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All Forum Posts by: DJ Richmond

DJ Richmond has started 20 posts and replied 134 times.

Post: I want to invest in real estate but where do I start!?

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hi @Grace Na , it sounds as if you'll have a good amount of options to work with due to the fact you and your brother will have nearly $400k in equity. As others have previously mentioned, you need to determined what your overall financial goals are and determine which strategy you want to focus on. Some choose to do strictly flipping, or buy and hold, lending, etc. It's up to you to determine what interests you. 

Post: Rental property investing in the Great Boston area tips??

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hi @Faith Gracia , its not easy finding cash flowing deals in the Boston area, but numbers typically get a little better depending how far outside the city you go. If you're just getting started and don't own any property yet, "house hacking" could be a feasible option for you. This would mean buying a 2-4 unit property and living in one of the units while renting out the others. Depending on your willingness to make renovations, this could lead you to more favorable returns with both cash flow numbers and equity appreciation.

Post: Property Buyer Rebate

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hey @NA NA the biggest one I know of is Redfin. Like mentioned above, you usually get what you pay for in terms of those agents fighting for you. If you've bought several properties before and are educated enough about the process, you'll likely be fine - you'll just need to stay on top of things more. Some of the buyers I've represented in the past have had significant savings with me, with appraised values coming in $5k to $46k ABOVE contract price, but I've never rebated my service for that reason, cause I know the value I provide to them.

Post: Real estate in the Malden and Melrose area of Massachusetts

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hey @Jason Bee Welcome to BiggerPockets and the red hot Boston real estate market! It's extremely difficult out there to find multi families. It's not uncommon for homes in much disrepair to receive 20-30 offers with a bulk of cash buyers and no contingencies in those areas you've mentioned.

To answer your question about the driveway, its more so a luxury, especially if theres plenty of street parking available. Anywhere in Boston and surrounding areas I find majority of tenants expect street parking - mine do. It certainly is a nice feature to have, especially as an owner-occupant.

How deep into the process have you gone to find your home? Have you squared away your financing and met with a real estate agent to help guide you through the process and outline expectations of what you're in for? I'm happy to assist anyway that I can!

Post: Have home with Equity - Getting Divorced - Wondering about option

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hey @Janes Porter, sorry to hear of the dilemma that you're in. I've got one lender that I've used and has helped some past clients in similar situations as yours. Shoot me a PM and I'll send you his contact info and see what insight he can offer.

Post: New member from Natick, MA

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

@Dimitrios Iliou welcome to BP! Lots of great information to be had here with many helpful people. As mentioned above, the best way in would be to owner-occupy a multi family property and rent out the other unit(s). This would result in very subsidized cost of housing, or free housing for you.

Again, as others have mentioned already, get out and connect with other professionals and people have done it successfully. Speak with investor friendly agents, mortgage lenders, attorneys, contractors, etc. Do as much prep work now so you can prepare yourself best for when you’re ready to make the jump.

-DJ Richmond

Post: 225 liquid, where to start with little experience

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hey @Andrew Votsis, one of my colleagues and good friends invests primarily in the area you live. He could be a good resource for you to connect with. He's a wealth of knowledge. I'd be happy to set up the intro if you're interested, send me a DM.

-DJ

Post: New Investor, First Post, Hello

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Welcome @Michael Guerra! Plenty of great info on this site as you've found already. Getting that first multi family to owner occupy is crucial and could set the tone for your future investments, if done properly. I'll be trying to purchase my second investment property this Summer in 2019, so we can each be held accountable!

Post: New member post alert!

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

Hey @Jonathan Guerrero, welcome to BP! You'll find some excellent information and people here so you've come to the right place. My advice would be to start reading as many as the blogs and forum topics that speak to what you're looking to do, listen to the podcasts, and get out there and meet all other people who have done what you're looking to accomplish.

In 2016 I started out with my first multi family purchase, did a good size reno using the 203k, and will be trying to acquire the next investment property later this Summer. There are many benefits to owner occupying a multi family property. Tenants will be paying the bulk of your mortgage payments, you'll build equity via principal paydown and appreciation, more tax benefits of owning vs renting, and you'll be living very subsidized and able to save that much more cash to roll into your next investment property.

My advice would be to zero in on what area you'd like to live. If you work in Boston, try staying somewhere outside the city with easy access to subway system (Malden, Melrose, Quincy, Braintree, etc.) and if the prices are too high and outside your comfort zone, start looking at areas with easy access to a commuter rail stop - this will give you a larger geographic option to consider.

If I can help answer any questions you have in further detail, please don't hesitate to reach out via direct message. I'm happy to share what I can!

-DJ Richmond

Post: Hello from Boston! (new-b speaking)

DJ Richmond
Agent
Posted
  • Real Estate Agent
  • Quincy, MA
  • Posts 141
  • Votes 64

@Ellie Ryan welcome to BiggerPockets! You’ll find much helpful info as well as people here. I debated becoming a RE Agent years before I actually did and it’s one of my biggest regrets. Sounds like you’ve got the background and a passion so you’d likely be successful as long as you have the drive. I’d be happy to help anyway I can, just shoot me a message!