All Forum Posts by: Joe Rodriguez

Thanks @Jay Thomas!

Thanks @Casey Howe! Sounds good! I'll message you shortly. Looking forward to connecting with you. 

Thanks @Lien Vuong! Appreciate the comment. I've definitely seen your name on many forums. I'd love to connect. I'll send you a message. 

@Dave Foster Thanks, Dave! I'll definitely check this out this week. Always great to read about how other investors give back through tithing and learn about other's point of view. 

Thanks @Jaycee Greene! Yes, very busy.. and sometimes I think I'm not doing enough lol. 

Selling a 3 unit property and re-investing into another 3 unit property but larger in size, higher rents, higher value, and primarily in a better location. 

Price range is $1M with $200k down payment. The "new" property is already in good shape, but there is a big value add component with adding an ADU.

Good question. Investing in RI is mostly due to price point. The Boston market is extremely expensive and I find the cash flow is relatively the same. I also have a great network in RI being from the area. Acquiring the 2 additional properties is mainly to get to a cash flow goal where I could replace my W2 income and go into real estate full time. Such a tough decision. I earn a very good salary, benefits, etc being a construction PM but I just love real estate sales and investing. I at least want to get to the point where I have the option to make the switch if I ultimately decide to do it. 

Regarding faith, I recently started tithing 10% of my income to church and although it can seem scary, it feels good to be able to give back. It also shows that you could always live on less if you really needed to. 

Thanks @Caleb Brown! I always say my priorities are the 4 "F's"

Faith, Family, Fitness and Finances

Hey Everyone! It's been a while since I've been active here on BP, so wanted to re-introduce myself, give a quick snapshot of where I am, and hoping to connect with like-minded people. 

I'm 36 years old and live in Malden, MA. I am a construction project manager, currently managing a $1B life science project in Cambridge, MA. I am a real estate agent and focus on clients north of Boston. I am a real estate investor and currently own 14 units in Rhode Island (I grew up in Providence). 

This year, I'm looking to:

- Sell one of my properties, use a 1031 exchange to purchase another property closer to my other 3 properties

- Purchase another 2 investment properties (in RI or MA)

- Help clients buy and sell real estate, increase my sales as I look to transition into real estate full time

- Attend more networking events and connect with like-minded individuals

Other facts about me:

- I am big on faith and have been connecting more and more with my spiritual beliefs. My goal is to read the entire bible this year and would like to join a bible study. I've been attending Genesis church in Woburn. 

- I love fitness, working out, and eating healthy food

- I enjoy playing sports, hiking, staying active

- I love anything related to personal development, well being, and becoming the best version of myself. It could be reading books, meditating, cold plunge, going for a walk, etc. 

If you resonated with any of the above, let's chat! 

Hey @Pankil P. Patel I know of an investor in RI who is retiring (turning 70 soon) and she's unloading her portfolio this year. I am actually using a 1031 exchange as well to sell one of my properties and purchase one of hers. Message me for more details if interested. Thanks!

@Don Bessette I agree with most of the comments here. Bottom line, provide a notice in writing. I actually had to do this recently as I also plan on doing renovations to a 3 unit building. 

Is there a current lease in place? If so, make sure you're abiding by those terms. I had long term tenants so leases are month to month at this point so I could've technically given them 30 days but I opted to give them 2.5 month notice (mid feb for end of April termination). 

It was reassuring reading some of the comments here regarding it being an investment and not a charity. I didn't raise rents at some of my properties for many years and realized how much money I was leaving on the table. This year I decided to revamp all of my properties which unfortunately requires displacing some tenants as I know they can't afford market rent. 

@Megan Boyle I personally love investing in RI. I grew up in RI but moved to Boston for college and have been in the Boston area for 15 years. Due to prices, I started invested in RI in 2019 and now have 4 multi family properties.

I would ask, why 20% down and not 3.5% (FHA) or 5% (Fannie Mae) if you up on occupying the home? Save that down payment money you mentioned or go for a multi family at a higher price than the single but have rental income.