All Forum Posts by: Brian Ortins

@Thiago Lima

I am a licensed real estate agent in MA, and I got my license to work with other investors as well as get commissions on my own deals.  Since I am also a contractor, I did not want to be a full time agent relying on constantly working leads and wasting time with first time homebuyers (my opinion).  I joined a local investor focused boutique real estate brokerage that fit my goals. I can operate as I wish, but have access to advice from my broker when needed, have a favorable commission split with no office fees.  If I were to join a branded national franchise/company, I would have to follow their rules and work under their guidance, while needing to dedicate additional time to their programs and trainings.  I would also likely have to spend money on additional expenses such as desk fees, and have a less favorable commission split.  This did not appeal to me when deciding where to hang my license. 

In terms of the process, you can go to a local real estate agency and train through them (if you want to work with that particular agency) or you can Google local real estate training schools.  It is a 40 hour course and costs around $300-$400.  I don't remember the exact cost. 

The most important question is why are you considering getting your license.  Feel free to reach out with specific questions.

@Thiago Lima

What would your goal be for getting your license?  Work full time and build a client base? Or just to keep commissions on your own deals?

@Roy Mitle

I agree with @Rob Beland

If his business is so successful that he can afford a higher rent, then he can afford a mortgage.  He is probably looking to maximize his time in this property by saying that he will pay a high rent, but in reality just stringing along the new owner, while getting a few additional months of not paying rent.  Just my thoughts based on experience.  Everyone has their risk tolerance.

I believe the more important question is whether you can afford 6 months (or longer) of carrying the property with NO rent coming in.

@Tommy Dang

Welcome to BP! There are a lot of MA investors here that are great resources. Search Massachusetts or Boston to start meeting fellow MA investors.  @Ann Bellamy runs a free networking event called Black Diamond.  I highly recommend that you attend. You can meet like minded investors that can also give advice on your strategy. 

Feel free to reach out to me with any questions.

I agree with @J Scott

You can control the closing date

@Rob Beland

Out of curiosity, where did you try investing outside of Leominster?  I do a lot of condo investing so am interested in your experiences.  Currently rehabbing a 2bd 1ba condo in Lowell.  Can rent for $1100 month or list retail for $99,900 or sell turnkey for $90,000.

@Joshua Cassino

Where are you looking to buy near a beach?  Are you buying as a rental?  As a flip?

The major drawback I can think of is higher HOA fees due to salt water damaging exterior building and heating/cooling units, as well as higher flood/hurricane insurance, or higher reserves needed for potential future storm damage.

Some HOAs have strict restrictions on rentals near ocean to protect long term owners. 

In short, read over condo docs first and run the numbers.  Let me know if I can answer any specific questions.

Great problem to have! Congrats!

Make a phone call to your trusted accountant.  He is your best friend going forward when it comes to maximizing your profits. 

If you can continue to find flips that have a high spread (over $50k), continue flipping.  If you cannot secure a flip, consider a buy and hold in which you can build equity now, and borrow against in the future for other deals.

@Alex Clift

I have the same rehab model for all of my units.  I reface the existing cabinets, replace the countertop, add new appliances, new flooring (no carpet in any of the rooms) and gut the bathroom.  I sell or rent for top of the market every time with a waiting list.  I was not specific with finishes because it depends on price point.

Under $100k condo/under $1000 monthly rent, I use HD WilsonArt Laminate counters, re face cabinets with white raised panel (Google local refacing companies not national companies), new brushed nickel faucets, new white appliances if needed, tile bathroom floor and tub surround, new vanity, new light fixtures and new toilet if necessary. 

Over $100k condo/over $1000 monthly rent, granite counters, stainless steel appliances, cherry cabinets (or cherry refaced wood doors/drawer fronts), new 12mm laminate flooring that looks expensive, or oak hardwood depending on whether I am going darker or lighter with finish, new fixtures, gut bathroom, pretty much entire unit remodel. 

Feel free to reach out with specific questions

@Kimberly Land

How did you make out with this situation?