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Real Estate in an IRA, Part 2: Managing Assets in a Self-Directed Retirement Plan

August 18, 2014 by Bernadette Trafton Leave a Comment

Last week’s blog discussed setting up a self-directed plan that allows real estate in your IRA. As promised, this week’s topic covers how to properly manage those assets. There are specific rules you must adhere to in order to comply with IRS regulations so your self-directed IRA works for you instead of against you.

Now that you have set up your self-directed IRA, have it properly funded, and are ready to begin looking for property there are several things to keep in mind. While self-directed retirement plans allow many different alternative investment options, there are strict guidelines relevant to prohibited transactions and disqualified persons you must be aware of. Failure to comply could cause your IRA to suffer heavy penalties or even disqualification.

When exploring real estate options, know that your IRA is not allowed to purchase property from you or from another disqualified person. Your IRA is also not allowed to sell property to you or a disqualified person. Disqualified persons include:

  • The IRA holder and his or her spouse
  • The IRA holder’s lineal descendants (children, grandparents, etc.) and their spouses
  • The IRA holders lineal ascendants (parents, grandparents, etc.)
  • Investment advisers, managers and fiduciaries
  • Any corporation, partnership, trust, or estate in which disqualified persons have a 50 percent or greater interest
  • Anyone providing services to the IRA

Another important thing you need to understand is all property your IRA acquires is owned by your IRA and not by you. Any earnings gained, whether through resale or rental income, flow directly into the account. Expenses relative to the property must be paid directly from the IRA. When purchasing real estate in your self-directed IRA, it’s critical to plan for anticipated expenses in advance, so your IRA is prepared to cover them. If you have partnered on a purchase with other parties, your IRA only pays for its percentage of repairs and also must receive only its share of income.

Additionally, you are unable to use the property for personal purposes. For example, if you own a vacation rental you or other disqualified persons may not vacation there. The real estate was purchased to build wealth for your retirement. Using the property for personal purposes before you hit retirement age would be considered a current benefit and your IRA will be penalized, if not disqualified.

You are personally not allowed to perform repairs or maintenance on real estate in your IRA. Doing so constitutes “sweat-equity” and is considered a contribution to your account. The IRS only permits contributions to an IRA to be made in cash—and sweat equity cannot be measured in value. Repairs and maintenance must be performed by a third party—who is not a disqualified person—and paid at current market rates.

On the flip side, you do not have to hire a third party to manage the property in your IRA. The IRA owner is able to manage the property as long as you don’t perform sweat equity or pay for expenses out of your own pocket. Again, all income and expenses flow directly into and out of your self-directed IRA. Rent checks and other income must be written to the IRA and deposited directly into the IRA account. Income or expenses are not allowed to flow through the IRA owner for any reason.

Hopefully it goes without saying that it is crucial you perform due diligence when looking for real estate to acquire in your IRA. You want to find a decent property in a location suited for the purpose you desire. If you want a quick rehab-and-flip, the goal would be that the cost of the property plus the money it costs your IRA to renovate is low enough for your IRA to make a profit at resale. Location is key whether conducting a rehab or acquiring rental property—you want to be as sure as you can there is a market for resale or good potential for acquiring tenants for rentals.

If you have any questions regarding real estate in your IRA, please contact Kevin Collins at AdvantaIRA Trust by calling (617) 830-1070 or emailing Kevin@AdvantaIRATrust.com.

 

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, boston, boston area real estate investors association, Boston Commercial Real Estate, Boston Marathon, diary of a newbie real estate investor, free real estate education, ma Real estate, mass foReclosuRes, real estate mentor contest, real estate social media, The meaning of fear, trusted advisor, unsecured loans, www.bostonareia.com

5 reasons real estate investors may want to exchange your property

June 2, 2014 by bostonareia Leave a Comment

Bernadette Trafton, Chief Connector   Good afternoon investors,

PFlowers594e_s Picture 2-07

Vice President Certified Exchange Specialist New England Region (877) 781-1031 Toll Free patricia.flowers@ipx1031.com

I was talking to Patty Flowers from IPX 1031           Exchange Services the other day.  I asked her what the main reason there were for real estate investors to exchange properties and why it’s important to know about this even as a beginning investor.  She shared this article with me about the five reasons to exchange your properties.

