Tuesday January 29, 2013 Meeting
2. Abatements, Assessments and Appraisals
3. Property management
1. At our PreMeeting we covered How Real Estate Investors must have a complete handle on costs in their “Farm”.
Farm area is the location an Investor can cover:
– Understanding Values (e.g. for example, 30 day sale price),
– Costs (e.g. Real Estate Tax, Insurance, Debt Service on allocation funds, Materials, Labor)
– and Demand (e.g. which price bracket and style is Selling quickly).
Basically being able to spot a deal when it appears or for Advanced Investors being able to Make a Deal work.
** These are both Full Lessons in the course: “How to Become a Real Estate Investor in 12 Easy Lessons” by Mike Hurney
We used Salem, MA as our example for Investors who attended:
– Staking out a “Farm”
– Finding the Demand (quickest sold price Bracket).
– We aslo made a live call to one of the Brokers (turns out to be a friend) with a Short Sale that had been on the market for well over 550 days. He gave us the lowdown on why it had taken so long.
– We concluded the exercise with the available listed Properties.
2. Next our Attorney took us through the Process:
– What criteria City/Town Tax Assessors use to value Property.
– How you can determine whether that Assessment is accurate?
– How the Appeal process works?
– And finally how he can review this with you and proceed when it makes sense.
– Jim even had some examples of his successful Abatement Filings. He also gave us the form to use and I believe tomorrow February 1st is the filing Deadline in Massachusett so don’t delay if you are filing.
** This Course, working with a Successful Coach Mike Hurney, could be your Best investment for 2013. You may even recoup your cost, only $595.00, on your first deal!
Versus having to learn not only the principals of Investing on your own but learning the market you’ll work in.
We then used a recent actual Appraisal to understand how a Bank uses it to determine value, prior to lending for a Purchase or Refinance.
Don’t forget an Assessment is the value your City/Town Tax Assessor determines. An Abatement is the request for a change in the value from you the owner. and an Appraisal is a paid report by a licensed Appraiser.
3. Moshe was good with Property management. Although most experienced Landlords think they’ve “heard it all before” his suggestions did bring back ideas they hadn’t remembered (or used) in a while…
– Make sure your place is clean, especially the windows, bathroom and kitchen.
– A new paint job may be cheaper than a month’s lost rent.
– Make a flyer with Features and Benefits. Include the last 12 months Utilities. “Depends upon your use.” Doesn’t cut it!
– A testimonial wouldn’t hurt.
– Screening Tenants: Call current and PREVIOUS Landlord.
– Tenant should make at least 3 times the monthly rent (per month)
When do they need it? Not in the next two months? Don’t waste your time.
and about 23 morer important tips! Join us next month.
Welcome new members GP, RB, BV and RR (I’ll call you about our Discounts) and guests.
4. A good friend of mine John K. in one of the largest and most successful companies in the US is hiring. If you know someone interested? Please have them email him [email protected] and reference Mike Hurney.
Good luck investing, see you soon. And if i can help, just shoot me an email or leave a message on my cell 781-405-1845
Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 781-639-8616