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.