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Simplified real estate investing property analysis by our Sept speaker Larry Goins

August 28, 2013 by bostonareia 1 Comment

Bernadette Trafton, Chief Connector  I ask Larry Goins our speaker in September to send me some real estate investing articles.  One that he sent me was on property analysis.  I chose this one because everyone always asks me how to buy a property right.  You make your money when you buy the property, so use this guideline and make sure the numbers work.  Make sure you head to our Facebook Page and first LIKE US and then make sure you go to the FB event page and pre-register for this event, seating is limited so to guarantee a seat, please pre-register on FB.   Also, in order to receive a copy of Larry’s new book “HUD HOMES HALF OFF”, you must show up to the event on Sept 19th and you must be a member of Boston AREIA; become a member today!.

Simplified Property Analysis – by Larry Goins

Before you start making offers, learn how to analyze a deal. Many Investors have multi-page spreadsheets that list the return on investment 15 years down the road. It lists every conceivable expense that could ever incur.

If you need a calculator, it’s probably not a deal. If you are running these numbers to tell if it’s a deal, it’s not a deal. If somebody says, “I have a house and the after repaired value is $100k, it needs 10k in work and you can pick it for $50k”. That’s a deal, right?

Remember most deals are made, not found. This means it wasn’t a deal until after the negotiation process. You want to hit home runs, especially on your first deals because you need to make sure there is plenty of profit in the deal. The worst thing you can do is get involved in a marginal deal and get discouraged before you get started.

Get used to analyzing and making offers before you get off the first call. The goal is to get your offer to them and start the negotiation process.

Just starting out? I still want you to see the properties before closing on them but eventually you’ll complete the transaction without looking at them just like we do. Don’t worry because I have included specific techniques to do the work for you.

Before I make an offer, I need the answers to 2-3 questions.

After Repaired Value: People tell me “the current value is $___”. This makes no difference if it needs work. We’re not basing it on “as is”; we are basing the value on after repaired value. The first thing I need to know is “what’s the after repaired value?

Amount of Repairs: What’s it going to cost to fix up? This is where you’re going to catch a little resistance from people and especially with Realtors because they don’t want to commit to a figure. One of the phrases that I use alot is “just a ball park”.

Potential Rent: If this is a rental type property I’ll need to know what kind of cashflow it’s going to have to make sure the numbers work at the total cost. I’ll need to know if it’s a For Sale by Owner, what’s their loan balance and are they current on the payments. You’re probably thinking that the seller or realtor doesn’t know this information or won’t tell you but I’ll show you in the section on negotiating exactly how to ask those questions and get your offer to them before you get off the phone. I’ll show you how to make low offers and not have them hang up on you.

In my market we have to be able to wholesale houses at 70% of appraised value. (This may be different in your market) This includes purchase, repairs and closing costs, so I have to buy the property at 60% – 65% or less.

When running numbers, you always want to use worse case scenarios. For example, if your seller says that the house is worth $80-$85k, you are going to use the $80k. If they tell you it needs $10- $15k in work, you are going to use the $15k. We always figure in the rehab closing cost, so that is the worst case scenario. If an Investor is paying cash or has their own money, they’ll actually make out better. If they also do some of the repairs themselves, they’ll make out better. Because we are basing our rehab cost on hiring someone else to do the work and we’ve already gotten 2-3 estimates on the repairs, we give those to the buyer.

Remember, when you want to make money in real estate investing, follow those who are making money in real estate investing!  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, lead geneRation online, real estate clubs in Boston, real estate social media, unsecured loans, 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

Join us on Facebook to win prizes

June 4, 2013 by Bernadette Trafton Leave a Comment

We are growing our Facebook Likes for Boston Areia – Real Estate Networking meetings – Everyone who goes to Boston AREIA and LIKES our page and likes the contest post will be entered into a drawing to win some prizes – You MUST like the page and like this post in order to be entered into the contest.

Prizes will include

1 – Review Tony Youngs course, partner with Bernadette and be Bernadette’s guest at Tony’s 3 day bootcamp July 13, 14, 15

2 – 4 hours of Marketing coaching with Bernadette.

3 – Foreclosure education – tapes and booklets and more…

The contest runs from June 4 – July 1st….Good luck everyone!

If you get a friend to LIKE the page and comment on the post that you sent them, you get extra entries to win the prizes!

DESIRE.  COMMIT.  SUCCEED!

Bernadette Trafton, Chief Connector, dette101@gmail.com

Filed Under: Uncategorized Tagged With: 12/31/2012 deadline for gift tax, an advisor you can trust, Boston Area real estate investors, boston areia, Boston Commercial Real Estate, Boston real estate investors, Commerical Real Estate in Boston, mass foReclosuRes, real estate clubs in Boston, real estate investors association, real estate networking, real estate social media, The meaning of fear, trusted advisor, www.bostonareia.com

Hope your Memorial Day was wonderful!

