So, lots of things are going on where newbie real estate investors are concerned. There are some new real estate coaching students that have started with Boston AREIA! I’m looking forward to let you know about some deals that are in the works at our Networking Extravaganza on Thursday night!
I’m really excited about some things that Mike and Jacqui with Fitz Property are working on! They are on the hunt for more deals!!! Make sure you read the whole article because Mike and Jacqui are doing the REVEAL of their first rehab project – the final rehab tour on Thursday, October 9th!
On the Hunt Again – Short Sales and Off Market Deals
So last weekend Peg of JEM Property Group and I met with a seller that is considering a short sale. This lead has been in the works for over a year. I actually lived in this house with a group of friends and started thinking about strategies to buy the house when would receive postcards and flyers sent to the homeowner to get in touch about helping stopping foreclosures. And when the town Sherriff showed up to serve the homeowner we knew something was not right. Despite the strange activities, the house has avoided foreclosure and is still in the owner’s possession.
Recently the homeowner responded to one of my messages expressing interest in buying the property. Peg and I went and checked out the property and met with the owner. Peg explained her experience working with short sales and helped explain the process to the homeowner. We were aiming to find out from the homeowner how much is owed on the mortgage, details on any federal, state, and town liens, any cross collateralization, and/or other liens. The homeowner was open with us and explained that there is a lot of “baggage” associated with the property. Due to time constraints we were unable to get all the details during our meeting, however Peg provided me a list of questions that I have provided to the homeowner to better understand exactly what is going on with the property so that we can be comfortable making an offer.
Currently we are waiting for the homeowner to respond!
If we are able to move forward with this project it will be my first short sale, however it would also be a great opportunity to partner with Peg and learn all about how these deals work. This house needs a significant amount of work, but is in one of the premier zip codes of the Greater Boston Area and has a potential ARV of over $1M.
Hopefully we hear back soon, we are anxious for our next rehab project as the Framingham rehab project is wrapping up. We are also looking at some off market some multi-family properties in the Worcester area in the next few weeks. We hope to re-invest in a multi-family as soon as the Framingham rehab sells. If you are a wholesaler or have knowledge of any off-market leads please get in touch with us we would love to work with you!
Also, we are going to do our final reveal and rehab tour on Thursday, October 9th at 6:30pm at 26 McAdams, Framingham, MA and to get all the ins and outs, we will be doing a Rehab overview – House of the month at the October 16th Boston AREIA meeting!
Mike & Jacqui