New member from Boston/Somerville MA

[Paul M.]

Hello, I am an investor with 8 rental units across 3 properties in Somerville MA (a very close town north of Boston). I purchased my first property in 2001, became a landlord for the first time in 2003, and got my first fixer upper in 2004.

I have degrees in business and accounting, which has certainly helped with the business side of things. Working on my properties unexpectely led me to discover that I enjoyed performing hands on renovations, and I've been working hard for years to fill in my knowledge of construction. I've done this through:
1) hands on work on my properties
2) working as an accountant for construction related companies which allows me see all kinds of cost data and learn how things are done through performing my job function
3) Taking on non accounting duties at these construction companies such as labor, estimating, project management
4) Taking construction classes
5) Reading as many books/articles as possible
6) etc

I expect to get my contractor's license in the next year or so. I also started a snow plow business in order to justify the purchase of a plow for my properties. That has led to a small lawn business too.

I try to work a strategy of:
1) having strong financial skills informed by thorough knowledge of construction to analyze projects
2) performing as much work myself as possible
3) close knowledge and involvement in my community

Challenges for me:
1) continuing my construction education
2) figuring out how to finance my next project (hard to get equity out of my investment properties)
3) dealing with the high acquisition and high subcontractor cost of the Boston area and the competition with owner occupants who don't care about fundamentals
4) figuring out what work I can practically do myself. For instance I have enough experience in electrical that I think I could much of it myself to save money, but I'd have to find an electrician willing to pull the permit and supervise me as his "employee" for the job.

I feel real estate works for me because I like renovations, I like the accounting/financial planning part of the business, I like the flexible schedule, I like that my success is based in large part on my hard work an ingenuity, I like wearing jeans to work and I like listening to the radio at work!

I have enjoyed this website and look forward to learning more from others and also contributing my opinions and experience.

Thanks,
Paul