FIVE REASONS TO EXCHANGE – A story about Appreciation, Depreciation, Cash Flow, Diversification  and Tax Deferral

If a real estate investor bought an apartment building for $100,000 in 1975 and it is now valued at $1.8M dollars, the property has appreciated significantly and is now worth eighteen times what it was in 1975. Clearly, this was a great investment. But, like all investments, one should analyze whether it is now better to hold or to divest the asset.  The apartment building is currently owned free and clear of debt. It has been owned for more than 27.5 years so it is fully depreciated and no longer eligible for annual depreciation deductions on the investor’s tax return. Reviewing the cash-flow, after property taxes, maintenance, and insurance, it produces net rental income of about $3,000 per month.

$36,000 per year on an investment property worth $1.8M amounts to 2% annual income on the investment. However, the original $100,000 investment has grown by 1800% and there is now $1.8 million dollars’ worth of equity tied up in one asset. Since interest rates are at historic lows, what better time than now, when property values are lower than they were a few years ago, to unlock some of that equity and exchange, tax deferred, into one or more properties with greater income and long-term appreciation potential?

Through an I.R.C. §1031 exchange, this real estate investor can sell his investment property and accomplish a number of tax and investment goals. A 1031 tax deferred exchange permits the investor to defer federal and state capital gains and depreciation recapture taxes. The investor can buy property with improved cash-flow, and if encumbered, with an interest deduction to be claimed. If the replacement property is greater in value than the
relinquished apartment building, then depreciation deductions will also be available for the increased basis (the difference between the purchase cost of the new property, less the gain deferred on the exchange of the old property). Additionally, because multiple properties can be acquired through a single exchange, the investor can diversify the real estate portfolio, thereby hedging the investment risk inherent in a single property.

Appreciation, depreciation, cash-flow, diversification and tax deferral are important drivers for doing a §1031 exchange. Investors should examine their real estate holdings and do the 5 point analysis suggested in this article. If repositioning a real estate portfolio is in order, the valuable tax benefits of a 1031 exchange should be considered. Investment Property Exchange Services, Inc. (IPX1031®) is a Qualified Intermediary providing a full range of tax
deferred exchange services across the country including forward, reverse and build-to-suit transactions. We look forward to helping you and/or your clients maximize qualifying investments through a §1031 exchange strategy.

Be sure to join us on June 19th when Patty breaks down the process of 1031 exchanges. 

Filed Under: Uncategorized Tagged With: 1031 exchanges, 1031 Exchanges in Boston, 12/31/2012 deadline for gift tax, an advisor you can trust, boston, Boston Area real estate investors, diary of a newbie real estate investor, finance, FLIPPING IN BOSTON, free real estate education, Prosper in 2013, real estate mentorship contest, The meaning of fear, trusted advisor, unsecured loans

Are you able to leverage your credit or is it holding you back?

May 8, 2014 by bostonareia Leave a Comment

WHEN:  Thu 5/15, 2014credit pic

WHERE:  Hyatt Place, 116 Riverside Ave, Medford, MA

Thursday 5/15; 5pm – 5:30 pm for Members of Boston AREIA ONLY before the May monthly meeting!

Members join us for a special coaching session focused on Credit!  Are you able to leverage your credit or is it holding you back?  Veteran Mortgage Pro Ric Beaudoin of Sage Mortgage.  This is not a Credit Repair session, however, Ric will cover:

• The basic facts of credit reports
• What is and is not included in the credit report or credit score
• Why use credit scores
• Components of a credit score
• Statistical weights
• Consumer rights
• Correcting and improving credit scores

P4178105Followed by OPEN NETWORKING from 5:30pm – 6:30pm, the energy has been building every month!  Make sure you bring tons off business cards and save some for the forced networking section!

Thursday’s topic is all about exit strategies…you’ve got the property under contract, NOW WHAT???

Click here for all of the meeting details!

