New guy from Central Massachusetts

New guy from Central Massachusetts

Daniel DevinePro Member
Worcester, MA · Member since 2016 · 7 posts · 4 votes

This is my first post so please bear with me...

So I've always been interested in Real Estate.  Bought my first home in 2007, complete basket case and was considered by the neighbors as the "scary house on the corner".  5 years of sweat later, it sold and I walked away with some money... don't know how much i had in it but it served its purpose as my primary residence and a "flip" of sorts. 

     After a rough patch in my personal life, I bought my second home, once again, a project.  Total gut job.  Almost finished with this now and looking to invest with the profits.  

     I am a police officer in a small town and have days where I do a lot of driving and got turned on to a website called Mr. Money Mustache, (financial independence blog) and while reading that site, I saw an advertisement for Bigger Pockets, clicked on this and instantly got the bug.  Found myself starting listening to the pod casts instead of same old songs on the radio.  

    ACTION... that was the recurring theme of the last of the famous four questions.  I decided, why not.  I then signed up for a real estate class set to begin in 2 weeks.  I then signed up for the test on the 3rd week and passed the exam and became a licensee in MA.      Over the past 12 years, since leaving college, I made some good friends who were a little more expierience than I and I began helping them out as much as possible, in exchange for hearing stories over coffee.  Without knowing it, I had mentors showing me the way.  

     Fast forward to today, one of my mentors has 3 rental properties (15 apartments) that he wants out of.  I approached him and let him know that I want to purchase them.  I have been helping him with the maintenance of all three buildings over the past years and am exicted about the possibilities that lie ahead.  

    Bigger Pockets Pro Membership was a small price to pay for vetting this deal.  

Feel free to message me and if you have any words of encouragement or advice. 


Thanks in advance!

Dan

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Residential Real Estate Broker · Salem, MA · Member since 2015 · 66 posts · 35 votes
10y

Hey @Daniel Devine first of thank you for keeping us safe on the streets.  Your service is greatly appreciated.  Congrats on the 3 rental properties.  It seems you have the drive and desire to make this investment game work.  I love the site because it allows for many people to collaborate and share ideas.  It really feels like everyone is vested in each others success.  I look forward to hearing more about your investments and to learning from your experience.  Welcome aboard!

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  • Residential Real Estate Broker · Salem, MA · Member since 2015 · 66 posts · 35 votes
    10y

    Hey @Daniel Devine first of thank you for keeping us safe on the streets.  Your service is greatly appreciated.  Congrats on the 3 rental properties.  It seems you have the drive and desire to make this investment game work.  I love the site because it allows for many people to collaborate and share ideas.  It really feels like everyone is vested in each others success.  I look forward to hearing more about your investments and to learning from your experience.  Welcome aboard!

  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    10y

    So you have a lot of rehab under your belt which will be a good start for owning rentals.  The other plus you have is your police experience between the two you have a good foundation for landlording.  I am next door to Worcester is that where you are looking at the rentals?   There are a number of other Worcester investors here.  It sounds like you are on your way...

  • Daniel DevinePro Member
    OP
    Worcester, MA · Member since 2016 · 7 posts · 4 votes
    10y

    @Cynthia Nina-Soto, Thanks for the welcome!

    @Colleen F.  I am hoping that the experience gained from dealing with people from all sorts of backgrounds will help me in the long run.  I consider myself to be a jack of all trades and recently started pursuing real estate education with a purpose.  Looking to build some passive income that will build long term wealth. 

    Yes, currently own a home west of Worcester and the properties that are my goal are along I-290, East of Worcester. 

  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    10y

    I am east of Worcester in Shrewsbury but my rentals are in RI. I know Worcester some. Worcester Habitat is one of my favorite places...  I think the people are actually the harder part of landlording both from the positive and negative end.  There is an art to the communication part.

  • Boston, MA · Member since 2016 · 15 posts · 2 votes
    10y

    Hey Daniel,

    Welcome to the community. Congratulations on the 3 rentals.. 

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Daniel Devine

    Welcome. Over 30 yrs LE here. Fill in the foundation below.

    Check out the Start Here page http://www.biggerpockets.com/starthere

    Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

    Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Check out the Black Diamond events your way.

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Broker / Investor · Tewksbury, MA · Member since 2008 · 1k+ posts · 351 votes
    10y

    see if the owner will owner finance you the rental properties with low or no money down. As soon as you can refi all of them, and let me know i can help you on vacancies.

  • Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @Daniel Devine Congrats on taking action and on your progress. Continued Success!

  • Daniel DevinePro Member
    OP
    Worcester, MA · Member since 2016 · 7 posts · 4 votes
    10y

    Still working on analyzing the deal.  Weighing the options on how to proceed.

    @Rich Hupper  I have suggested this to the owner and he may be interested in doing a partial seller finance.  He wants some cash out.  Still imagining ways I can do this deal.  Either by taking on a partner or creatively financing.

  • Investor · Upton, MA · Member since 2014 · 39 posts · 16 votes
    10y

    Hi @Daniel Devine. Welcome to BP. You'll find everything you could want or need in your new business, and you're already off to a great start. I know Worcester quite well, and own rentals south and west of the city. Many of the weekly webinars with Brandon are especially poignant as well, so don't hesitate to sign up for any that look interesting. And you'll meet many people in our area with many of the same goals.  Good Luck!

  • Rental Property Investor · MA · Member since 2015 · 22 posts · 12 votes
    10y

    @Daniel Devine

    Hey Dan and welcome to BP! Sounds like you're doing all the right things now. I've been a member of BP for over a year now and it has played a big role in my investing career. I find myself rarely listening to radio anymore, nothing but podcasts for me. Check out some of your local meetups when you get a chance. You'll meet more like-minded individuals who are doing deals right now. 

    Hope everything works out with the rental properties. In my opinion, the fact that you are a police officer would help you incredibly in managing tenants. Best of luck to you and keep taking action!

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