Greetings! Being my first post, I would like to thank you for reading this post.
ABOUT ME:
My name is Ray Hurteau and I'm originally from Orange, CT. I became an Eagle Scout at age 16, graduated from Northeastern University in 2007 and rode my bicycle across the country after graduating (4,905 miles, Boston to San Fran).
I certainly saw some good and bad houses. If only I took the time to know what bird dogging was back then... but I digress.
The point is, I can focus and dedicate my time to anything and as of 2010, I choose real estate. At least I thought I did.
Briefly, like many other newbies, I thought it would be easy and you can just punch a few numbers into a spreadsheet.
REI EXPERIENCE:
In 2010, my friend and I purchased a 3 family home in Dorchester, MA. We used every dollar we had and maxed out every credit card along the way. This was not the way I was taught how to use credit...
But we converted the building to 3 condos, sold 2 immediately and were stuck with the 3rd for almost a year. We did not make money unfortunately.. to the tune of roughly 20k.
We thought the numbers worked...
Last year, we came across two multi family properties from a distressed seller and purchased them. One was a non-owner occupied, while I live in one of the units of the second building.
These multi-family buildings are cash flow positive and we will recoup our losses from the first flip.
MY GOALS:
I'm here today because its clear you cannot go it alone - no one person can know everything there is to know, but collectively, this is very possible.
I am willing to share my knowledge in return for gaining more knowledge as well as networking. This group may provide the unbiased opinion I'm looking for, whether it's finding and evaluating deals, performing due diligence, handling a tenant or city issue, legal issues, accounting tips, or something else I have no idea about right now.
It also seems that seasoned investors know how to do a rehab for much less than a novice rehabber can - whether through bulk material orders or bulk labor, or both. I'm simply not there yet.
I'm also interested in learning how to become a part of a group who will buy properties in bulk, in order for everyone involved to get the homes at a lower price... if this truly exists.
My goal coming due Jan 1, 2014 is to leave my full time job and be a full time REI.
HOW I JOINED:
Like I mentioned, I thought one could go it alone (or in my case, with one other partner), but I realize this is not the case all the time. I heard about this site after taking a REI course.
Thank you for reading & make it a good day!
-Ray