 

 

 

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, basic facts of credit reports, boston, Boston Area real estate investors, boston area real estate investors association, boston areia, Boston Commercial Real Estate, Boston real estate investors, commercial real estate, components of a credit score, credit repair, credit worthiness, diary of a newbie real estate investor, free real estate education, mass foReclosuRes, real estate mentorship contest, real estate networking, unsecured loans, www.bostonareia.com

How does "forced networking" help you flip properties

April 26, 2014 by bostonareia Leave a Comment

P4178105 I have people ask me all the time, “What is ‘forced’ networking and how exactly does it help me flip properties in the Boston area?”

Forced networking is for everyone.  Originally we started doing it at Boston AREIA for the wall flowers of the group.  You know the people who are uncomfortable walking up to someone and saying, “Hi, my name is ……………….. and I’m a new investor and I want to meet…”   I wanted to give those folks a way to get business cards from people so they could call them up later and meet with them.  But, it’s turned out to be one of the favorite sections of our meetings.  For the wall flowers and everyone else as well!  During our forced networking section, we bring different groups of people to the front of the room…for example, “Can all the wholesalers come up to the front of the room…now, everyone who wants someone else to find them deals, come up and exchange business cards, don’t talk for 5 minutes, exchange business cards and move to the next person…”  This is the fastest form of speed networking that you will find.  We don’t give you 5 minutes, we give you 5 seconds to exchange business cards so that you can connect with the people you want to after the meeting in a one on one setting.  Wholesalers love it because they are able to increase their buyers list quickly.  Rehabbers/Flippers love it because they get a whole new group of people looking for properties for them.  Realtors and lenders love it because they get a whole new group of people that they can connect with where real estate is concerned.  And, you know what happens when you connect an entire group of people focused on flipping properties in some form or another?  Deals get done!  So, forced networking most definitely helps you to flip properties.   Check out some of our pictures from our last meeting…we began with a coaching session, then went to regular networking, then forced networking, then speakers for education.  If used properly, your Boston AREIA meetings will help you build your power team and help you make connections, business partners and friends that you will work with the rest of your life!

Yours in success, Bernadette Trafton, Boston AREIA Chief Connector

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Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, Boston Area real estate investors, boston area real estate investors association, boston areia, Boston Commercial Real Estate, boston networking, Commerical Real Estate in Boston, flipping properties in boston, free real estate education, mass foReclosuRes, newbie real estate investors, real estate deals in Boston MA, real estate education, real estate networking, real estate social media, seasoned real estate investors, unsecured loans

Thur 4/17 was a ROCKIN' meeting about funding!

April 19, 2014 by bostonareia Leave a Comment

OLYMPUS DIGITAL CAMERAThursday’s meeting was absolutely ROCKIN’!  Standing Room Only!

These are just some of the comments we got:

Anya wrote, “A can-do approach to real estate investing!”

Ann wrote, “There was a lot of great information!”

Karen Lee wrote, “This was my first meeting with BostonAreia and it was full of invaluable info on raising capital. I initially went to get more info on the IRA funding for real estate but left with a bunch of new ideas. Many thanks to Bernadette for arranging this meet up. I’ll be back.”Bernadette Trafton, Chief Connector

Kathryn Acciari wrote, “Good morning Bernadette,It took me a few years, but I finally made it to a meeting and I am very happy to have done so.  Last night was quite informative, and I am excited to be looking at next steps. What a friendly and professional group of people you have at BostonAREIA.  I hope to be a regular attendee at the meetings and to also be able to provide folks with some connections and leads in Worcester County.  There are deals out here.  Thank you!”

First, I want to thank the members that took the time to walk up to me to thank me for such a great meeting and thank you to those who took the time to send a quick note!  I love the members of Boston AREIA!!!  Kathryn is absolutely right about what a friendly and professional group of people we have.

A quick recap…So, we started our 5pm coaching session which focused on building and developing your connections through networking.  I hope that everyone got a lot out of it and if you are a member of Boston AREIA and you want a copy of the powerpoint, make sure that you contact me at dette101@gmail.com.  Remember folks, it’s important to contact the people you met at the meeting no later than Tue and plan to get together for coffee.

OLYMPUS DIGITAL CAMERAWe began the meeting and of course, everyone knows that ENERGY IS EVERYTHING!  The energy you put into something is what you will get out of it.  So, first 5 lucky investors had their business cards pulled out of the proverbial hat and were given the opportunity to stand up and promote themselves to the group.  We followed this with forced networking…which gave folks the opportunity to exchange business cards fast and furious with rehabbers, wholesalers, investor savvy Realtors and more…I think that section is a favorite among our investors!

