All Forum Posts by: Jeff Martin

@Jose Quintana You've gotten some excellent advise above on how to get this going. One last thing I would add: It can definitely be a difficult market for buyers out there, as it seems you have experienced. This often leads to emotions getting more involved than they should. People get so frustrated or anxious that they start making bad decisions just to get it done (ie paying too much, overlooking/ignoring issues). No matter how crazy it gets, just remember its the largest business transaction most people generally make. Do not let emotions get involved and make sure you make the right deal for you. In this situation, for example, it would be easy to be so focused on the seller finally responding, but with a bad counter offer, and you accept it out of relief of the response and finally getting a house, not based on making a good deal. Don't get attached to the house or the deal until you move in. Until then its just a house and if it doesn't work out, the search goes on. Trust your instincts and not your emotions. Good luck!!

My partner and I are looking for construction/rehab lenders for a project in the greater Boston Area. Already spoke with Needham Bank, but this project is outside their area. Any recommendations of similar lenders?

Congrats! I haven't even gotten an offer accepted yet and feel the anxiety the moment my partner and I agree on a price and to put in an offer. My first thought is almost immediately, damn, I think thats too much. Then I run the numbers again (about 10000 times) . A technique that helps me is writing down everything that is making you feel nervous. Somehow just getting it out there and on paper eases the nerves a little.

When I met with my accountant to do taxes this year I was asking for some advise to save more money for investing. During that conversation he said 95% of people spend most or all of their paychecks, whether they make 50K or 500K. He then joked, once you get past 500K it gets a little harder to spend it all...HA! This is why they are paying rent and you are collecting it. I always chuckle seeing  nearly 100K cars of tenants parked at an apartment complex. Golden rule of Rich Dad that most people do not follow (to be fair, I definitely broke it severely in my life before smartening up): If you incur debt, make sure someone else is paying for it. 

Look into Series LLCs as a potential option. Allows to have one llc but each property can be segmented as its own entity so to speak.Kind of the best of both worlds (maintain one llc but each property is disconnected from the rest for liability, etc purposes.

Thanks @Keith Pentz! Really helpful and what makes BP such a great resource.

I am looking for a 203K contractor for the Milford/Hopkinton/Westborough Massachusetts area. Specifically would like someone who is approved and experienced doing 203K work. Shoot me a message if that is you or you can recommend someone. 

I love how real estate investors are implied to be rich and can afford whatever. How many people on here have or are starting out with very little money and figuring out how to make it work. It only makes sense to buy a rental property if the rents support cashflow. If rents are supressed, it will be difficult to buy aproperty for twhat they cost in the city and support maintenance and needed renovations on suppressed rents. Does that mean they are going to supress costs of buying properties as well? Oh right, that might effect tax renenue. lol We can restrict our little guy investor revenue, but don't you dare touch the city's. I work in the city, but don't live in Boston and am not even considering buying in Boston right now because its too expensive. That's how a free market is supposed to work I thought. /rant

I noticed in the comments there was mention of antiquated zoning laws in the city. Anyone shed some light on this?

Welcome to BP @Dedric Polite Really like the short sale approach when everyone wins!

Welcome to BP @Dan Driscoll Will definitely keep you in mind for future projects. By the way, what area of MA do you cover?