Meeting Notes 1/5/24



Meeting notes: 1/5/24 6:30pm Kelly's 1st Friday of the month.

Good group!

1. Tony's dilemma - Bad Tenant causing problems with another Tenant and Neighbors, Police called multiple times BUT still paying Rent on Time.

Suggestions: Why wasn't this obvious when interviewing the Tenant. We reviewed a couple of ways this bad behaviour could be stopped. Also we found the Hot Button that could get this tenant to move on!

2. Property in Peabody that we saw when Tony Youngs last did his Hidden Market Tour for our Association. We all saw it, no one pulled the trigger (made an offer). It sold for $373k, fixed up and Sold for $725k (Home Run!). Robbie pointed out that it was Maxed out!, to the studs! with ALL brand new Appliances, Floors, Paint, Landscaping, HVAC and electrical.

AnnMarie sent all the details and photos for everyone there, hopefully for us to learn from. Moral: When you see Cinderella, do something, it's too late to try and chase down a slipper later on.

Actually we did see it 11/14/2021 and it sold 4/19/22, fixed up and resold 12/14/23. So not exactly that we missed it by a day:-( What do they say in Airports - If you see something, say something! To the Owner of course.

3. Gerry's concern, great house in West Peabody but the taxes went up recently 3rdQ by about 30%.

We revewed the Real Estate Property Tax Abatement procedure, Pros/Cons, & Appeals. Then analyzed it with MLS data (recent Solds-past 3 months, within .5 miles and comparable SF, Beds & Baths) and of course Zestimate/Zillow;-) Consensus - Apply for the Abatement! AnnMarie is following up with Gerry to help.

 4. John's still working his relatives "Hidden Gem that just needs a little TLC". Rich Cerulo, top Kitchen contractor in the area, is helping with rehab estimates.

5. David's at the Y in the road. Back to the Corporate life or Full time Real Estate Investor. My read is just like retiring, the most successful retirees spend a week per month for a year before retiring then there's no surprises/disappointments:-) or keep working that JOB 40/week forever:-(

6. AnnMarie is chasing a deal in Bedford and decided to meet the Owner IN PERSON;-) at their other address. As my father told me: "To avoid disappointment, Always have an alternative!" Let's see if we can find one or two more in Bedford so we don't seem desperate, Not that we are.

7. Steve, One of THE Top Contractors in Eastern MA, always has all the Building Code requirements, i.e. for means of egress (Stairs) or converting Basements to Livable (countable on an Appraisal) space. He's also deciding on the best way to sell a large asset (1031 Xchange, Cash out, Installment/Seller Finance, etc?).

8. If you need ANY Wood, Laminate or Tile flooring, make sure you call Keri West 781-913-1384 ! She runs Pete's business (as he cranks out Multi-million dollar deals) at Design Group 47 (where we often meet monthly). The flooring and tile I used at the last rehab I did, was great, talk about a WOW factor! and they recommended great installers! Make sure you mention our for the Best Pricing.

We also had refreshments: Buffalo chicken, Turkey club and Veggie wraps with drinks, on /

I look forward to see you soon.

Mike Hurney, Director & PO Box 1560, Nashua, NH 03061

PS Don't forget to check your membership, so it doesn't expire without renewing and I end up chasing your Home Depot rewards for you:-( 

Be the First to Comment: