January
2009
Although many realtors and other ‘industry’ professionals will tell you flipping condos is the way to make money or was the way to make money in Real Estate they couldn’t be more wrong. Even when people were making money flipping condos it was a scam – by that I mean someone was getting scammed – With the market moving at the speed of light no one really knew what was going on and I would bet that (majority) anyone who flipped condos lost as much as they gained when the market caught up to them. With that said there is a smart way to invest the old fashion way – but you are going to have to get dirty. In down markets fringe areas show real volatility. Two and three family homes become vulnerable as they are more susceptible to creative/aggressive financing. Right now you can pick up homes 60-70% below tax accessed value.
NEDI (Northeast Development and Investment) our associated development and contracting company has successfully re-developed 3 Chelsea Three-Families for a Client turning these once abandoned income-less properties into properties cash flowing net profits of up to $2,000 per house per month. Bringing in upwards of 30% IRR and over 50% return on (cash) investment in the first year alone.
Keys:
20% Down
$5-7 a sq. ft in upgrades and aesthetic repairs (ie. Update Plubming, Electrical, New Kitchens, Paint)
Contact us if you have questions on how to achieve the above
realestatebostonblog@gmail.com
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