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My First Live Auction Experience

A couple weeks ago, a few of us attended a live auction on a six family apartment building in Dorchester. The property was initially listed on the MLS as an auction, but was ultimately removed, due to what we assumed was demand in registering for the event. A few days before the auction, those of us who were attending, got together to talk about the property and analyze some of the numbers including after repair value, rehab budget, etc. We ultimately decided on an ARV of 1.4 million (this number will come back later) as we started looking ahead to the auction date.

On the day of the auction, during the drive over, we tried to get a feel for how many people might show up to the event. Thinking negatively, I assumed maybe a dozen or so people would show up to compete for the property. We arrived pretty early and therefore, were one of the first people there. As time went on, however, people started arriving, flooding the street with cars and people standing around waiting for the start time. By the time 11:00 rolled around, the time the auction was suppose to start, nearly 50 people had registered as bidders! I think at that point we were more just looking to have a good time and see what the property ultimately sold for.

Funny enough, once the auction started, we were actually the first bid to come in at 600,000, which was the opening bid. Our chances lasted about all of a minute. Within that time the bid had increased to well over 800,000, which priced us out of our max allowable offer. As the price continued to climb, we couldn’t help but chuckle and not understand what was happening since we believed the property to only make sense at a certain value. After about 15 minutes of back and forth bidding between two people, the property finally sold for 1.4 million. Yes, the amount that we determined the property was worth BEFORE the $500,000 in repairs we estimated the property needed!

At the end of the day, we definitely enjoyed the experience and chalked it up to a good learning experience. There will always be more deals to be had, you just have to keep looking for them. Since then, we have made a commitment to attending more auctions to get a sense of whether it is a worthwhile pursuit for deals or not.

Below is a short video of a portion of the bidding process. If you can tell, we were having some fun at this point in the background.

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Connect With Local RE Investors & Developers – FREE Group Membership

Are you a new or aspiring real estate investors in or around the Boston area? Do you have an interest in buy & hold real estate or flipping property? If so, Boston Wealth Builders is the best REI group for you. BWB is group of new and experienced real estate professionals coming together to LEARN, SHARE, BUILD & GROW within the local market. We have regular educational and networking events all over the city as well as many locations north & south.  Membership for the group is always FREE and as part of the group you’ll have the inside track on many “off market” investment deals.

You can join the group by visiting http://www.BostonWealthBuilders.com

Make sure to RSVP for our upcoming networking event!

Drinks & Networking – Local RE Investor Gathering 
Wednesday, January 27, 2016 | to Ester Restaurant |2261 Dorchester Ave, (Lower Mills), Dorchester , MA

Come join us for drinks, appetizers and networking. This is an informal gathering for local Boston Real Estate Investors and a great opportunity to meet potential partners and mentors. The best way to push forward with your investing career is to surround yourself with people who want the same. Here’s your chance! Look forward to seeing you there!

View a few photos from our prior events!

 Learn to Rehab Property In South Boston Learn to Flip Property in Mass How to I get Money For Flipping How to I finance My Multifamily How Do I Find Financing For My RE Investment Boston Real Estate Events

 

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Real Estate Investor Educational Events

Are you a local Boston real estate investor? Are you exploring the idea of real estate as a profession? In either case we have a great networking and learning opportunity for you. Boston Wealth Builder’s 2015 RE Investor Trade Show!  On September 19th, 2015, more than 300 local RE investors and indutry professionals will get together for this years event. We have many great vendors and several local speakers. Educational break out sessions will include:

Flip Real Estate w/ Other People’s Money! (Find & Secure Private Investors)

Saturday, September 19, 2015 – Quincy Marriott Hotel – 9:00 AM to 10:30 AM
• Private money – What it is, and why you need it to fund your deals
• How to find and sell yourself to private money lenders
• How to structure deals and make your private lenders feel comfortable
• Evaluating potential rehabs and crunching the numbers
• What to watch out for and trouble areas to avoid
RSVP now at http://www.meetup.com/Networth-Investors/events/222863620/

Learn How to Make Intelligent Improvements To Increase Your Property’s Value

Saturday, September 19, 2015 – Quincy Marriott Hotel – 12:00 PM to 12:30 PM
• What are the three main items appraisers are looking for when appraising real estate investment properties? Why are they important?
• What information can you provide the appraiser to expedite your appraisal process and getting the report into the lender?
• Understanding your improvements to the property relative to the property’s market neighborhood and Town/City.
• Why is rental income important in an investor appraisal?
RSVP now at http://www.meetup.com/Networth-Investors/events/223985976/

Fund Your RE Deals – Hard Money Questions & Answers

Saturday, September 19, 2015 – Quincy Marriott Hotel – 2:30 PM to 3:15 PM< /strong>
• What is hard money and how does it work?
• What do lenders look for and how can I qualify for a loan?
• How do I get a proof of funds letter so I can make offers?
• What type of property will Endeavor will lend on?
• What if I have bad credit? Can I still get the loan?
RSVP now at http://www.meetup.com/Networth-Investors/events/224284525/

All educational seminars will take place on the same day and in the same location as the MA RE Investor Trade Show. Seating is limited, so please RSVP to save your spot. Only members of the group will be allowed to RSVP.

If you have not yet a member of Boston Wealth Builders, please join the group! Membership is FREE and our meetings will be the best opportunity learn the RE investment business! You can join the group by visiting http://www.BostonWealthBuilders.com

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Somerville Real Estate Developers Give Advice To Future Investors

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. 

