Friday, May 30, 2008

REOs Open! a big success!

The first REOs Open! for Worcester Real Estate Investors and the Northern Worcester County Real Estate Investors was a success! With 8 people in attendance, including Jeff Landry and Tina Miller of J.A. Landry Carpentry. Jeff is not only carpenter but he's also a general contractor. Jeff and Tina helped with ballpark repair prices on each property that helped with analysis. Jeff and Tina are both board members of the Northern Worcester County Landlord Association.

We visited 4 properties, 3 in Leominster and 1 in Fitchburg. 2 properties were SFH and 2 were multi-families. There was a lot of interest in the 3-family REO in Fitchburg. It's not currently listed and needed some repairs and some asbestos remediation in the basement. The Duplex in Leominster was the worst house in a great neighborhood. The lot value alone is more than the current price!

We analyzed the Fitchburg property to determine what the likely repair costs would be, carrying costs, etc., what the maximum amount that could profitably offered if performing the full repairs and remediation as well as will a more modest rehab. In other word, what needed to be done to know how the property would perform. We also discussed the types of financing that would be available and the cash down requirements for those loan products. So a lot of information was discussed and shared!

The next REOs Open in Gardner is tentatively scheduled for June 22nd. Check your mailboxes! We look forward to another successful outing.

Friday, May 23, 2008

REOs Open!

Northern Worcester County Real Estate Investors: REOs Open Event

NWCREI and Worcester REI are sponsoring REOs Open! tomorrow between 10AM and 4PM. Sitting on the fence, wanting to learn about buying bank owned property or wanting to buy something now with our without partners?

Come tomorrow and tour several properties, including at least one thatREOs Open! isn't listed for sale currently!

What makes this different than other real estate tours? How about analysis! Not only will you walk through the properties but you'll have experts on hand. Some of the things discussed:
  • What are the ball park repair costs?
  • What are likely mortgage scenarios?
  • What would my holding costs be?
  • Etc., etc.
In fact, you should come away with more than enough information that you should be able to offer on these properties, alone or with partners!

Go to: Northern Worcester County Real Estate Investors: REOs Open Event for more details or to register.

The Fitchburg Cashflow game follows at 5PM at James' house.

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