It's been a crazy few months since I've posted...

Aug 08, 2023

Happy investing folks!!!

Life and business has been moving quickly over the last few months.  This is actually the first time I've been able to sit down and blog because so much has been going on!  Mind you, it's 6am!  LOL

For my own business, I was introduced to an investor who wanted to sell his property off the market because he was doing a 1031 Exchange.  He really wanted to focus on moving his funds to Western, MA in the Pittsfield and North Adams areas because he could increase the number of doors and monthly cash flow.  We had conversations about what it would take to invest in an area over 2.5 hours from where he lived.  He was set on Western, MA.  So, my first task was to find a buyer for his current property.  I brought a few different investors out there to check out the property and after some back and forth, we got an offer and it actually closed a few weeks ago.  It's great because the property meets all of the buyer's asks.  It cash flows, there are some projects that need to be completed, there is a unit that could be turned into a short term rental and my seller agreed to increase the rents before the sale, increasing the cash flow.  While we were going through the sales process, my next task was to identify 3 properties in Western, MA and my seller, became my buyer.  We put in offers on about 10 properties.  Some were not accepted some he backed out of after the inspection, but we currently have 3 properties under contract, one is closing Friday and the others are closing the first week of September.  

While this was going on, one of our mastermind crew found a property, in, of all places, North Adams.  He was able to purchase it at $80k.  It's somewhat distressed, so I made a connection with my contractor who is in the process of rehabbing the property.  And, at the end, this property will be a cash cow.  Per a GRM of 8, his all in could have been $400k and it would be a great investment.  His all in will be less than $200k.  Though I don't love the drive, I do love the opportunity that is available in the Berkshires. 

While this one going on, one of my investors reached out with a property in Dorchester.  They were originally looking to wholesale it for about $20k.  I felt like he would do better listing it and having 1 investor open house to see if we could increase his ROI.  We got several offers and the one he chose will net him more than double what he thought he was going to get.  Now, there is specific terminology and permissions needed to list a wholesale on MLS.  And, this isn't a strategy for every wholesale deal.  But, it definitely worked on this one.   

I took some of our students out to a property in Woburn that is going through probate and one of them brought a partner and they made an offer.  We are just waiting for the license to sell and the probate process to see if they won the bid. 

We also identified another project in Gardner that had been in a fire and the investor had fully gutted the property, put a new roof, got building plans and then life happened.  So, she listed it.  We walked the property, did the analysis, got some soft numbers from my contractor and she decided to make an offer.  Well, OFFER ACCEPTED and should be closing next Friday.  Congratulations to another in our Mastermind group!!!  There's lots of moving parts in this one and she is a newer investor, so I will be sure to help her throughout the process.  Though this would be a great buy/hold situation, there is also potential for a condo conversion which amps up the ROI x 4.  This should be fun and we will be doing a rehab tour there soon.  

One of our other students, who is house hacking has completely finished the rehab and only has 1 more unit to rent.  She won't have a problem with that in this market.  

One of our other students is still looking for an 11k sq ft industrial building to buy.  So, be sure to reach out if you see anything out there.  

My project in Bristol is almost near the end.  The rehab should be completed next week.  We have the driveway going in and the landscaping scheduled.  The subdivision meeting for the property is in a few weeks.  So, if you know anyone looking for land in the beautiful mountainous region of Bristol, NH, be sure to let me know.  

Currently, our group is trying to identify a VA to make those phone calls for us to focus on off market properties. I have an interview with one on Friday and the group is also vetting some companies.   

Happy investing folks!  I hope to blog sooner, but I do hope to be as busy as I've been the last few months.   

Bernadette Trafton, Chief Connector!  

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