we get together and see what’s going on, share our latest successes and see if there are any partnering/services others can use.
1. Update on where the market is headed and more importantly what I do to avoid getting stuck in a “Musical Chairs” situation (that’s the game where each time the music stops there is one less chair – no place to sit, you’re out. The equivalent in Real Estate would be – I’ve got to buy a house because I need a place to live, 1031 exchange limits are coming up fast or I’ve got to have a rental right away. But the market is so hot that properties coming on the market are bid up, way over asking price (way over actual value too) so it doesn’t make sense even if there was the “musical chair” to sit on.
Case in point – one of our speakers last month had “luckily” gotten an offer accepted on a 2 family in Lowell that was listed for $428,000. (Tax assessed $295,000) accepted offer for $499,000:-( I know rents are high because of availability but how could this 2 family ever “Cash Flow” (positive)? So, only a Retail buyer could do this who would live there and count on long term appreciation, also it might not go through unless the Financing company has it Appraised high enough to do the purchase loan.
Good article that gives a little insight to the current Hot market: Boston Globe July 2, 2017 “MASS. HOME PRICES REACH RECORD HIGHS” KATHLEEN CONTI basically “… selling might be easy but buying a new place to live in a market with overcrowded open houses and bidding wars is discouraging.”
This evening we’ll have the local market update and if you’d like a quick analysis of your “farm” (area where
you’re working your Real Estate) send me a quick email. At least before 6:00pm today for our meeting tonight at 7pm;-)
2. Round Robin where everyone has a minute to let us know what you have and need.
3. Estimating Rehab/Construction Time/Costs. How have you been estimating and which Software/Apps are you using?
4. I’m starting a lot of kitchen work with Peter THE kitchen Design/Build guy who hosts our meetings. I’ll have an update how you can Fast-Track your projects in the area that has the most potential payback, the kitchen!
Also a “small bite” technique where you can work in phases towards completion which are independent. In other words, gutting an entire house leaves you at the mercy of the smallest segment of the work.
e.g. One of our Contractors had a shipment of custom windows come in that were frosted (for a kitchenwith a landscaped yard to look upon). Mistake in ordering between the supplier and manufacturer which they’ll eat. However it takes 6 weeks even when fast tracked! So the walls can’t be roughed, plumbing stops, electrical stops, wall cabinets wait, base cabinets and appliances are delayed or stored (hopefully not dented or scratched) the owner is ticked off and the subs can’t sit around so they’re not available at a moments notice. Maybe “small bite” technique could’ve helped. Incidentally I offered him 25 cents on the dollar for those windows being returned…
More tonight Friday, July 7, 2017 7-8:30pm, I look forward to see you at Kelly’s Roast Beef for Networking, Updates, soft drinks, wraps and YOU!
165 Endicott Street, Danvers, MA 02123 7-8:30pm
No charge to Members, Only $5. for Guests (tip for our waitstaff) or Only $99./year to join.