  Happy Fall (or Autumn) folks!  I have been talking to alot of new investors over the last few weeks.  All of them are wondering if November is a good time for a rehab.  We are moving into the winter months and in New England that can equal harsh weather.  We already saw  crazy wind storms last week.  I had 2 gazebos set up in my yard.  The operative word is had.  They are no longer standing.  And, I saw weather reports that it was snowing up north in the White Mountains today.  So, I completely understand the question and the concern.  

I would say that every time of the year is a good time for a rehab.  But, November in particular is a great time for a rehab.  Think about it, your average rehab is 8 to 12 weeks to complete.  In the winter, depending on the weather, it could take a little longer.  It’s November 8th, you put the property under contract and close by the end of the month.  You start the rehab in December and you put the property on the market sometime in March.  That’s perfect for the spring retail sale cycle and perfect for the seller’s market we have been in.  The demand for rehabbed and new housing has increased while the available inventory has decreased.  In some cases, I’ve seen rehabbers sell the house before the rehab is completed.  This can get a little trying because your buyers will want to choose finishes and coordinating everyone to make choices can be difficult.  But, chances are, the time on market is going to be low because demand is currently high.  So, now is a perfect time for a rehab!   

When you are running your numbers, make sure to add extended holding costs in the event weather causes the rehab to go longer than the projected scope of work dictates.  Remember to account for possible snow removal and heating the property (you don’t want any frozen pipes).  It is always about the numbers. 

But, if you are nervous about going into the winter doing a rehab, you can always wholesale!  Not sure how to wholesale and want to learn?  Check into this wholesaling for quick cash course with Brownstone RG.

I look forward to seeing everyone on Thur, 11/16/2017 for our upcoming meeting at BR Stone in Woburn.  Happy investing everyone!

Bernadette Trafton

Boston AREIA Chief Connector  

Bernadette, should I spend $40k on this real estate investing mentoring program?

Good morning folks!

This morning I got an email from a lady asking if she should spend $40k on a real estate investing mentoring program.  Without knowing which program or what she was getting for $40k, my initial reaction is, “If you have $40k just laying around, it should be going into a deal and setting up your business.”  And, then I asked her if the mentoring program was going to supply her with her first deal and could she earn money back on it.  She of course told me no it did not include them sourcing her first deal, but, they were giving her access to their lenders and others to help her with projects.  I tried to explain to her that she will have access to their lenders and it is another way for them to earn money off of you over an above the $40k she’s already spent.  

Most people who have come to Boston AREIA know that we do not have selling speakers pitching their programs at our meetings.  That’s not to say I don’t believe in education or coaching or mentoring.  I definitely believe in education and investing in yourself where your business is concerned.  I just don’t agree with the high pressure, high pitch sales tactics that are used.  And, after being in real estate and running Boston AREIA for over 10 years, I have seen people spend a ton of money on education, but never end up doing a deal or doing anything to make that money back.  I’ve watched people do everything from eat away all the equity in their homes, lose their homes and get divorced because of their pursuit of real estate education.  Now, don’t get me wrong.  A good portion of the reason I watched some people go into the education overload abyss, so to speak, is because they didn’t take action AFTER they bought the course.  That is something they need to own.  However, the guru’s selling pitch is usually regarding taking action.  And, they make it seem like the biggest part of the process is taking action to buy the course.  I’ve watched people get caught up in that portion of taking action.  But, that’s not the part that matters at all.  

It’s the main reason we stopped having selling speakers at Boston AREIA.  And, let me tell you, it’s harder to get local active real estate investors to come and speak at a meeting than it would be for me to call up some of the gurus and have them come and sell their courses.  It’s far less profitable for the group because we aren’t earning anything from course sales when the speaker isn’t selling anything.  It is, however, far more valuable to the attendees to meet local real estate investors in their market.   I have seen people be successful with guru courses, but, I’ve seen far more not be successful to continue inviting the gurus to speak.   

I have found a solution over the years with some local real estate investors I work with.  They do over 100 rehabs a year and have developed solutions for everyone who wants to be involved in real estate investings.  I told this budding investor, before you spend $40k on a guru course answer a few questions:

  1. Why real estate investing?  Do you just think it would be cool to learn or are you passionate and want this to be your career? 
  2. Is this money expendable or will it hurt you financially if you never make it back?
  3. If it is expendable, does the guru source your first deal for you?

