All Forum Posts by: Brady Graham

David,

Does your lease contain any verbiage regarding "pet rent"? Are they TAW or do you have them re-sign leases annually?

As an agent that works with many first time buyers who are renting and attempting to time their purchase with a lease exit, I always tell them the same thing. Have an honest conversation with the landlord. I believe this would work the same way for your tenants. Explain to them what concerns you have with allowing pets in the units and how that can adversely affect your turnover and costs, as well as rentability with foul pet odors or damage. A human approach might be more effective than a contractual or legal approach depending on the relationship you have with the tenant.

Curious to see how this turns out for you. LMK

Hi Mario,

I can see the benefit of using the MLS to syndicate the listing across Zillow, etc. But I think the best question you might consider here is, what kind of end user is looking for an MTR on the MLS? As an agent myself that doesn't operate in the rental space, I could be out of touch on this, but, I would think most agents sharing MLS listings are also looking to be paid a co-broke. On top of that, who is paying for that commission if they bring a tenant?

I imagine keeping the listing tightly posted on AirBnb and furnished finder, or working directly with someone at a local hospital that sources housing or offers recommendations to travelers would be the most productive marketing strategy.

Brian,

First of all, thank you for your service. It is important that not go unnoticed. 

Secondly, I would mirror what Hamp Lee said regarding your VA eligibility. A reputable lender would be the best place to start, happy to connect you with one if you are in need.

Third, Justin Hammerle has good insight too as each market is going to vary. Not to mention the style of STR your are looking to accomplish. Are you planning to STR a room for rent on a nightly basis within your primary residence? Are you looking for a property with an ADU on property that you can rent, or conversely live in the ADU and rent the main house?

Depending on how you answer some of those questions would determine how to approach a search for a property and begin to analyze how it might work for you. Happy to continue a conversation on more detail with you, just let me know if you're interested.

Hi Keith,

Congrats on the vision! I commend you for it. I am curious, you mentioned "after a long career." Does that mean you are approaching the end of that career or are already retired?

So many choices to consider from short-term offering higher reward for higher input (think of it like buying a business), BRRRR, etc.

I'd have to say the resounding idea to keep in mind is not to be so focused on One-ism, that one deal will be a mega-hit, or as @davidgreene24 would say a grand slam. Focus on base hits.

From my perspective and a local realtor, it is difficult for cash flow with rates where they are. Tapping into Pace Morby's content on Youtube is an eye-opener into creative finance. I believe this will be the best path to cash flow for the coming years until rates adjust back down.

Hopefully this is helpful. Let me know your thoughts and good luck!

Hi Patrick,

First of all, kudos on the non-profit. I'd love to hear more about how the logistics and what the rent payments would be.

As to finding investors, have you checked local meetups? What area of the state are you focused in on? 

I'm a realtor and live in Southern MA near RI. If the properties are being acquired on the MLS agents could still be a valuable resource to you. Also, it isn't uncommon that many realtors and agents have contacts of people sitting on the sidelines waiting to jump in. Its a weird market right now with rates being where they are.

Also, you mention repairs, is the idea to target distressed homes? Let me know if you'd like to discuss further.

James,

I am currently working with a buyer looking to do a duplex-househack in Lowell. I would say in addition to the advice to contact the Lowell General Hospital (Tufts), check out furnishedfinder.com as many traveling nurses utilize this to find housing if their agency doesn't do that for them. Keep in mind most traveling nurses get a stipend of $2k/mo for housing. So, usually anything less than that becomes appealing.

One downside I can think of, is a 4BR rental for MTR could be slightly more difficult to fill with traveling nurses, as you would want to fill all 4 rooms. The work they do is typically hectic, long hours and often times they seek refuge in their housing from the chaos of the hospital. Remember they are there because the hospital is short staffed, so it is safe to assume the workload they carry is heavier than normal.

A few upsides, if you overlap your leases (typically 13 week contracts for them with possible extensions), you might be able to minimize the effect of any vacancies by having only one room vacant at a time and the other 3 rented. 

I hope this helps. Let me know if you have any other questions or need more help.

Blase,

I'm a REALTOR in MA and am with Berkshire Hathaway HomeServices Commonwealth Real Estate. I can speak to what I know, I pay for E&O Insurance, MLS dues, and REALTOR dues (required by BHHS) and this all costs about $1200 annually. No desk fees, no marketing fees, nothing else required.

As for the splits, that depends on what your production value is and how you intend to use your license. My brokerage starts new agents at 60/40 and it goes up to 90/10 based on production. Once you reach a threshold amount (capping out) you are charged only franchise fees per transaction that are nominal.

If you are primarily sourcing and analyzing your own deals, you may want to find out what the minimum franchise fees are within brokerages for transacting your own deals. Otherwise, you might want to consider writing your split out of any offers to increase its value to the seller. While the closing cost is to the seller, the net could be more to them and favor your offers over others having to pay a buyers agent split.

I'd mimic some of the commentary that the brokerage you choose largely depends on what you want to get out of it. In MA you obviously have to hang your license somewhere to do business. I will say that for BHHS Commonwealth Real Estate you get a reputational brand, great tech stack, good training and resources. I looked at a KW team and that wasn't my thing and talked with people within Sotheby's, Compass and Coldwell.

Let me know if this helps!

Hi Tom,

Are you referring to a real estate broker? Insurance? Mortgage?

Thanks Kerry! I was able to chat with my own local tax collector and found the information quite available as well as understand their process. I appreciate your help!

Good Morning everyone,

First post here, happy to be part of the ecosystem. I am a REALTOR in the greater Boston, MA area. I have a client that is inquiring about properties subject to tax liens, foreclosure and possible auctions. After checking with some others agents in my office, most are unfamiliar with how to approach this strategy.

Having tuned in to many of the podcasts, I believe this community is most likely my best resource for info. So my question...

Is there a no- or low-cost site that offers this type of information? If not, what are the best value options for subscriptions into this type of resource.

TYIA,

Brady