Good morning Fellow Real Estate Investors, Contractors and Landlords,
Here’s our Update from 1. Movers and Shakers, 2. last Tuesday and 3. Meeting format.
See you soon, Mike
1. Movers and Shakers 5/17/13
Market – We covered the Peabody market where 68 SF-Single family houses sold in the last three months, 25 CC-Condominiums and 5 MF-Multi families (averaging 90 Days On Market). Next we looked at the Active properties which was deceptive because 27 of 88 SF, 6 of 31 CC and 3 of 6 Multis were already ACT pending, a condition of sale. So realistically 61SF, 25CC & 3MF are all that’s available. This is less than 3 months inventory and shrinking. A Sellers market driven by low inventory!
Then we went through what’s happening?
Jon has a home and one investment property, looking to get into the market for more.
Eamonn and Evelyn (nice couple) looking for some investment deals, Eamonn’s a GC but heavy into electrical work.
Mark has a tight business plan for the next 12 months to diversify which he shared with us.
Damian’s finishing one project and getting his subs back on schedule.
John’s got money but cautioned us, “If I won’t fund it that means the deal is bad, not you are bad!”
Don is very comfortable and I’ll send him some recent SOLDS in his Haverhill market which should get him back in the game;-)
Murat is a GC and recently completed a lucrative Buy, Fixup and Sell but cautioned us on watching ALL our costs.
Norm from Salem is looking to “Flip a few and Keep some good Rentals” Ever hear that before? Like 99% of us! Let’s see if we can help him with this! First comes staking out an area…
Michael’s busy with his Plumbing business but still making offers in Lynn and Saugus!
2. Last Tuesday 5/21/13 Main Meeting
Buy/Sell/Networking – Pizza and Soft drinks. Members offered at least three properties that will hit the market and increase their List price if no one takes advantage.
Dennis from IEE took us through the courses they offer for us Contractors to maintain our licenses. He went through the advantages of the in-person courses then offered us a special MassRealEstate.net discount! You can reach
Roy or Dennis at IEE 800-823-6239
Bob encourages us to analyze every deal (for consistency and so we don’t miss anything) he shared some successes and a couple of near misses. He also had an Own vs Rent comparison that would get any Tenant off the dime. Bob also told how Andover had 92 out of 140 sales the first quarter that had Multiple Bids! He’s predicting a Sellers market for the next 5 years and inflation of 2%/year despite the 10% of the last 12 months.
Putting your Tax return to good use. Tom the Plumber couldn’t make our meeting but wanted everyone to know there’s an Early Boiler Replacement the gas company is offering (and he’s starting to get busy again) Rebates up to $4,000. You can call Tom at 617-697-7330
3. Because the profile of our Association has changed to RE Investors, Contractors and Landlords we’re trying to include something for each category, each meeting. If there’s something you’d like to hear more about at future meetings let me know [email protected]
PS Landlords/Members there are all the forms on the Website that you’d need for a legal Tenancy. Any trouble finding or downloading, let me know.
PPS Members not taking advantage of the HomeDepot 2% cashback? I can walk you through it. I see all you guys there and I seem be buying something at least twice a week. It is a nice refund I get.