I then recommended that she start with a monthly coaching option similar to what Brownstone RG offers.  I say similar to, but, I haven’t really seen a monthly coaching program that offers what they offer for $97 a month.  I mean for $97 a month, or the cost of a latte a day, she will learn a ton about real estate investing and will learn a ton about herself in the process.  She will learn whether she has the desire and the focus to be a real estate investor.  She will learn her own motivation.  Will she take action on the lessons she is presented with? Did she complete the setting up your business section? 

  • No, then it’s probably not her thing and she will have learned that for $97 instead of $40k. 
  • Yes, great, move onto the next step of learning in the coaching program, you still only paid $97 instead of $40k. 

Brownstone does have the big guru mentorship program as well.  It’s called the Fast Track Joint Venture Program and is focused on people wanting to learn to rehab.  The biggest difference that I’ve seen with their program is they train you to find deals, however they also source your first rehab deal for you.  They have a Senior Project Manager oversee and train you on how to complete the project and you get a portion of the profit from the deal when it is sold.  If you are passionate about real estate and have expendable funds, this is a great program for you.  However, if you do not have expendable funds and you are looking to try real estate investing to see if it’s a good fit, then the monthly coaching option is the best.

I’m not sure what she’s going to do.  Only time will tell.  But, I figured is she was pondering this type of question, others are doing the same.  Hope to see you at our upcoming events.  October 19th we will be in Quincy with Boston Property Ventures, LLC.  They have some great development projects in and around Boston they will be going over and on October 21st we will be in Bridgewater at a rehab tour with Jerry Lima and Renee Jean from Brownstone, RG. 

Happy Investing!

Bernadette Trafton

Boston AREIA Chief Connector 

 

 

Last chance to take advantage of these great offers

Last chance to take advantage of these incredible offers!

We are having an end of the month, everyone is back in school membership special!  For those who become a member of Boston AREIA by Monday Oct. 2nd, get a discount on the yearly membership!  For individual memberships, save $25 using Promo Code EMAIL and save $50 on a Joint Membership using code EMAILJ.

JOIN TODAY!

I’ve been going through the Brownstone monthly coaching course and it’s been awesome.  I can’t believe the information that is available in this online coaching program.  In fact the offer is so good, it’s going away!  Be sure to take advantage of this incredible offer before Monday October 2nd.  After that, the $1 option is going away!

$1 Coaching option from Brownstone!!!  http://brownstonerg.com/monthly-coaching/

Use code BAREIA to take advantage of this!

As I said, this offer goes away on Monday October 2nd.

Here’s what you get:

  • Monthly Video Training
  • Weekly coaching calls
  • Quarterly Mastermind Sessions
  • Monthly Case Studies
  • Master Scripts for Success
  • Project Based Checklists
  • Scope of work documents
  • Budget Templates
  • Project tested contracts
  • and much more project related information

You will learn how to:

  • Find Good Project Opportunities
  • Figure out what the cost of repair will be on a project
  • Analyze a deal to figure out what you can offer and still make a great profit
  • Plan out and organize your weeks for the greatest leverage and success\Stay laser focused on your business to drive huge success

$1 Coaching option from Brownstone!!!  http://brownstonerg.com/monthly-coaching/

Use code BAREIA to take advantage of this!

As I said, this offer goes away on Monday October 2nd.

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Monthly Meeting October 19, 2017

How to turn a rehab into a legacy w/Peter McLoughlin of Boston Property Ventures

Join us at Boston Property Ventures, LLC

36 Miller Stile Road, Quincy, MA 02169

5:30 pm Networking 6:30 pm Meeting

CEO of Boston Property Ventures, LLC, Peter McLoughlin will share how he began with one rehab and in 16 years grew it into a conglomerate of companies covering development, construction, property management and lending.  He will cover where he was at when he began, how he got to where he is and where the company is heading.  He will share a history of projects and current projects the team is working on.

Peter McLoughlin is a Principal and Founder of Boston Property Ventures, LLC (BPV). Since…READ ALL HERE

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Download this Project Estimate Worksheet!

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TOP 3 MISTAKES PEOPLE MAKE WHEN SELLING VIA SHORTSALE

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Check out their latest Flipping with Brownstone video!  Make sure you subscribe to their Youtube channel to get notifications of new videos.

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Gain a financial edge with MWRFinancial! Everything from financial education to credit restoration! 
Need a lawyer, someone to help with credit repair, a roofer  visit our VENDOR’S PAGE TODAY!