We followed the networking section with Dickens Pierre-Louis putting together a market update…we actually sped through this section because we had so much jam packed into the meeting…I will be posting this soon.  Thank you soooo much Dickens!  Our mentee, Mike Fitzpatrick got up and talked about how he and Jacqui are progressing and asked if folks could please vote on their logo – check out the blog post!  Then, Peg Graveline and Lisa West of JEM Property Group and Dan McKenna of Mckenna Family Homes walked through the numbers of the Walpole deal!  They made it real and dispelled some of those beliefs people get from the flipping houses shows on tv.  After that, we introduced our phenomenal panel of funding experts.  Peter McLoughlin talked about hard money, how it’s used, what a lender will expect from the borrower, one of the hottest topics based on questions asked by the group, was Investing through your IRA with Kevin Collins of Advanta IRA, then Ric Beaudoin of Sage Bank went over traditional lending, Kim Harrington covered how to develop your funding partners and Peg Graveline covered JVing with other investors to get your deals done.  What a great night!  I have to tell you, I had more people walk up to me at the end of the meeting to tell me how much they appreciated the programming and the speakers!  Thank you so much to Peter, Kevin, Ric, Kim and Peg!

Next month, we are doing a special coaching session from 5pm – 5:30pm for members.  Ric Beaudoin is going to come back and he’s going to go over becoming credit worthy for those with credit problems and maximizing your credit score with those who don’t have issues, but would love tips to get your score as high as possible.  After that, it’s all about exit strategies….so, the contract is signed, NOW WHAT?

See you next month!  And, remember, if you need something or if I can help with anything between meetings, feel free to reach out to me.  Happy Investing!

Yours in success,

Bernadette Trafton, Boston AREIA Chief Connector

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, boston, Boston Area real estate investors, boston area real estate investors association, boston areia, Boston Commercial Real Estate, Boston Marathon, boston Real estate, diary of a newbie real estate investor, flipping, free real estate education, lead geneRation online, ma Real estate, real estate mentorship, real estate mentorship contest, real estate social media, trusted advisor, www.bostonareia.com

Diary of a Newbie Real Estate Investor

April 16, 2014 by bostonareia 4 Comments

mike and jacquiWE NEED YOUR HELP TO CHOOSE OUR LOGO!

Direct mail and a Website Logo Contest

Jacqui and I are still scouring the market to try and find a good rehab deal, and recently we have been focused on direct mail and our website development. It’s been about two weeks since we sent out our first round of direct mail marketing. No responses to date, but we are optimistic that if we stick with it we will find a good rehab deal. We are continuing to refine and add to our marketing list that we are using for direct mail. Our list was created using the following data sources: expired and removed listings from MLS, foreclosures, and houses that we identified by driving for dollars and looked up in the public record.

To try and keep things organized we are also in the process of setting up our own website. We are working with Thrivehive to design the website and are utilizing the marketing platform. The Thrivehive marketing platform provides you everything that you need to create tracked phone lines and to start building a database of potentials sellers, buyers, or others. We are looking forward to using these capabilities to track the effectiveness of our direct mail marketing.

We were shocked that we actually had our first lead come in a few weeks ago when an absentee landlord found our webpage after extensive google searching and contacted us.

The owner lived on the South Shore and was interested in selling a six family apartment building that he owned in the Framingham area. We checked out the property and initially were not very impressed with the location or the condition of the building so we didn’t investigate or move forward. A week later I called the owner back because a friend of mind provided me with more information about the specific neighborhood the apartment was located in and suggested it might be worth a second look. Go figure when I contacted the owner back the property was already under agreement by another investor. Lesson learned – do your research and move quickly.

We were shocked that such a barebones website could actually generate a credible lead. We are excited about redesigning our site with Thrivehive’s help and will have something available soon that can help us to keep the leads coming!

We are also looking to pick a logo for our company Fitz Property. We have used a logo design website and have narrowed the top designs for you to vote. We would love your input. Also if you think you have a better logo idea, we want your submission! If we select your design as our logo we will offer a $200 prize. Please submit any ideas to mike@fitzproperty.com and jacqui@fitzproperty.com

Thanks for reading!

