Boston Area Real Estate Investors Association

Diary of a group of newbie real estate investors...01/05/2023

Jan 05, 2023

When I last posted, our group of real estate investors were getting ready for the holidays and a few had said they would get on our New Year's Eve zoom.  I was half expecting that no one would show.  To my pleasant surprise, everyone joined us!  

We found out the property our investors was going to check out was in the same area in Woburn that the movie A Civil Action was based on.  A lawsuit was filed over industrial operations that appeared to have caused fatal cases of leukemia and cancer, as well as a wide variety of other health problems, among the citizens of the city.  Our investors went to check out the property and then went across the street and spoke to someone who owned the convenience store.  They learned about the law suit and found out how many millions had already been invested and because of the federal legal tape, there would be no way to purchase the property.  

Our app developer, who is interested in warehouse type of properties narrowed down an agent and lenders to work with.  And, I was actually able to send him a potential deal.  I had mentioned to one of the agents I know what he was looking for and he sent something over.  The owner of the property is looking to retire and wants to sell.  It's not currently listed.  Not sure if it's the right fit...but, worth looking at for sure.

Others had been focused on the holidays, however were setting their schedules for the upcoming weeks to get direct mail campaigns out. 

Another is closing on a house hack deal at the end of January.  And, is looking for another potential project in or around the Attleboro area over the next year.  She asked to be introduce my hard money lender.  I'm hoping we can do a pre-househack rehab tour.  At least in 2 of the apartments as one of them is occupied.  

Another won an auction on auction.com and was leaving the property when he jumped on the zoom.  He mentioned hard money and what his lender's guidelines were, so I introduced him to my hard money lender to see if he could get better terms.  Hoping for a rehab tour at this one as well.  

I'm still working on a project up in Bristol, NH.   One of my investors sent me a deal.  It's a little far for me, but, I was able to make some connections and on closing day, it will be a happy day for all of us.  In real estate it's all about cooperatition.  How can we all make some money together. 

That's all for now...looking forward to Saturday's zoom!  i'm excited to hear what everyone is up to!  

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