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Bernadette Trafton, Boston AREIA Chief Connector

Have you “Googled” your real estate business? What are the 8 pillars of online marketing

   Have you “googled” your real estate business?  So many investors, new and seasoned have not claimed their google listing.  It’s important to do this for a few reasons.  It really has to do with ownership of your online presence.  Did you know that if you don’t claim your Google Business listing, anyone can claim it?  And, if they are smart, they may be able to verify it as well and then manage and own it.  I was just checking out whether one of my great investor buddies has done this…and they DIDN’T.  I sent them an email with a screenshot and asked them, “Did you know your business hasn’t been claimed on google and I could claim it?”  They know me and know that I will only help them, so they said, please do claim it….LOL  So, I did and will help them with their online presence. 

But, really, you want to claim, own and manage your own business on Google.  I had alot of people asked me to do a live workshop.  So, we are doing one:

Saturday, September 16th, 10am  ****8 pillars of online marketing/branding and learn to generate high quality leads through social media****

Wakaya Training Center, 1 Industrial Drive, WIndham, NH 

If you can’t get to NH, we will be livestreaming this workshop through a private group on Facebook Live

REGISTER NOW!

So, what are the 8 pillars of online marketing?

  1. SEO  Search Engine Optimization, need website rich in keywords
  2. SEM  Search Engine Marketing, Google Adwords campaign
  3. Blogging, add education about product increases visits to the site.  Educate consumers and when they are ready to make a decision they will choose you.
  4. Google Maps, Google My Business will get you in the mapped section when folks are searching in your area.
  5. Listing on directories
  6. Social Media outlets
  7. Reviews
  8. Systems

SEO stands for Search Engine Optimization.  This means that your website needs to have keywords that are specific to the service you provide, the locations you provide the service and should be continually updated so that Google will view your website as current and relevant to the search query. 

SEM is Search Engine Marketing, these are google adwords campaigns or ads on social media platforms such as Facebook, Twitter and LinkedIn.  The caviat with these campaigns is that you have to know how to bid on keywords.  In real estate investing, there are numerous others trying this avenue and many of them have a large spend, so, it is difficult to compete.  As difficult as it is, it is important to add a small budget to the other strategies mentioned. 

Blogging is an important place for your client to get to know, like and trust you.  It gives you the ability to include many SEO keywords, allows you to educate potential clients so they will choose you when it is decision time. 

Google maps is the google your business that I mentioned above.  If you haven’t claimed and verified your business, google doesn’t include you in the mapped section. 

Listings and directories are the numerous directories that are out there from Yellow pages online to Superpages to Yelp and hundreds more.  I have a tool that will allow you to get on all of the directories and gives you an easy place to make changes (in case of website, phone number or location changes).  The cost is relatively low. 

Social Media is becoming more and more important over time.  Most people are on their laptops, phones and Ipads between 4 and 7 hours a day.  Can you imagine that?  Think about how many times you look at your cell phone throughout the day and it’s easy to see where much of our time is spent.  The thing is about 80 percent of that time is not done searching or researching products.  It’s on social media!  Whether we are on FB scrolling our feed, on Instagram, Snapchat or LinkedIn, we are scrolling.  So, it’s important for you to get in front of people during those times.  After they have seen your ad or educational post more than a few times, your business name begins to bring credibility and when they are ready to use your service or know someone who is they refer to you as the expert and will use and refer your business to others.  These sites are great for branding as well as lead generation. 

Reviews are key in online marketing.  Think about the last time you purchased a product on Amazon.  After finding a product to meet your needs, did you check out the reviews?  I know I do.  I’m not saying everyone does, but, many people do.  So, reputation or review marketing is key. 

Systems are important.  Just as a real estate strategy is important to your real estate business, systems are important for your marketing as well.  There are automated systems that can help you implement everything from content creation to Social Media and more.  I can help with most.

Remember, if you are interested in learning more…reach out to me and let me know!  

Happy Investing!

Bernadette Trafton

Chief Connector 

 

 

Flipping houses with Brownstone RG

  I’ve been checking out the monthly coaching program that Brownstone has!  It’s pretty awesome.  There is a ton of information in it.  I’ve been reviewing real estate courses for about 12 years now.  And, I haven’t seen a program with more information and access to coaches to help you with potential deals.  It really is awesome.  What’s even more awesome is that they are giving you 30 days for $1 when you use code BAREIA.  Why anyone wouldn’t take advantage of this is beyond me.  But really, this post is about sharing a video of Brownstone’s to share with you the type of coaches you get to work with…check it out!