Mike and Jacqui

1 fitzproperty4

2fitzproperty3

3Fitzproperty2

4Fitzproperty-1

Filed Under: Diary of a Newbie Real Estate Investor Tagged With: 12/31/2012 deadline for gift tax, Boston Area real estate investors, boston area real estate investors association, Boston Commercial Real Estate, Commerical Real Estate in Boston, diary of a newbie real estate investor, estate tax planning in ma, free real estate education, lead geneRation online, mass foReclosuRes, Massachusetts Foreclosures, real estate mentorship contest, real estate social media, The meaning of fear, unsecured loans, www.bostonareia.com

Are you working the probate angle in your real estate deals?

July 31, 2013 by bostonareia 1 Comment

Bernadette Trafton, Chief Connector  Good afternoon,

Are you working the probate angle?  Working probate means spending some time at the courthouse going through probate records.  Not all courthouses are automated or have an internal network where people can go online and check recent deaths.  So, the process can be a little tedious, but, can definitely be worthwhile.  First….what is probate?

Probate is the court process used following the death of an individual to deal with the decedent’s estate. Often real estate must be sold as part of a probate or estate case. You can purchase real estate in probate either through an auction or a direct sale. Although there are differences between the two processes for purchasing probate real estate, many of the same requirements exist, no matter which procedure you use.

Ideally, you want to connect with the Executors and the Attorney involved in the case before probate is settled.  If you can connect with these folks before probate is settled and let them know that you are a cash buyer, you may get a phone call finding out what you want to offer.  The sweet spot is when the new owners are out of state and have no idea what to do with the property.  Often times they don’t want to be a landlord and they want to get out from under the property as soon as possible.  You will want to send a letter to all of the Executors as well as the Attorney.  Their information is filed within the documents that are at the courthouse.  The first thing you look for is whether or not a Fiduciary Bond has been filed.  If there is no Fiduciary Bond, there is no property involved in the estate.  So, look for this first or you will be sending letters to estates with no property which is a waste of your time and may upset those receiving the letters.  Be prepared to send the letters 6 times.  If they see consistent letters from the same investor, chances are they will call you first vs the person who only sends one letter.  And, don’t expect a greater than 2 percent return on the letters you send.  Like many other direct mail marketing campaigns the return isn’t spectacular.  2 percent is actually high.

Make sure you make an effort to build a relationship with the Attorney involved in the case.  If you build a referral relationship with them, they will notify you when they are working a case and their clients want to sell a property in your investing area.  Make sure to let them know that you are a cash buyer and have the ability to close quickly.

When you go to the courthouse, be prepared to make friends with the clerks that work at the court.  Bring them a snack…I would say donuts, but, be proactively healthy and bring some fresh fruit or something healthy and tasty for them to nibble on.  Bring a ream of paper with you.  If you give them paper, they will be more willing to let you copy items or print items depending on their system.  Realize that the folks at the courthouse are underpaid and often times stressed.  Be their ray of sunshine in an otherwise stressful day and they will be much more willing to help you and show you how their system works.

Hopefully this helps you in your pursuit to find properties.  If you have a specific area you want me to cover, let me know.  If I don’t know, I will find an article that will help you!

Happy Investing!

DESIRE.  COMMIT.  SUCCEED!

Bernadette Trafton, Chief Connector

Bernadette@BostonAREIA.com

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, boston, Boston Area real estate investors, Boston Commercial Real Estate, estate tax planning in ma, free real estate education, lead geneRation online, Prosper in 2013, real estate investors association, The meaning of fear, trusted advisor, unsecured loans, www.bostonareia.com

Independence day special for your Boston AREIA real estate club

July 1, 2013 by bostonareia Leave a Comment

Bernadette Trafton, Chief ConnectorGood afternoon everyone.  I hope you are all getting ready to have a fantastic 4th of July, Independence Day Celebration with your friends and your families.  I have been working on some great things for the folks at Boston AREIA.  First, we are offering and Independence Day Special to everyone!  For those who join Boston AREIA by July 4th, you will get $25 off of Individual memberships and $50 off of Joint memberships!  Great Independence Day Deal for everyone.  Click here to view the membership plans (the options for the Independence Day is the last step before entering payment info).

