All Forum Posts by: Sean Connolly

Thank you everyone for your input. I will not be jumping into anything overnight. Just thinking of ideas that can increase my knowledge in the field, as well as make a little money.

Hello everyone, I have been strongly considering going for my real estate agent license to get more experience in the field. I am currently a firefighter and work two 24 hour shifts a week, and a landlord of a duplex. My question is, would it be worth it to work part time as a realtor? Or is realty too time consuming to do on a part time basis. I'd be afraid of not being fully available due to my other job. Any input would be greatly appreciated.

Hey Rene,

All depends on personal preference. I am just starting out as well. If you still live at home rent free, it wouldn't be a bad idea staying there, as long as you have the 20% to put down as an investment property. That way you can continue to save more money, and make the maximum cashflow in a rental situation. I just recently started out with a 3-Family, owner occupancy and am very happy I did. 

Short-sales are tough. They can take a long time. And in the end you still don't get it, so it's up to you if you have the patience. I don't know your area, but it all comes down to the numbers, no matter what real estate niche you choose. Be patient. Make sure the numbers work. Buy with your brain and not with your heart. Good luck to you.

Hey Brandon. If you haven't already. Make tenants pay their own utilities. Also, if you are living in a triplex with 3 different sized units, live in the one that rents the cheapest, if possible.

Hey Joe. I'm 24 as well. Good age! Just made my first purchase of a 3 Family, owner occupant. Best decision I could have made. Just a word of advice. If you have the credit and extra cash, go with conventional over FHA. FHA's new guidelines have PMI for the life of the loan. I will be paying over 100K extra in PMI over 30years, If I don't refinance of course. Learn from other peoples mistakes! Good luck to you.

Congratulations! Hope I can reach those numbers someday. Best of luck

To New Hampshire real estate investors! Looking to buy a vacation home in the Lake/ Southern White Mountain Region for a vacation/ rental property. Any suggestions? I noticed that the market is low, possibly due to employment? However I know this area is still popular for vacationing mostly year-round. Want to get a property either near a lake or mountain for obvious reasons. I have not yet decided between a condo or a single family residence, however I am leaning toward the latter. Any insight and wisdom is much appreciated!

Just to update everyone. I wrote up a lease addendum. Raising rent $75 effective September( Including September rent), and effective February 1st, raising it another $50 to the total of $700. I am happy with the amount of $700 for the time being. However I am starting to think it would be better to raise $50 effective Next month, and then $75 in February. Any input?

You have to follow the guidelines of the loan. Whether its a year or two years of owner occupancy. You don't want to mess with mortgage fraud.

Hello All,

Just looking for some input. I have recently purchased a single family home and a duplex right next door. I live in the single family now, and kept both tenants in the duplex. They both are very polite, keep to themselves for the most part, and have even helped me with a few things around the property. My dilemma is that one of the tenants rents is grossly under average rent in the area. ( Old owner was his parents ). The longer I am here, the more comfortable I get with the rent as is. Also the more I dread raising the rent. 

Currently, Unit A is rented for $575. Unit B is rented for $750. Both units are 1 bedroom apartments, with walkable attack, basement, private deck, private off street parking and a common yard approximately 1 acre. Both pay own utilities, and have trash pickup provided by me.

Average rent for a 1 bedroom in Westport, MA is $800. 

Just looking for suggestions on whether it is better to keep the rent low, with reliable easy tenants in place, or raise the rent and risk losing those tenants for an unknown future tenants. If so, how would you go about raising it? (They're really nice people!!)

Thanks in advance!