May 29, 2013 by Bernadette Trafton Leave a Comment

Bernadette Trafton, Chief Connector

Bernadette Trafton, Chief Connector

Good afternoon everyone!  I hope your Memorial Day was wonderful!  I got to spend mine in Newburyport, MA at their annual Memorial Day Festival.  2 days of Crafters, live music, food and more.  I think the most fun I had was with my son at the silk scarf booth.  You actually drop paints into this long bin and you make a design on top of the water solution, then you carefully lay a white silk scarf into the bin and the design you made in the water adheres to the scarf.  Very cool.  I love that stuff.  Anyhow, onward to real estate.  

Mike Jordan is pumped about the upcoming June 1st event being held at The Point, 147 Hanover St, Boston, MA.  12pm – 3pm.  For members of Boston AREIA, there is no cost for the event.  Please come prepared to grab lunch.  The Point is giving us the room for free, so, we encourage patronizing their facility.  🙂  If you are a visitor and pay $49.95 for the event, Boston AREIA will buy your lunch.

Friday is the last day to register for the event.  Please visit  http://bostonareia.com/resources/calendar-of-events/, go to June 4th on the Calendar and register today!   

Real Estate 101 For Newbies – Presented by Michael Jordan

You’ll learn: 

  • How to Find Deals 
  • Deal Analysis 
  • How to Find Funding 
  • Working With Contractors 
  • Marketing

Mike Jordan is a native of MA. He grew up in a construction family and remembers being on job sites and helping his family as young as 8 years old. He’s been personally investing with his brother Jimmy for over 5 years, is skilled in rehabbing, short-sales and buy and hold situations. He and his brother currently own about 50 units around the Boston area.

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, commercial real estate, estate tax planning in ma, free real estate education, lead geneRation online, MA Shortsales, real estate clubs in Boston, real estate investors association, real estate social media, www.bostonareia.com

I've been doing it all wrong and I'm sorry :-)

May 14, 2013 by Bernadette Trafton 1 Comment

Bernadette Trafton, Chief Connector

I’ve been doing it all wrong and I’m sorry :-).  So, I spent an hour on a webinar with my website/email/seo Coach.  He pointed out some stats that kind of blew me away.  We talked about emails and social networking and variety of other things.  I’ve been totally clueless about Twitter and other social networking tools and how to use them as marketing tools.  I learned a ton in an hour conversation that I never knew before.   Here’s what I learned:

  • Our website presence and SEO for our real estate club is great.  A testament to that is the number of memberships we’ve brought in over the last month.  An even greater testament is the number of people who come to the website and  join Boston AREIA without opting in.  So, bottom line is more people are finding us and more people like what they see than ever before.  So, hats off to my coach and his team for rebuilding our website, the SEO and other things they are providing and hats off to all of us for the new look and feel of the website.
  • We email the list too much!  Uggh!  So, our open rate is good, but, it’s not great and not where we want it to be.  But, what’s worst is that people aren’t clicking on links in the emails, which means they aren’t fully engaged.  Also, the emails are too long, people open them to see a quick blurb, but aren’t reading the whole email because like everyone else out there, they are too busy in their lives.  Here I thought I was keeping people informed and reminded of meetings and upcoming events and what I’ve been doing is causing their eyes to glaze over.  So, I’m sorry!  Totally not my intent.  I did set up an email with quick, short links and the click rate was 10 times higher.  So, because you liked that, I will do more of it!
  • We don’t push people to the right Facebook page.  Way back when we first started getting involved in FB, there wasn’t the option to set up as a business page.  The option was to set up as an individual.  So, we did and we have a good following on the page.  The problem is that we haven’t been converting people to the business page.  NOT GOOD!  So, if you are reading this…please LIKE our Boston AREIA Networking meetings page!
  • We haven’t been pointing people to the website in our social networking posts, we’ve been linking to the email campaign…NOT GOOD!
  • We don’t engage people on our Twitter account and use some techniques to go viral on Twitter.  I never understood how you could actually engage people on Twitter.  Go figure.  My coach was the first person that actually explained why and how and what the purpose of a hash tag is.  So, if you prefer to communicate through Twitter, please follow us @BostonAREIA which is our Twitter handle.  I promise to do a better job at keeping you informed.  Our goal is to get to 1000 followers before summer.  We’ve got some work to do.  LOL.
  • We should be using more video.  I kind of knew that already and am so excited because I have a videographer coming in June to our meeting to create a beautiful, quick video for the front page of the website.  But, I’m also going to do a video training blog to help others with marketing for deals, building networks and more.

I learned more…which I will go into in a different blog post…from what I understand, my blog posts have to be around one page to keep your attention.  So, I will end for now.  You will have to email me at dette101@gmail.com to ask about my coach and his team.  And, make sure you get to the upcoming Boston AREIA meeting!  Tony Youngs is awesome!

DESIRE.  COMMIT.  SUCCEED!

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 Real estate, Commerical Real Estate in Boston, lead geneRation online, ma Real estate, real estate clubs, real estate clubs in Boston, real estate networking, real estate social media, www.bostonareia.com

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