All Forum Posts by: Tyler Fontaine

Ok, love the vulnerability. It takes courage to ask for help.

1. Understand and accept the fact now that this is a process that is going to take time. You will need to save money, fix the credit, and get better skills to do it.

2. Call a local mortgage lender. Ask them what you have to do to get a pre-approval. Any good mortgage broker will guide you through this process. They should be explaining how the process works, interest rates, and should be asking what monthly payment you're comfortable with. You may not qualify immediately. Have them tell you what you need to do to get approved. Can your wife be on the loan or get her own?

3. Go to CreditNerds.com. They do free credit repair. You'll have to jump on a couple 10-15 min calls prior to going through the process but they will assist you in getting your credit up.

4. Use bigger pockets, youtube, and books as your resources right now. No netflix. No gaming. No bar nights. Less leisure time out. Go into study mode. Become a student. Go to your local real estate meet up and start going to real estate networking events. Meet people and tell them what you are trying to do.  You can get into RE investing with little or no money but you will have to have something else. A skill, a network of people to help, a deal to partner on, etc.

5. My sister is 21. She was at Mass Art majoring in visual design. Her passion and main hobby is content creation, marketing, using social media as a tool, and so on

So she was given the opportunity to change to Johnson and Whales and major in media/content field. At the very same time, a person from her network within the content creation, marketing, social media world offered her an internship that very summer at a media company. Then shortly after offered her a full time position. 

Now her choice became to pay $60,000 a year to learn in a classroom about media/content... or to go and get paid $60,000 a year to gain the real world experience in that field to learn and grow.

It may be worth considering if you should go to business school or if you should just get into business. Could be alone, could be with partners, could be working for someone who has the lifestyle that you want.

So it sounds like this tenant has bad habits and is a poor manager of finances. If you go to not renew, the tenant may object and then you have to evict. I'd get in touch with your attny and touch base with them on this situation so that they can guide you as to how to move forward correctly.

Personally, and this is my opinion, if they are chronically late on rent eventually something else will come up. Getting a new, high quality tenant could be worth it in the long term.

If you're a serious investor and want the ability to broker your own deals then I think it's worth it. If you don't want to do that then connect with a local agent who specializes in multi-fam investing and become their best friend. They can give you guidance, help funnel you deals, and do the Realtor work for you so you don't have to.

When looking for deals without a license - driving for dollars, buying absentee owner lists off propstream/deal machine etc, then writing letters, calling, and door hangers could be a good way to build traction. Be sure to follow up and remarket to these leads otherwise you're wasting your time on the set up.

In terms of your team composition, they are all important. You need a good agent, a good lender, a good accountant, a good attny, a good contractor. They all serve their purpose and should be treated all with care. You never know when you will have to call one of them to action and you want them there when you do.

A good property manager will be able to help you with this as they should have a good pulse on the market for the aesthetic demand of things.

Also, you can ask your contractor if they have someone or work with someone who aids them with design of things. Another good route to take would to be to go to your local kitchen/bath design place. get them to do the designs and then ask them for the assist on picking paint colors, flooring, and the other finishes you will have through out and they will be able to steer you down the right direction.

By joining a board of realtors you should be able to get access to certain contracts. MLS might have blanks set up as well for you to print out and use, you most likely will have to hang your license with a brokerage though.

An attorney may also be able to provide you with some of the contracts needed but you may have to pay for them. Ideally you want a seasoned contract that has proven it's strength through litigation and has ben revised multiple times.

Not one hundred percent sure because i'm not from your area. However, there are two local companies around us in Prov, RI. They're pretty good. They offer month to month terms. They own, install, and manage the machines with options for coin and CC. They split the proceeds 50/50 at that point but they do do all of the bulk work so a few of our clients find its valuable because it is hands off for them.

Hey there, if you're in boston then I would recommend looking into the RI market - Providence, East Providence, North Providence, Woonsocket, etc - and there are a couple places in eastern CT that could work well also. 

If you want to know more about it and dig into some details then please reach out to me. 

We're here to help. :)

Hey Adam, we can help your friend out. I just spoke with a potential client who has a similar situation. Ironic if it's the same person haha. Regardless feel free to connect me and your buddy. We're here to help.

~ Tyler

 Thanks Anthony. 

The listing looks good mostly. Nice pictures and info.I would say to break up the description. People consume info differently; so having a full paragraph of info, bullet points of info, and some short text works well.

"It would be something like this. You would say how lovely the one bed/one bath is. with is luxury vinyl plank, granite counters, and stainless steel appliances. Brag about the parking spot. The size of the yard. Your access to amenities. Then you would transition to the following.

- 1Bd/1Ba

- LVP Flooring

- Granite throughout

- Off Street parking

- etc

Then you end with some more details, best way to contact you or set up a showing and you're good."

Other than that the holiday season is killing you. Im in New England so we have winter atm - which slows down the market anyways - but our blackout dates for securing renters easily for landlords is Thanksgiving until February when taxes start.