All Forum Posts by: Michael Pursell

Brockton is rough ( just look on Trulia) and Middleboro is in the middle of nowhere with not much around it, but it is close to Bridgewater State University and relatively close to Providence

Tax would be on profit

The thing with Brockton is the crime. Search trulia and some of those crimes that come up might scare you away from the area. Its not "shots fired" its "Man shot/stabbed". I'd say that people aren't moving to Brockton from Boston but Weymouth/Quincy. With the new Union Point in Weymouth its an upscale option for people who want an easy commute to the city and have the city feel. Quincy is going to be the alternate for those who want to jump on the T and get to the city within an hour.

My understanding is that "as-is" simply means the seller doesn't want to do any work to the place before selling. So while it might need x/y/z you'll need to offer a lower price to cover the cost rather than trying to get the same price on the condition they fix the roof or plumbing.

thanks @Charlie MacPherson thats some good advice about the building department

@Mike Buckley I guess thats the question I'm asking. I dont have a house yet, so no extra room to rent out but I'd prefer owning something with separate space. It would also be a space I would live in short term, probably two years and move out of and continue to rent. 

I've been looking to purchase a duplex or triplex in the plymouth county area but not many are available. I've also thought about the idea of buying a single family home with an in law and renting that out. I never considered until now that it might not actually be legal to do. I've tried to find information on this but can't really come up with any concrete yes or no answer. Some say its not legal and some say it is. I'm assuming it varies from county to county.

Anyone know for sure what the status of this is? 

There is a lot of talk about your car but I think you're overlooking that as a way of generating money. It sounds like you bought this car for much less than its worth and did a few things to get it repaired. Why not sell the car for a profit, use a chunk of that to buy a cheaper car and add the rest to your savings. Your monthly insurance will be cheaper because red sports cars in the Atlanta area will have a higher cost. American made cars are also a lot less reliable and you'll probably have to put a lot more money into that in the next couple of years. Just a though.

Instead of focusing on what you can do with 6k, you should be focusing on growing that 6k. You can't make much money off of such a little investment, so grow that investment first. You need to be disciplined in your life and only spend money on WHAT YOU NEED. Do you buy beer, weed, nice shoes, expensive belts, dinner with friends? If so, stop. Dont worry about turning that 6k into 10k, just bust your *** to earn that next 4k and then set your next goal. 

I didn't see what year you are in college, but are you staying in a dorm? Does your school require you to if so? If not, maybe look into a duplex or 4 plex near the college and rent rooms out to your buddies who are also living on campus. 

Look into Grant Cardone. I follow him along with bigger pockets. He calls himself Uncle G because he wants to be that uncle we never had. He has a lot of good advice. While most of it is beyond the small investor, the fundamentals are the same. You dont need a rich dad, just a smart Uncle 

Hi Efrain, Im a new investor as well and haven't started my first deal so I may not be the best person to answer this, but I wanted to give some advice from my research. Credit is important to getting loans and getting good interest rates and may even prevent you from getting a loan in the first place. I guess it would really depend on what your credit rating is, and WHY its bad but I would probably suggest working on this to begin with. You could reach out to a mortgage broker and they could let you know if you'd even qualify in the first place. As for the money, $5K might not be enough to pay for the closing costs let alone a down payment or even a security blanket if something in your personal life goes wrong. So I would also suggest working on this aspect as well before fully committing to buying your first deal. Grant Cardone suggests getting your income up to 100k first and foremost then take it from there. Although I think that is a rather high entry point. However, just because you have poor credit and not a lot of money doesn't mean a deal still can't take place. While you're working on those two important things continue to educate yourself through the podcasts/books and practicing analyzing but also keep your eye out for a great deal. Do you know anyone that does have money? Because they could be your solution to your lack of savings. If you approach them with a deal and good numbers that you've analyzed you might not even need to touch that $5K. Hope that helps and good luck.

Hi BP,

I've recently discovered this community and am very thankful because I feel I was able to course correct my mindset before I made my first big financial decision in real estate. My girlfriend and I have decided that we would like to buy our first home and are currently looking to house hack. We live and work in and around Plymouth County but find that real estate is extremely expensive in this area. I was hoping to do a BRRR but finding something cheap enough in a decent location is proving difficult. We have started a joint account but probably only have enough for 5% down with these prices. We've started the preapproval process and are meeting with a realtor next week. Since I'm new to this whole experience any advice is appreciated (even a book recommendation). I guess what I'm looking to know is if we should continue our pursuit of buying a house in this area, wait to see if the market comes down some, or what strategies others have used in such a high market. I'll definitely be keeping my eyes open and ear to the ground, but moving this year is not a must for us.

Thanks for any help and advice

Michael