email that just went out:
Have a Safe and Happy Thanksgiving! This is actually my favorite Holiday. In the late ’70s I worked in Saudi Arabia for three years and they only celebrate Ramadan and Haj (not exactly my cup of tea). Christmas, Thanksgiving and of course 4th of July were regular workdays. So when I returned here to the States, much to Robbie’s chagrin, I had a Turkey almost every weekend for about 6 months:-)
2. I’ve been working with the Fair Housing Committee in Marblehead, mid January there’s a Lottery for Housing, Affordable Housing. I know you high rollers may not qualify because your income is too high but if you know someone?? Info meeting December 6. I’m glad to email you a package.
3. Friday 11/18, Denny’s in Danvers for our Movers and Shakers 7-8:30 PM, 152 Endicott Street, I’d like to cover the quickest way I know, How to check out Income Property to see if it’s worth “kicking the curb”.
I was all set to cover Cap-Rates, Gross Rent Multipliers and Debt Service Ratios (which we did briefly) but there was more interest in Qualifying Buyers for financing and how APR is calculated. Good meeting.
4. Duplex in Lynn $240,000. Rents are $1200 for a 4 bed, 1 bath and $900 for a 2 bed, 1 bath.
5. Three family in Lynn $219,000 all 2 bed, 1 bath units with Bathrooms and electrical updated rents are $900, 900 and 750. Debt Service Ratio could be as high as 1.9 for qualified investors. Or Owner occupied may qualify for an FHA 3.5% down program.
5. Our Homepage IS a WordPress Blog and everyone is Welcome to post/blog there.
6. Even if you have no plans to be a Landlord, you may get stuck with property that’s not selling fast enough or at your price and how about …. Plan B. You may decide to Rent or Lease-Option it.
Judge Kerman will discuss the right way (only way, really) to rent. Everyone attending and all members will have access to all the documents you need for Legal Tenancy.
Housing Court Judge Kerman will preside over our next Main Meeting at the SpringHill Suites in Peabody, Tuesday, November 29 6:30 – 9:00PM Also Cheap Coastal Insurance?
I’ve been straight out, lately with my guys on a couple of roofs that needed work, basement water and getting an Apartment Rent-Ready. We’ll go over those solutions and how you guys are doing.
and Movers and Shakers at Denny’s in Danvers Friday December 16, 7-8:30PM. I look forward to seeing you there!
There is no substitute for networking with you guys! Good luck Investing and I’ll see you Tuesday, Mike Hurney
PS No matter how bad some folks think things are, we’re still doing pretty good. I learned of a friend of mine, Tom, who was probably THE top Engineer in our field, who’s not doing well. Early in my Engineering career I had the opportunity to work with him and we became friends for many years. I learned last week he has Glioblastoma grade 4 (brain cancer), Hospice is with him several times a week and he’s on morphine. I don’t want to bring anyone down. None of us are getting any younger and we all have to go sometime. But it’s tough to imagine this guy not able to do simple math 6 months ago and being completely out of it now. My prayers are with him!
Let’s enjoy our family and friends and as Real Estate Investors let’s hit this opportune Real Estate market hard! We’ll also cover success stories on Deals and Networking.
Massachusetts Real Estate Investors Association
PO Box 307
Marblehead, MA 01945
781-639-8616 office 781-248-6907cell