Now, I’ve been talking to someone about how to get your deals funded WITHOUT hard money.  I know that hard money serves it’s purpose.  Chris Roche is one of our vendors.  But, I think I’ve got the answer for many folks.  There are of course ways to fund deals if you have bad credit, we have programs that can help with that.  But, what if you have a good credit history and you don’t want to pay 12-15% for hard money?  There has to be a innovative solution.  One would think.  Well, I met a team of folks the other day who are providing business loans up to $150k or more.  You qualify personally, but, the loan goes in your business name and is treated like a line of credit.  So, need some money to partner with folks and fund that deal?  You can take a draw.  Flip a property, collect your ROI, pay off the loan and have the money available for the next property.  At your real estate club – Boston AREIA , we are always looking for ways to make it easier for you to do deals and reach your goals.

Keep your eyes on the emails because we will be doing a webinar with this team next week.  I’ve been having some fun preparing for our Christmas in July event on July 18th. Presents for everyone!  It is Christmas, afterall!  Desire.  Commit.  Succeed!  Bernadette Trafton, Chief Connector, Bernadette@BostonAREIA.com

Christmas in July! ‘Tis the season to invest in real estate!

Join us for a Networking Extravaganza!

• Network to your heart’s content

• Build your Power Team

• Introduce yourself in front of the room

• Gifts for all!  (It is Christmas afterall)

• Win prizes: real estate education, coaching and more!!!

• Share your deals and have a blast!

Bring you deals, your energy and LOTS of business cards!
Monthly Meeting 5:30 pm Networking—6:30 pm Meeting Thursday, July 18, 2012 Crowne Plaza Boston, 320 Washington Street, Newton, MA Free for members; $25 for non-members Validated parking

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, Boston Area real estate investors, boston area real estate investors association, boston areia, Boston Commercial Real Estate, Boston Marathon, Boston real estate investors, commercial real estate, Commerical Real Estate in Boston, estate tax planning in ma, finance, free real estate education, lead geneRation online, ma Real estate, real estate investors association, The meaning of fear, trusted advisor, www.bostonareia.com

More deals from Boston AREIA, your real estate club

June 26, 2013 by Bernadette Trafton Leave a Comment

Did you know that we post deals as they come in to Boston AREIA?  We try to send out emails, but, don’t want to send too many.  My internet marketing coach tells me to be careful as to how many emails I send.  He said that I can send more frequent emails as long as the trail is simple to follow and the email is 2 pages long.  People tend to think, I just don’t have time for that!

In any case, we try to keep things simple at Boston AREIA.  We have a deals page.  The link is http://bostonareia.com/resources/deals/ , some folks know about it, some folks don’t.  I will post our current deals on this post…but, in the future, it’s best to check http://bostonareia.com/resources/deals/ for real estate deals.  Members are able to post them on their own and after our monthly meetings we post them and as they come in to us, we post them in that place.  We are your real estate club, so, if you would like to see the deals section done differently, please email me at Bernadette@Bostonareia.com to let me know.

DESIRE.  COMMIT.  SUCCEED!

