Hello BP - Residential Realtor®, Future Investor - Massachusetts

Hello BP - Residential Realtor®, Future Investor - Massachusetts

Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes

What's up BP community? I just wanted to finally introduce myself and try to get a bit more active on the BP threads. I appreciate the camaraderie that's shown here and I consider you all "my type of people". I'm looking forward to see where real estate takes my future. 

So what's my story? Well, my brother first turned me on to real estate investment in my last year studying finance in college, so I started listening to some BP podcasts to catch up with him. It all sounded great, except the fact that many of the examples used on the show seemed to be in areas where the property values were a fraction of the price they are out here. Either way, I decided I should get my real estate license so down the road I would be able to manage any deals that we were getting into. 

Cut to about a year later, my brother buys a home for his family and the big-time real estate investor plan sort of fell onto the back burner. (At least he used me as his agent!) Given that I've always had an entrepreneurial mindset and never really wanted to work for someone else, it turned out real estate was actually not a bad route for me to take. I don't have to work with anyone I don't like, and the sky is the limit as far as income goes. 

After I had a couple of years experience working full-time in residential sales, I ended up joining the BP online community. I basically check in and skim threads when people mention Massachusetts, but I never posted an introduction. 

Recently I saw a post from someone looking for an "investor-friendly agent" and since I would imagine that all agents would be hungry to work with investors (i.e. investor-friendly), it got me thinking about what exactly that was and I read up on it here at BP.

So here I am, introducing myself, and letting you all know that I at least consider myself an investor-friendly agent in the early stages (yet to work specifically with investors). Looking forward to being able to provide some value to fellow entrepreneurs when possible. Thank you, and good day!

Brad

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  • Waterbury Center, VT · Member since 2017 · 5 posts · 0 votes
    9y

    @Brad Kelly - Welcome Brad! New to BP myself, seems like a great community. 

    Out of curiosity, and maybe to get a discussion going, what are your goals with real estate?

  • Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes
    9y

    Thanks @George Aitken! 

    As of right now, my goal is to buy something within the next year, most likely a multi-family which I would plan to owner-occupy for a few years until I can build up enough equity to rent both units and move on. I plan on doing that through hard work and by continuing to build my name out here in the Metrowest as an honest, awesome, trustworthy, well-informed Realtor®. Depending on how many people I can convince of that will depend what my first move is! 

    Seeing as I'm now in a pretty solid relationship with a pretty awesome girl, I'll of course have to run this all by her "haha". See, her sister and her husband just recently purchased their second two-family home and we often hear about the stress that they've been going through keeping up with those. (e.g. stretching their budget thin, always improving or fixing something, tenant stories, snow removal, etc. - all of which I believe will pay off in just a couple of short years so I personally think these are great problems to have.) 

    The other option, buying a single family that's overdue for upgrades, and slowly chip away at things to add some equity. If done right, we could live in it for a few years and eventually turn a profit. I've thought about 203k rehab loan for our first primary residence if we're going to buy a dump, but I've also heard they can take some time and be a headache. (I do, however, take that with a grain of salt). 

    Down the road, when I have some capital to play with (mine or someone else's), I'd like to get into flipping properties. I've become really interested in the general workings of a home (structure, plumbing/heating, electrical), and I consider myself to be pretty capable of doing certain repairs and upgrades on my own with the help of google. (I also have a ton of electrician friends and a few plumbers and construction guys if I need to exploit them!)

    First things first: bang out some deals this spring/summer, stash away a few more bucks for a down payment, and continue learning as much as possible! Any suggestions or input is always welcome. Thanks!

    Brad

  • Rental Property Investor · Madison, AL · Member since 2016 · 57 posts · 35 votes
    9y

    Welcome to BP @Brad Kelly! If you haven't read it already the Ultimate Beginner's Guide is a good book, also the webinars and YouTube channel.  Something you may want to look into for your first property is a duplex.  That way you can live in one side and rent the other.  Good luck.

  • Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes
    9y

    Hey @Cameron Small, I will check both out. I read the Millionaire Real Estate Investor by Gary Keller a few years ago and I plan to give that another look as well as start regularly listening to the podcasts again. Thanks for the input!

  • Real Estate Agent · Boston, MA · Member since 2015 · 319 posts · 80 votes
    9y

    @Brad Kelly Welcome to BP! Sounds like you have put a lot of thought into your plans which is great! House hacking would be a great way to start if you can do so. If you are looking more in the area in which you currently reside, it could be easier to find a good deal than if you looked closer towards the city.

  • Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes
    9y

    Thanks @Patrick Wheeler. I totally agree, the city and most towns around it are crazy expensive. I actually started my real estate career at a rental office in Brookline, only to gradually make my way back out this way. Glad I posted on here because the more I think about it the more I'm telling myself I'm just about to be in the market for my first multi. Looking forward to receiving a commission on my own purchase!

  • Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    9y

    Many agents won't work with investors, as they consider us bottom feeders and won't present low-ball offers.  They also don't want to submit dozens of low offers in the hope of occasionally closing a sale.  

    So that's the other side of the story.  Not that it's valid, just that it's the perspective of many agents.  

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    9y

    @Brad Kelly

    Welcome to Bigger Pockets.

  • Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes
    9y

    Hi @Ann Bellamy, that does make sense. I would probably be hesitant making offers that I think are ridiculous in order to maintain a decent reputation with other Realtors®. The last thing I need is for other agents to see my name and automatically assume my offer is a joke. At the same time, almost any offer is a good offer on a property that isn't selling so I guess it depends on the situation. 

    And by the way, if you have a buyer agency signed with someone we have these little things called fiduciary duties (OBEDIENCE being one of them), so if they won't present your offer than "see ya later" agent! 

    It also seems to me that if I were a non-agent investor I would learn how to write and negotiate my own offers, or just become licensed and work at a brokerage with low operating costs (low/no desk fees, non-realtor brokerage, etc). It's not very hard and I think from front to back my license cost me $500 or so and 40 hours of time. Thanks for the feedback! 

  • Lender · Branford, CT · Member since 2015 · 97 posts · 30 votes
    9y
    Welcome Brad! It looks like you have a great plan in place and successes in your reach. Let me know if I can help you with anything. Wishing you the best.
  • Real Estate Agent · Framingham, MA · Member since 2016 · 11 posts · 3 votes
    9y

    Thank you @Donna Genovese!

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