All Forum Posts by: Erik LaBonte

 Hi Julie,

Have you looked into hiring out a property manager for your investment property? Since it already cash flows, that could ease that burden for you.

For funds, I'm not sure what your existing rate and terms are but you could always try a cash out refinance to fund the next property. There are lenders around that would work with you on that, probably moreso than a HELOC.

We had done Saturday - Saturday as well for our house in Falmouth, MA. That worked best and we never had issues with rentals or any negative feedback. I don't think you'll go wrong either way; just coordinate enough time between the guest leaving and the guest arriving so you can ensure cleaning AND maintenance is done. You'd be surprised to learn that sometimes you will need to fix something; you'll need enough time to do so.

 Hi Aline,

If it helps, I was born and raised in Western MA (Easthampton) and all my family is still out there. Springfield has a lot of crime but it's also very, very large and like Worcester, it's concentrated in specific areas. I know the hospitals and it's not too bad around there. Being in close proximity helps but it's also well lit around them. I've walked around there at night before. 

in general, my usual recommendation is to really get to know the area well. You can even try and talk to some of the people at the hospital in any area and you'll get a good opinion. I've never had a problem with someone who didn't want to share their opinion!

Hi @Bauclair Mbouadeu,

I think the roof portion having 5+ years is probably far enough away for it to not be an urgent concern so that should hopefully alleviate that as an issue. Replacing the drain iron plumbing to the street is obviously a bigger concern. Did the inspection report say that this was an immediate need or just an upcoming need? 

Your approach is probably best in using the inspection report to negotiate cash to fund that during the time of closing. Short of that, the deal seems to be solid once you're able to bring in current market rental income to each unit. The first one delivered vacant gets you 33% of the way there. It seems like a good deal to me and there are ways to fund a $10k project and defer payment. Credit cards often have this with a 12 month repayment.

Two options that might work well for you:

1. Wholesaling as you mentioned. All you really need is to learn more about the approach and then dust off your marketing skills!

2. Passive real estate investment. Rather than pay off your debts, you could take your initial seed money to invest with a rate of return.

The big thing right now is just understanding and ensuring your rate of return on any investment you do with the cash on hand is higher than the interest rate of what you are paying off.

Hi Rosca,

If you are looking for assistance, I might be able to help! I'm a Realtor and investor in MA (and an investor in other states as well).  Your initial approach would most likely be:

1. What would the purpose of my purchase be? To flip, rehab and rent, other?

2. What is my buying power or budget? A lender pre-approval could help guide you.

3. How much cash on hand do you have for the renovation project?

4. Are you handy enough to do this on your own? Will you need some help?

Answering those questions will help zero you in on particular areas for you to get started. The best advice I was given was to learn a little to give yourself the boundaries, and then don't be afraid to pull the trigger once you are ready! I'm sure you'll be able to accomplish your goals. 

If you need more help and assistance, please feel free to send a connection and I'll be more than glad to help.

Hi Aaron,

Welcome to the site! I'm an investor and Realtor in MA and would be more than happy to provide some guidance if that's what you are looking for.

In the meantime, others have provided some helpful tips. Without knowing your location, it's easier to look at areas nearby to colleges. Offering up space for off campus living could be equitable for you. And as your equity grows, you could leverage this property to move into something full time and rent the entire place.

Split entry homes, raised ranches, et al could be possibilities as well. Properties that have a nice separation of living spaces make it easier to get started. Around what area are you located? There are many of these types of homes throughout MA.

Hi Eric (fantastic name),

Welcome to the site! I have been where you are and took the opportunity to dive into REI full time this year! I agree, going full time after having a well paying career has its ups and downs along the journey. I'd been a Realtor in MA on the side for the last 8 years which I've been able to leverage in my opportunities.

I'd love to chat with you and share the journey if you're interested. I can share what worked, what definitely didn't work, and hear more about what you're looking to do. If there's an opportunity for me to help, I'd be more than happy to do so. I love chatting about the topic!

Hi Yuqing,

I agree Boston is expensive! In general, my advice to you would be to get a good financial advisor and ask some of your questions to get started with what you're looking to try and do. The investments you're looking to do would definitely be longer term and it's always a great idea. But I'm not sure we have a full picture of your finances to advise you directly.

Speaking to a financial advisor will help give you an idea of what you'd be comfortable spending and establishing those boundaries for yourself will help dictate the area you might want to look for. Finding good income generating properties does open up some creative financing opportunities but it's good starting out to stick to a comfort range.

 Hi Christopher,

Is there a need for the business checking and credit card specifically? It's good to have the rental property under a separate account to make book keeping easy but it doesn't have to be a business account. If there's no impending need, then waiting will save you some time and money.