Boston is a tough market. Prices are high, but even high rents aren’t enough to make it profitable to invest. Ricky Beliveau makes money by renting to students, converting small multifamily buildings into condos (it’s easier than you think!), and transitioning unused space into more bedrooms to add massive value.
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In This Episode We Cover:
- How Ricky started by borrowing money from his mom
- Thoughts on buying an expensive property in an expensive market
- How he got 4 signers and co-signers per unit
- Tips for finding a property manager
- The upsides to having a college rental
- How he achieves next to zero vacancies
- How he tenant-proofs his rentals
- The value of his property today
- The details of his next deals
- How to find these gems of properties
- What a condo conversion is
- The average cost for condo conversion with an attorney
- How he sets the HOA up
- How to tell if a property is good for conversion
- Thoughts on keeping a day job while investing
- How to find reliable contractors
- What’s next for Ricky
- And SO much more!
Links from the Show
- BiggerPockets Marketplace
- BiggerPockets Forums
- BiggerPockets Pro
- BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager
- East Boston Project (Forum Post by Ricky)
- BiggerPockets Analysis
- How I Built This Podcast
- Mindy’s Twitter Account
Books Mentioned in this Show
- Flipping Confidential by Kirsten Kemp
- “Let the experts do what they do well, and you can do what you do well.” (Tweet This!)
- “If a property has a major foundation issue, your profits can just disappear.” (Tweet This!)
- “Don’t say ‘I can’t.’ Instead, figure out a way to do it.” (Tweet This!)
Connect with Ricky
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.