All Forum Posts by: Howard Herrington

Welcome to BP @Mariana Diaz and I wish you all the best in your real estate goals and future.  

Hello @Salina Doe, I think it is still a good idea as there are many other areas of focus in real estate.  There is commercial, there are rentals and investments and as @Hamp Lee III mentioned, you can focus solely on listings and not buyers.  For anyone who has focused on just buyer agency, they will just have to pivot and adapt to the changing climate around them.

Hello @Chad Hack, first of let me start by saying Kudos to you for jump starting your nieces and nephews into the world of generational wealth.  They already have a headstart because of your insight.  With that being said, I would tell them to just jump in where they can.  Network with as many like mined people as possible, get a mentor or a few mentors and pick their brains as much as humanly possible,  start a side hustle, build their credit and income as much as possible and save as much as they possibly can towards an investment.  If they are in a place to invest now, they should purchase an investment now and perhaps house hack it, preferrably a multifamily.  After 1 to 2 years obtain a cash out refinance and use that to purchase the next one. 

Hello @Ed Johnson, it is a pleasure to meet you.  Welcome to BP.  Although I have yet to invest in either of those markets, they are two markets that I have been interested in for some time.  Please keep me posted on how it goes.  I would love to jump into those areas at some point.

Hello @Jon Joro, @Charlie MacPherson is correct in saying that many deals in Massachusetts are done with Quit Claim deeds however, you should always request a due diligence period in your offers no matter what the expected close time is.  

By definition the Quit Claim deed is used to legally transfer the property but does not provide any warranty as to whether or not the title is clear therefore if there are other interests in the property that were not disclosed to you, the seller is not held liable and you are responsible.  

With that being said, if you have not already done so, I would request a 10 day due diligence period to research title issues and be ready to walk away if that is not granted.

Hello Liam,

Welcome to BP.  The question is what price points are looking for?  What do you feel comfortable with?  Do you have "Boots on the Ground" in other areas to assist with helping pull Comps and look at properties?  Just a couple of things to think about if you are planning on investing in other areas.

As @Justin Windham mentioned, there are tools on BP that can be helpful as well as a large network of people who you can reach out to in just about any area to learn more.

Hello @Christine Tran,  If the tenants are as bad as you say they are and they refuse to leave on their own, then it might be in your best interest to pay the cost of eviction.  You will need to follow all eviction guidelines by the book to get them out.  Like Jonathan, I retain an attorney for any legalities that may arise with tenants so this may be your best bet. As a side note, try your best to not let it get to you.  Treat it as a business, look at it as a hurdle you need to jump. 

Hello @Dave Smith, I agree with both Michael and Lien.  If you can, you should try to keep the property and look to tap into it's equity to purchase another property that makes financial sense.  

Hello @Adam Pierce, I have been a part time realtor for the last 5 years and it has worked out ok for me.  I am not going to lie though and say it is easy.  It is tough juggling a full time job and dealing with clients at the same time however it is possible.  My full time job is remote so it allows me the luxury of growing my business at the same time.  I started out helping friends, family and co-workers like Nick and now I work primarily off of referrals.  My advice is to really sit down and setup a schedule and stick to that schedule no matter what.  Block off time to grow your business when you are not working your W2.  If your goal is to go full time as a Realtor, I suggest you save at least one year's salary from your W2 so that you have a cushion while you grow your business.  Also, I am not sure if you have ever read the 4 hour workweek but it is a great book and can provide a lot of tips on how to "cut down" hours at your W2.

Hello @Marc Romain, it is a pleasure to meet you.  Welcome to BP and the world of real estate investing.  Please reach out anytime with any questions you have.