Dan Rubin & Ray Hurteau, from HRV Homes, invited Boston Wealth Builders out to their latest rehab project this past weekend. They’ve recently taken on a 3 family building in Somerville which they plan to convert into 3 luxury condos. The project located at 36 Rossmore Street will consist of three 2 bedroom/2 bathroom units with floor plans of approximately 1075 square feet. The project is scheduled to be completed in the spring of 2016 and each unit will be listed at $475,000.
Dan & Ray spoke to the group (of new and experienced investors) about how they found the building, how they are financing the construction, and their detailed plans for each unit. Is was a great opportunity for some newer investors to see a project in the progress and get a real feel for the business.
If you’d like to learn more about Dan, Ray, HRV Homes, and see photos of their current and past projects, you can visit their facebook page at https://www.facebook.com/hrvhomes
Would you like to attend future site visits and other investor meetings? If so, join Boston Wealth Builders at http://www.BostonWealthBuilders.com. All of the meeting are free to the public.
How long will mortgage loan rates stay at historic lows? Is now a good time to purchase a home? Should I refinance my existing mortgage? These are the questions everyone is asking. No one knows (outside of the FED) where rates are headed but common sense should tell us they can’t get much lower than they are currently. If you’re thinking of making a move….now would be a good time.
Here are the national average mortgage rates for this week.
- 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.6 point for the week ending August 13, 2015, up from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent.
- 15-year FRM this week averaged 3.17 percent with an average 0.6 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.97 percent.
- 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.36 percent.
To give you an idea of where rates currently stand, compared to years past, we’ve provide you with the chart below.Read more