All Forum Posts by: DJ Richmond

Hi @Joshua Syska, welcome to BP! Similar to you, I started my career in real estate working for a large commercial firm and quickly realized I wanted to be on the investment side myself. I bought my first multi family two years ago and looking to acquire my second this summer. The right buys can really be life’s changing!

I’ve worked with some others in the Danvers, Peabody, Medford, Revere, etc. areas on their investments and I’d be happy sharing any knowledge I can to get you started! Feel free to shoot me a message anytime. 

DJ Richmond

Hi Celeste , I’ve worked with a great agent in the south shore area. He owns several himself and works with other investors as well. I’d be happy to put you in touch if you’re interested.

I just checked the MLS and it looks like its already been cancelled, so you should get that re-listed ASAP. I didn't notice anything wrong with the listing itself, I've seen much worse. I assume the fee is coming from the tenant?

Hey Christian Nachtrieb , the unit looks great! How long have you been trying to fill it for? Do you have this listed on the MLS? I’m surprised you haven’t gotten any serious leads.

Welcome to BP Ben G. ! The podcasts provide a wealth of knowledge as do the blogs and forums. Not even two years ago I was in the same boat as you. My plan was to buy a multi family in the Boston area and house hack. I entered in with only a 3.5% downpayment, met with many contractors, and put in my own sweat equity so that I could stabilize the rents and refinance into a conventional loan to get rid of the PMI. I'm now a year out and trying to identify my next investment property using conventional financing. Being in the areas you outlined, it would be difficult to make much profit while living there, but at the very least you would be able to live for free or very subsidized. I'd be happy to discuss in further detail about the strategy I used and what I looked for in properties!

Hi Kevin, welcome to BP and congrats on getting that first purchase out of the way! I currently live and work mostly in the Quincy area, but I've got a great friend and colleague right in your neck of the woods in the Plymouth area who has done exactly what you are describing. He owns 5 properties in total now and has started with nothing. He's got an incredible story as well.

If you'd want me to put you in touch, send me a message!

Hi @Phil LeNeveu, I live and work in the Quincy area and own rentals here as well. I've helped other investor clients with their first investment properties and work with a team of other like-minded investor agents who own several properties. I'd be happy to connect with you and discuss your goals as well as how I've used the BRRRR method successfully myself.

@Bruno C. How do you go about filling these during the Summer months? Do you use Airbnb/VRBO or something similar? I imagine these type of properties must be much more hands-on than a long term rental unit.

Hi All, I've come across a unique investment opportunity on the South Shore in Massachusetts, about 25-30 miles south of Boston, and wanted to get opinions of others who have had experience in the vacation rental market. I've never done Airbnb or VRBO as a guest or host, but I know it can be a great niche for many.

This specific property could generate $8,000- $10,000 per month in the Summer months (Memorial day - Labor Day) and should be able to get stable monthly rents of around $2,300 off-season.

Can anyone comment on the success of their Summer vacation rentals? Failures? Amount of work/stress involved compared to long term rentals?

Hi @David Fuller, welcome to BP and Real Estate Investing! I was in a very similar situation to yours a little over a year ago. The only difference, I had a lot less cash to put down, so I took advantage of the FHA 3.5% down with a 203k Loan.

Long story short, we did a fair amount of rehab, rented out a unit, live in the other, then refinanced into conventional. We spent $54k on rehab to force $150k worth of appreciation, allowing us to eliminate PMI. We are now on the search for our next investment property.

All of this was done just south of Boston along the red line. The prices are high, but there is still definitely value to be had, even buying off the MLS. Though you've got to be more patient and do your due diligence in selecting your property. Last week, I just closed for my buyer client on his first investment property using this same strategy. I'd be happy to speak to you more in depth if you'd like to shoot me a message!