Interesting meeting, Movers and Shakers 11/7
It always seems easy to give someone else advice but is it useful?
1. RH volunteered first: He wants a Buy-Fix-up-Sell deal with Transactional Funding to accomplish it. However where do you get the 30-35% skin in the game.
Refi you’re own home? Well it needs a little work, like deferred maintenance of maybe $80k…
Can you get a roommate to help out? No, in Saugus they’ll arrest you if you take in Renters in a Single family home. No we said roommate. But your neighbors will turn you in.
After about 30 minutes of this cat and mouse I remembered what that Enneagram Speaker told us at a previous meeting. The Speaker was the head Shrink at an Outreach Center in Lynn, MA where I used to help them raise non-profit funds. She had told us that everyone is exactly where they want to be, right now, through a series of conscious decisions they’ve made.
So the point of this discussion was one I see all the time on BP. Someone is not ready to do something and will continuously manufacture roadblocks, either consciously or unconsciously, to not have to do it. That’s OK, when you’re ready the group will still be there.
Next JT told us how he went back to the basics and hit a Home Run on an Auction in Revere! $279k for a property worth maybe $400k with cosmetics. He had previously outlined his strategy at our main meeting and offered to work with folks in the Association or anyone who’s stuck.
PM updated us on his deal in Dracut where he fixed up a property, subdivided the lot and will be renting the house for $2k/month. But, now he’ll be tapped out, as in no cash or available equity. We then got into the “Economic Peak” of a deal. When is the right time for YOU in YOUR situation to liquidate an Asset. Can you get a payday of cash for your next deal? What about tax, Long term/Short term capital gains, 1031 exchange, Self Directed IRAs, Roths, Wear and tear from renters. Most importantly What’s your Long Game!
DS is in a much better position after spending time with a Tax Attorney. It seems he sold some big assets in Maine and has been putting those funds to work as Purchase/Construction loans at reasonable rates for Projects he’s comfortable with. That Tax Attorney minimized his tax bite so he has more funds to put to good use!
JH got into some of his Private money loans here in Boston and in California. Most of the time his criteria seems to be, if you’re not making money on the deal after all the costs are considered, then he’s not going to be in it with you! He actually provides a comprehensive review for anyone who presents him with a deal.
MH revealed his recent court case in Worcester and the outcome with Building Violations/Inspectors, Plaintiff’s Attorneys, a Reasonable Judge and Titleing a Deed correctly. Also painting projects: matching colors. Exterior repairs, preparation for the Fall/Winter and what kind of Tenants do you get in December.
We were very busy digging deep into these topics and didn’t even have time for reviewing the “good” areas around the North Shore….. But the handout’s available.
See you November 25th for our Main meeting! Mike
PS and Folks are still able to take advantage of the low rates for financing and refinancing [email protected] NMLS #43341