All Forum Posts by: Willie Mandrell

@Yonah Weiss and @Holly Williams.. I just learned of opportunity zones and think it is worth really looking into ... essentially it is a community investment fund directed to low/middle income areas. For more details: (https://eig.org/opportunityzones).... its worth keeping an eye on for two reasons:  1) you can invest your earnings and get out in 10 years without capital gains (and if you decided to pull out your investments after 5 or 7 years you can do it at a reduced tax rate).  2) as far as owning RE assets - watching which communities take full advantage of this program as well as others might be an indicator of how the market will appreciate - so it could be a good area to acquire real estate assets.    

@Shital Thakkar I specialize in the greater Boston market - specifically south Boston area.  Like any area there are nuances and submarkets that are 'easier' to get into than other areas - lower cost inventory.  There is opportunity in any market and just a matter of strategy.  To be profitable and effective in the Boston market - its about knowing your entry point.  In the Cambridge-Somerville area, triple deckers in need of repair easily go for multi-millions, you need a lot of capital upfront for downpayment and rehab costs and you are relying on appreciation to build equity - the flip and condo conversion is a popular option in these areas.  I'm currently doing a condo conversion project in Medford for a quick return.  Looking at areas a little farther out in the greater Boston area - like Dorchester, where triple decker multifams can be in the 500k-900k range, is where I focus my buy and hold strategy.  

I currently have  25 rental properties (spread among mostly 3-family properties in the greater Boston area).  Over the next year I want to double that portfolio.  Before I do that though, I want to ensure that I have a solid system in place to manage the rentals that will be able to scale with me.  Up to this point I've managed the properties, but going forward I'm considering a couple of different options:  invest in a property management software program (Buildium, AppFolio, etc) and hire a part/full-time person to focus solely on that OR source the work to an existing property management company.  Thoughts on the strategy or approach.. or any other options?

@Chris Roche check out Boston Wealth Builder. http://bostonwealthbuilders.com/

Check out their website for an event going on tomorrow night in Cambridge for investors.  Hope to see you there!

@Shiv Gettu as @Collin Fishman already pointed out - It'd be worth taking a closer look at laws that cities have already passed or are considering.  Mayor Walsh has already restricted short term rentals and I would expect that other cities in eastern Mass are not far behind.  The shortage of affordable housing is just too great...  Keep an eye on what the City of Boston does according to their Housing 2030 plan to help guide your investment strategy.... When the 2030 Housing plan was originally released 3 years ago, it called for 56,000 additional housing units to accommodate demand, just last week they increased that number by 30%...

@Vee L.  if you've already got 4 years of investing under your belt, I think the only benefit from this would be the network, but at that price point, I think you would be wise to invest your time and money else where.  As someone already alluded to, as far as information goes, you can teach yourself anything via the internet these days, on your own time and at very little cost.  Between blogs (and vlogs), podcasts and books, there is a ton of information available and since you already have experience you can tailor the knowledge you are looking for on your own rather than forking over a ton of money for what will inevitably be a broad overview and an up-sell.

Congrats! One of the hardest things about the first flip is deciding to actually do it and then to see it through to completion. The experience and knowledge gained is invaluable and it gives you the motivation and confidence to do the next.... the big ROI on this one doesn't hurt either...

I agree with @Nick Foundas .. there are a ton of brokerages throughout the area where you can hang your license without being charged a desk or other fees. They tend to be smaller and often attract like minded part-time agents interested in investing as well. So it will end up being a good network for you to enter into beyond just the MLS access. Just be open about what you are looking for with the broker - keeping your license will definitely be worth it!

Network, network, network. Assuming you are flexible on location, the way to go is looking outside of the Boston-Cambridge-Somerville area - as many people have already mentioned. I work in the Dorchester area and there is a lot of opportunity here. The best way to find good deals is to network like crazy and find a property before it hits the open market. Cold calling agents, reaching out to brokerages, going to real estate meetups and letting people know what you are looking for. It can seem like a lot of legwork (and it is!) but finding that off-market deal or connecting with someone who is just starting to think about listing a property and hasn't yet is your best bet. And if you are interested in continuing to invest in real estate beyond your house-hack you will have already laid the ground work for future investing opportunities.

In this FREE online masterclass, Willie Mandrell will be teaching fellow Real Estate agents an alternative to working with the traditional home buyer and why working with Real Estate investors & developers can be a more productive use of your time.

We'll be covering the following topics (and more!):

1. What the traditional Real Estate agent does and why so many of them fail.

2. Why building relationships with Real Estate investors can double or triple your income.

3. How to find local investors and developers and how to present yourself as an asset.

4. How investors and developers think and how you can create a win-win environment.

5. How to find distressed properties and other opportunities for your investor clients.

6. Cash Flow (buy & hold) vs. Flip Investors: What's the best way to crunch the numbers?

7. How to build a long-term business plan that can really help you focus.

Register here to save your spot: http://www.SellMoreBostonRealEstate.com

We look forward to seeing you there!