We had some interesting networking at our Movers 4/1/16 & Buddy System (Movers & Shakers meeting 1st Friday of the month at Dennys).
By the way, it was good to see all you Contractors at the Home Depot ProDays in Southern NH last week! [email protected]
I began Movers with that update on Inventory for Lynn, Boston & Peabody (it’s also on the the Blog at our website). Yes, things are seasonally slow but I’m expecting Big Inventory to hit the market in the next couple of weeks despite the ?SNOW? and cold. Please no more selfies from you snow birds in Florida;-)
I’m also anticipating a leveling off of the Real Estate Market at the end of this year for two reasons:
1. I’m seeing a greater disparity between the Average Sale price of homes and the Median household income.
2. There should be a new (maybe not that new) Administration taking over. Will the $15 minimum wage, in some areas, transmit to more buying power? maybe not.
You’ve probably done your own research on the market and I’m glad to post it on our Blog. Bottom line – Remember Musical Chairs? I’d advise you not to get into any lengthy projects towards the end of the year.
Movers – Bill has got Kathy working on a project – Multi-families for folks with disabilities. Kind of a niche market.. Don’t forget the vast majority of the market is Single Family, Owner Occupied houses. Odds might be better to get a deal there?
Moving on with the Buddy System, we encouraged Kathy to spend a little time with Tom, a Broker from KW in Beverly who’s a Door Knocking – Listing machine! (for some Persistence and Chutzpah) and Steve the big GC from Marblehead (for a better understanding of housing Construction and costs).
Jason’s got a couple of projects in New Bedford which seems like a good cash flowing+ area.
Joshua, a Broker, is looking to get in on the Income Property business as a Landlord, himself.
Alberto started his Direct Mail campaign, to reach out to potential Sellers for properties BEFORE they hit the market. He sent 479 postcards out, You’ve got to see these cards, you won’t believe them;-) Two responses immediately and I predict many more. The successful DM campaigns I’ve seen allocate about $5k/year and are consistent, that’s every month with a new message. I feel it’s better to contact 1000 people 7 times rather than 7000 people only once.
Joshua said the latest study KW showed them, had a 30% response after 12 contacts. I hope that didn’t include Restraining Orders;-)
Brad’s looking at more commercial property.
Bill has money to lend but we advised him of a couple of minefields to be careful with. i.e. Owner Occupied and High LTV.
Steve’s got his big project in Lynn moving closer to completion and he’s had good success with a hybrid of the “Appliance Suite” program Home Depot has with us. That’s where you get a very competitive price on bulk Appliances or a whole room (kitchen) of Appliances that you can mix and match.
Tim had to bail out of a complicated Flip he was in and there’s a little trouble with his deposit. His advice, “Do not deal with an Attorney yourself, use one of the Attorney’s at our meetings.” Dealing with an Owner/Seller is ok but a Lawyer does have an advantage over you.
Tom the Plumber is in a dispute with an Owner and GC. I see you Contractors working your asses off and I hate to see you get cheated out of that hard earned cash. In our members section Attorney David who’s a specialist in Contract law has placed a downloadable Legal, Massachusetts, Contract (between an Owner and a Contractor) which you are free to use. He’ll even give you a 45 minute COMPLIMENTARY consultation on the document. That way if you ever need Representation, you’ve already met him and followed his guidelines which should make it much easier to collect on.
I look forward to see you Tuesday, April 26, 2016 for Housing Court issues with the Judge!
Mike Hurney, Director MassRealEstate.net PO Box 307, Marblehead, MA 01945 781-631-8018 Office/Fax