Bernadette Trafton, Boston AREIA Chief Connector

2 family in JP 70 School Street, JP 2 family, 3/4 beds and 1 bath each. 2 parking spots, laundry hookups in each unit. 2,620 sq ft. $535,000. Good rental income property cash-flowing $3,600-$4,000 a month.
Commercial Building in Fall River 178 Pine Street, Fall River, MA 02720 Commercial Building Uses: Sober House or similar, office building Adjacent to Route 195, 79, 138, near 24 No 21E on File Handicap Accessible, 1st and 2nd Floor Lot 8,599 SF includes 20 space parking lot across the street Built 1917 Location within 1 mile of new courthouse Top floor office has view of River Close to Fall River Heritage State Park 12,228 SF The building is full business zoned. That allows for hotels / rooming house. The City of Fall River does not require a special Sober House license, just a rooming house license. No special permit or variance required. Information from others in the business says they use 200 sq ft per room, including hallways, common kitchen(s) and baths. That would allow for 52 rooms / beds without disturbing the 3rd floor auditorium. If the room charge is $500.00 per month, that’s $26,000 gross income per month. Purchase cost is only $7,692.00 per room.
Rehab in Royalston, MA Great rehab opportunity! 3 BR/1BA 1500 SF ARV $190K-$200K Repair Costs: $45K Asking price: $110K Connection through Kate
Prime SouthEastern MA Development Location Available Prime land development opportunity with over 700′ of frontage on Rte. 24 (EZ-on, EZ-off). Property is immediately adjacent to the Exit 10 ramp on the southbound side of Rt. 24. Zoned General with 250′ frontage on N. Main St. Permitted uses include retail, office, restaurant, and most other business use. 2 contiguous 1.61 acre lots. 3rd lot available for easement (parking lot). Development along Rte. 24 (UMASS Bio Tech Park) will increase future traffic flow. Take advantage of this opportunity today!! This location is also located approximately 3 miles from new proposed casino along the Rte. 24 corridor. Check out www.assonetproperty.com for more details

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, boston, Boston Area real estate investors, boston area real estate investors association, Boston Commercial Real Estate, Boston Marathon, commercial real estate, free real estate education, real estate clubs, real estate clubs in Boston, real estate social media, The meaning of fear, www.bostonareia.com

How to get the most out of your real estate investment club

June 5, 2013 by Bernadette Trafton 1 Comment

Like us on Facebook to be entered for a contest to win real estate education and more…

I know that sometimes coming to a real estate investment club can be intimidating.  Who are these people?  How can they help me?  Who do they know?  Do I just go up and say hello?  I don’t want to sound stupid…

Life is short…don’t sweat the small stuff!  And, remember, you are the one in control!

I’m a big WHY? person.  I feel like to get the most out of any real estate investors club, heck ANYTHING, you have to know why you are going to begin with.  What is it that you want to get out of the group?  Write a list for yourself:

  • Networking
  • Education
  • Motivation
  • Deal sharing/partnering with other investors
  • Increase profits
  • Building Power Team
  • Access to group buying discounts
  • Build Buyers List
  • Build Wholesalers list
  • Build Rehabbers list
  • Opportunities to speak in front of room
  • Opportunities to share what you’ve learned
  • Opportunities to present deals in front of the room
  • Online access to other members
  • Deals email sent
  • Access to service providers who help organize my business, increase my online presence and increase my lead generation
  • and more…

Now that you know why you are attending and joining the group, you can develop a plan for the meeting.  Now, at Boston AREIA, we hold open networking from 5:30pm – 6:30pm.  Members and attendees are encouraged to get there early.  If you get to the meeting early, you get the lay of the land.  You have time to come up and introduce yourself to the Club leader.  In the case of Boston AREIA, that’s me!  🙂 .  You are going to want to have a good handle on who you want to be connected with because the Club leader will know who would be the best connection for you.  The best way to get the most from the club is to get to know the person running the meetings.  They are the person in the position to help you the most.

Get there early and network with the vendors.  DON’T BE A WALL FLOWER!  Find your seat, then walk around and talk to everyone.  Make it a goal to solidly connect with at least 5 people at each meeting.  Get everyone else’s card, so you can set up followup meetings.  But, AT the meeting, connect solidly with 5 investors.  If you focus on 5, then you can begin to develop a relationship with people.  Take the hour for networking and use it for networking.  When the meeting starts, if there is forced networking (you’ll have to come to Boston AREIA to learn what that is), take part!

Any opportunity to get in front of the room- Buy/Sell, forced networking, etc…TAKE IT!  Remember, everything you want is outside your comfort zone.  Stay until the end after the speaker is done and then stay and network with everyone.  Offer to buy a drink for a more seasoned investor in the bar and stick around and listen.  You will learn the jargon and you will hear great stores and be presented with opportunities.

Those who stick and stay get paid.  This means come to the club consistently, get to know, like and trust people and let them get to know like and trust you.  You will form long-lasting, profitable partnerships and the road will bring you places you never knew existed.  See you at the next meeting!

DESIRE.  COMMIT.  SUCCEED!

Bernadette Trafton, Boston AREIA Chief Connector, dette101@gmail.com

 

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