All Forum Posts by: Paul Brockmann

google voice could be another potential option.

I do like the parking idea.  That is the cheapest and easiest to get going.  Bring in a small crew to level, pave, and line the lot.  Then put up some craigslist ads or make a couple fliers about.  I think it would be very minimal in terms of property management.  (Don't forget about snow removal, though)

Thinking outside of the box, maybe there is a way to rezone and put in a small retail space.  If it is right by the T, maybe it would be a great little pace for a coffee shop or convenience store.  I think that would be the most lucrative path to go.  Boston could always use more Dunkin!  (I don't know much about you, Cheng, but being a franchisee might be for you, or you could just rent it out).

@Taylor Johnson, How would you look up pre-foreclosures?

Yes, real estate is hot around Boston.  If you can't beat the market, maybe try to find them before they get to the market.  

I just listened to the BP podcast show 171, where the guest describes a great way for driving for dollars.  I think that is a great start.  I currently live in Watertown close to the Belmont border.  As I run around and do errands, there's definitely some possibly distressed houses that would be worth a $0.50 postcard or letter.  Maybe start with some streets in some the neighborhoods you like and drive looking for places.  You could also pay someone to do this as well.  ** as I type this, maybe I will start doing this...

Another thing you could try is getting private or hard money to offer cash when you put down an offer on a property that's on the market.  After a year or whenever, refinance with traditional.  I think a lot of buyers are choosing cash offers so that they can make sure the deal goes through and not have to deal with a financing contingency.

Good luck.  

Is it really 24%?  I have never seen one that high.  Maybe it is 2.4%?  

If it is 24%, payoff that car loan.  

If it is 2.4%, look at your personal cash flow.  If you have a car payment, how much money could you put in your rental for repairs or payments?  If thats a large number, get a rental.  If that is not a large number, pay off the car first.  With that said, make sure you have some emergency funds for your personal health or job emergencies, or for your rental property emergencies.  I would hate to have a rental costing you money putting your car and life at risk.  

Im not sure how many rentals you have using that PM company, but if it is a large part of their business they would like to keep your rentals as theirs.

I would give them a call and explain the situation to them that you are selling, but not because of their work.  Say it has been nice working with them and that you plan on selling these properties to investors still out of town and would require a property management company for them.  ** and then wait for them to respond.  Silence can be a great negotiating tool.  If you don't get the reply you want, you can just straight up and ask, if you refer them, if you could get something per door referred after three months or something like that.  

I don't know the laws in your state about proper notice for tenants, but here are two resources: http://www.ag.state.mn.us/Consumer/Handbooks/LT/de...

http://portal.hud.gov/hudportal/HUD?src=/states/mi...

A third great resource would be a lawyer that specializes in tenant-landlord-real estate law.  

I suggest being friendly with them and respecting them as people and that this is their homes.

If you and your family can handle living around your tenants, I would look for a fourplex or triplex where the numbers work out for free rent or a bit more.  You'll be racking in the dough and saving a lot of money.  Each month, the mortgage gets paid down and you don't have to worry about your rent.  

However, if your family isn't on board, maybe you could find a place that you could put some sweat equity in or could do some small renovations to it to make it a great place.  I guess you need to decide if this will be your "dream" home or your first rental.  

Nothing beats free rent.  Nice job. 

You could also look for a partner to bring the money for the deal.  Something like a joint venture, perhaps.