This team is all about sharing information and educating folks about investing!  Have fun watching, I know I do!

 

Dog Days of Summer Promo, $1 Coaching option and more…

    Dog Days of Summer promo, $1 Coaching option and more!!!  

Dog Days of Summer Boston AREIA membership Promo!

THERE IS NO BETTER TIME TO JOIN Boston AREIA than right now!    Save $25 off the Individual Membership and $50 off either the Joint or Family Memberships.  

This is a limited time offer, lasting through Sunday 8/13/2017 midnight!

  • Individual Membership with discount $150 for the year, includes 2 coaching sessions
    Joint Memberhip with discount $175 for the year, includes 2 coaching sessions
  • Family (3) Membership with discount $225 for the year, includes 2 coaching sessions

*************************************Be sure to check out our latest blog post  TOP 3 MISTAKES PEOPLE MAKE WHEN SELLING VIA SHORTSALE!*************************************

$1 Coaching optionTHIS IS LIMITED TIME OFFER!  The code BAREIA will be going away on 8/13/2017 at midnight! 
Everyone needs a coach!  The most successful real estate investors I know have coaches and attribute much of their success to their coaches.  Brownstone RG has an incredible solution for folks looking for guidance in real estate investing.  You can test their monthly Fast Track Coaching program for $1 when you use code BAREIA

30 DAYS OF COACHING FOR $1!!! you spend more than that on coffee, EVEN IF YOU GO TO CUMBIES!!! 

What do you get:

  • Video Training
  • Weekly coaching calls
  • Quarterly Mastermind Sessions
  • Monthly case studies

What you will learn how to:

  • Find Good project opportunities
  • Figure out what the cost of repair will be on a project
  • Analyze a deal to figure out what you can offer and still make a great profit
  • Stay laser focused on your business to drive huge success

You will receive Bonus Materials:

  • Documents, Spreadsheets, etc. 
  • Access to Quarterly Masterminds
  • 30 Minute 1 on 1 Coaching Call

SIGN UP TODAY and use code BAREIA to take advantage of the $1 for your first month offer!

Check out their latest Flipping with Brownstone video!  Make sure you subscribe to their Youtube channel to get notifications of new videos.

Visit our UPCOMING EVENTS Page for all details on Monthly meeting on 8/17/2017, what every buy and hold investor in MA needs to know with Dave Fleckner of Striker Property Management

Free for members of BostonAREIA.com; $25 for nonmembers Need a lawyer, someone to help with credit repair, a roofer  visit our VENDOR’S PAGE TODAY! 

Recent Blog Posts –Google Listings, websites and more

Are you getting the most out of your credit score?

Hard Money and large Development Replay

Have you check out some of our videos of tips and past meetings? Click here!

   

Top 3 mistakes sellers make when selling their home via short sale

Before we get into the top 3 mistakes…what exactly IS a short sale? 

A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of debts secured by liens against the property.  An example would be purchasing a property or pulling equity out at the top of the market and then the market tanks.  You purchase a home for $300k and 2 years later the market tanks and the current market value of the property is only $200k.  At this point, you owe more than what you would receive selling the property. Now, this does not necessarily cause a problem unless you want or need to sell the house.  Kind of like when you buy stocks and the stock price goes down, stock experts will tell you not to sell, to hold on until the stock prices go back up.  However, what happens, if life happens and you do have to sell? 

A short sale can happen if all lien holders agree to accept less than the amount owed on the debt.  A short sale has two intrinsic and in severable components. A Short Sale is successful when (1) The Lien holder(s) (a.k.a. Mortgage Company) is agreeable to net less than the amount owed on the note (debt) as the result of (2) an arm’s length sale at or below the Appraised Value for that property. The agreeable selling price is defined to be at or less than the appraised value allowing the process to be attainable. A prudent buyer will not pay greater than the appraised value, and a Bank or Finance company will not provide a mortgage for greater than the appraised value, thus limiting the Short Sale proceeds to a maximum gross yield of the property’s Appraised Value.

That’s a short sale.  What are the biggest mistakes people make? 