 

Somerville Condos For Sale

 

 

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Come join us on September 19th (Quincy Marriott Hotel) for this year’s Real Estate Investor & Developer Trade Show. During the event we plan to have a great discussion on Hard Money Lending. Chris Tobin from Endeavor Capital will be joining us for the day to tell us about his business and to answer all your questions about funding deals through hard money.  Some of the points Chris will touch upon include:

• What is hard money and how does it work?

• What do lenders look for and how can I qualify for a loan?

• How do I get a proof of funds letter so I can make offers?

• What type of property will Endeavor will lend on?

• What if I have bad credit? Can I still get the loan? 

This educational seminar will take place on the same day and in the same location as the MA RE Investor Trade Show. Seating is limited, so please RSVP to save your spot. Only members of Boston Wealth Builders will be allowed to RSVP. To become a member, please visit the group website at http://www.BostonWealthBuilders.com. Membership is complete FREE and only takes a couple minutes.

Hope to see you there!

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Your invited to join Boston Wealth Builders at the Quincy Marriott Hotel (September 19th, 2015) as we learn how to intelligently improve our property values. Come get a better understanding of what local appraisers are looking for when determining the values they place on property and how you can ensure your home’s appreciation. This event is free to the public but you must RSVP as seating is limited.

The residential appraisal is an integral part of the real estate transaction since appraisers are the trusted vendor for lenders in the mortgage business.  Whether you’re a real estate homeowner or an investor, understanding the appraisal process is a critical component for increasing your property value for the years ahead.  Danyl Collings, of Forsythe Appraisals, will be addressing the following items in regards to real estate appraisals:

1.)  What are the three main items appraisers are looking for when appraising real estate investment properties?  Why are they important?

2.)  What information can you provide the appraiser to expedite your appraisal process and getting the report into the lender?

3.)  Understanding your improvements to the property relative to the property’s market neighborhood and Town/City.

4.)  Why is rental income important in an investor appraisal?

Since 2009, Danyl has served as branch manager for Forsythe Appraisals, LLC – Boston Branch which provides residential appraisal services in MA, NH and RI.  In this role, he is in charge of the sales, marketing, recruiting, training and report quality and delivery for the Boston Branch.  Forsythe Appraisals, LLC is the largest private appraisal firm in the County with over 250 + appraisers throughout the United States.

To RSVP for this event, please click the link below. You’ll be asked to create a FREE account and join Boston Wealth Builders. Once you’ve become a member you can RSVP and save your seat. Hope to see you there!

http://www.BostonWealthBuilders.com

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Are you interested in a career in real estate sales? Do you have an interest in real estate investing?

If you’ve answered yes to these two questions than you need to sign up for our FREE New England Real Estate Sales Training! This event is for licensed real estate agents (in Boston, Rhode Island & New Hampshire) or anyone thinking of becoming licensed in the business. We’re going to teach you how to grow your business faster and more efficiently than most agents. We’re also going to exposed you to the systems and tool we use to build business relationships with local investors!

For more information and to reserve your spot today, please click on the link below.

https://www.eventbrite.com/e/learn-to-double-your-sales-income-working-w-real-estate-investors-developers-tickets-17465747521

Who: Local Massachusetts & Rhode Island Real Estate Agents 

What: FREE Real Estate Sales Training Seminar (Focused on building your business through investor relationships)

When: October 17th, 10am – 230pm

Where: Oficio Boston – 30 Newbury St Boston, MA 02116

 

https://www.eventbrite.com/e/learn-to-double-your-sales-income-working-w-real-estate-investors-developers-tickets-17465747521

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You hear people talk about flipping homes with no money out of pocket, but how exactly are they doing it? This FREE seminar is going to show you how to use private funds to buy, fix and sell property for a profit! The event topics will include:

· Private money – What it is, and why you need it to fund your deals

· How to find and sell yourself to private money lenders

· How to structure deals and make your private lenders feel comfortable

· Evaluating potential rehabs and crunching the numbers

· What to watch out for and trouble areas to avoid

This 1.5 hour seminar will be presented by Andrew Schena of Capital Equity Partners. Capital Equity has purchased and sold 10 of millions in Boston real estate since 2009 when established. https://www.facebook.com/CapitalEquityPartners

Saturday, September 19, 2015 – to Boston Marriott Quincy – 1000 Marriot Dr, Quincy, MA

Join Boston Wealth Builders and RSVP to the event! Membership is FREE  – www.BostonWealthBuilders.com

This educational seminar will take place on the same day and in the same location as the MA RE Investor Trade Show. Seating is limited, so please RSVP to save your spot. Only members of the group will be allowed to RSVP.    www.BostonWealthBuilders.com

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Want to learn more about what’s happening with Boston’s large real estate developments? Are you interested in how these developments will affect local business and the future Boston economy? Come join us for panel discussions between a variety local real estate developers, entrepreneurs, business owners and politicians at the 2015 “Boston Means Business”. You can RSVP for this event with the link below. Hope to see you there.

https://www.eventbrite.com/e/boston-means-business-ii-the-economic-landscape-of-boston-tickets-15880109836

Boston Convention and Exhibition Center
415 Summer Street
Boston, MA 02210

Monday, March 23, 2015 from 5:30 PM to 8:30 PM

https://www.eventbrite.com/e/boston-means-business-ii-the-economic-landscape-of-boston-tickets-15880109836

Boston Real Estate Developers & Business Owners

 

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