  1. They try to negotiate with the bank themselves. Most people do not have the knowledge, time, connections or skill to negotiate with banks.  Every bank is different.  And, this tends waste time and resources and leaves the home owner frustrated and many time desperate because of the process. 
  2. They do not hire an experienced short sale specialist. Experienced short sale specialists will have a strong team of people who manage every step of the short sale process.  It is not a good idea to hire any listing agent out there.  Most don’t know the short sale process.  In the NH and MA areas, I refer folks to Tavarez Realty Group.  They have the knowledge, team, connections (real estate attorneys, bankruptcy attorneys) and a streamlined process to help people.
  3. Because, they have not truly made the decision to sell their home via short sale, they are uncooperative with the agent they choose. Selling your house because of a distressed situation is difficult.  Typically, people are overwhelmed, confused and nervous about the next step.  Remember, a short sale is not the end of you ever owning a property again.  It is the first step towards improving your current situation in life. 

A successful short sale requires cooperation.  Sellers need to submit required documentation to the bank in a timely manner. If the package is incomplete, the bank won’t process the file, and that will delay approval.  If a seller refuses to submit personal financial information and a reasonable hardship letter, the seller will not qualify for a short sale.

If you or someone you know need to sell your home via short sale, don’t go it alone, hire a short sale specialist and be cooperative and you will greatly increase your chances of a successful short sale. 

Did you know that Boston AREIA has a Youtube Channel?

   Happy Tuesday everyone!  I was chatting with a newer investor yesterday regarding a replay of a meeting we had a few months ago and I realized that everyone doesn’t know that we have a youtube channel.  Be sure to click this link and subscribe!

Check out the video below as a preview of what you will find!  See you at next month’s meeting!  Come prepared to learn about a deal from Anthony Gomes, Brownstone JV Student, network and win prizes. 

Boston AREIA meeting recap, networking tips, rehab tour and more!

   First of all, last night ROCKED!  

   If you missed last night, you missed out!  We had a packed room with a ton of energy and Kim Harrington and Chris Coute with Brownstone RG gave so much more than was asked!  The focus was on finding the deal and they covered not only how they found a bevy of deals, but, how they dealt with problems that occured during the deal, how they funded it and what the profit was at the end.  They also shared the vision of Brownstone, how to develop long term wealth strategies and where the business is moving over the next 6 years.  Truly a great talk and fantastic interaction with the audience.  Of the deals they mentioned, they sourced them through networking and building relationships with Realtors, wholesalers and other investors, they bought some at auction, picked up some short sales and more.  Dickens recorded the whole thing, so keep your eyes out for the replay video. 

   The biggest key to networking is to take the time to invite the folks you are networking with out to coffee to find out if you find synergy with each other.  Most of the deals that Brownstone gets is through networking!  But, you can’t meet someone once, exchange business cards and then consider this person a joint venture partner.  You actually have to follow up with that person.  Send an email and invite them to coffee, invite them to networking meeting you are attending and plan to meet before hand.  We are all busy, but, a good rule of thumb is to plan to meet with 2 people you met at networking meetings a week.  So, be sure to add that to your schedule.  You never know who someone knows, you never know if there is a deal you can joint venture on unless you spend the time to network with them. 

UPCOMING WEBINAR – 8PM 3/22/2017 –  Learn more about Brownstone Fast Track in real estate training programs and receive a special offer!   Last night there was a ton of interest in the Fast Track mentoring and coaching programs that Brownstone has developed.  If you can’t wait until next week or are not available at 8pm on Wed, 3/22, schedule a time to chat with the folks at Brownstone here! 

Date and Time 03/22/2017 8:00 PM ESTDial In to the Conference (United States): (641) 715-3580 Access Code: 16024; Online Meeting Link: https://join.freeconferencecall.com/dette101; Online Meeting ID: dette101

Brownstone RG has some incredible mentoring and coaching programs to help you get to the next level in real estate.  Whether your focus is to wholesale, rehab or buy and hold, it’s always best when your mentors are local.  Learn how Brownstone’s programs can help you reach your real estate goals.  Be sure to login to hear an incredible offer from Brownstone!

At the scheduled date and time of the meeting, dial in to the conference line.  When prompted, enter the access code followed by hash (#). To join the online meeting, click the online meeting link and follow the prompts.

UPCOMING REHAB TOUR – MARCH 25, 2017 Tour a Flip: Huge Project Recently Finished in Bridgewater!   This one was a doozy! Chris Chapin and Jerry Lima, two of Brownstone’s top Senior Project Managers put their heads together to complete this HUGE project and it turned out BEAUTIFUL.  Read all now! 

Yours in Success,

Bernadette Trafton, Boston AREIA Chief Connector

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