{"id":153682,"date":"2023-06-02T14:28:23","date_gmt":"2023-06-02T20:28:23","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=153682"},"modified":"2023-08-26T01:35:58","modified_gmt":"2023-08-26T07:35:58","slug":"from-living-in-van-to-conquering-boston","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/from-living-in-van-to-conquering-boston","title":{"rendered":"From Living in a Van to Conquering One of America&#8217;s Most Expensive Markets"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC8928136673\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">2023 has presented tremendous challenges for investors looking to get started. Financing is expensive compared to the historically low interest rates during the COVID boom. And, although they\u2019re stabilizing, home prices have seen massive appreciation. Throw low inventory into the mix, and you\u2019ve got an investor\u2019s worst nightmare.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In short, it\u2019s <a href=\"https:\/\/www.biggerpockets.com\/blog\/rents-exceed-housing-payments-in-just-four-markets\" target=\"_blank\" rel=\"noreferrer noopener\">tough to cash flow right now<\/a>, but luckily, it\u2019s still possible.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Take, for example, Jessica Later, a real estate broker and investor who\u2019s crushing it in one of the most expensive markets in the country: Boston. In many ways, her story is contrarian. The lessons she shares in this article show you how to think outside the box to win big in any market condition.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">No Job? No Problem<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Armed with a marketing degree and aspirations to work in the advertising industry, Jessica faced an unexpected setback. The company she had hoped to join lost a major account. Suddenly left without an income and unsure of her next move, she found herself at a crossroads. Little did she know that this challenging situation would ultimately lead her down an unconventional path toward financial success through real estate.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It was during this uncertain period that Jessica crossed paths with a <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" target=\"_blank\" rel=\"noreferrer noopener\">real estate agent<\/a>. Recognizing her potential, the agent suggested that she explore the world of real estate, starting with sales. Intrigued by the idea, Jessica decided to give it a shot. To her surprise, she quickly discovered that \u201cI was able to make more money in a single summer through [real estate] than I would have earned in an entire year at the marketing company.\u201d<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">As she delved deeper into the world of real estate, Jessica started to notice the remarkable success that investors were achieving. Eager to learn from their expertise, she sought out mentors who could guide her along the way. Fortunately, she found several experienced individuals who were willing to share their knowledge and provide valuable advice during the early stages of her career.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The House Hack Stack<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">A few years into her real estate agent career, Jessica decided to stop paying rent and pave a path forward as an investor. <a href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\/house-hacking-strategy\" target=\"_blank\" rel=\"noreferrer noopener\">House hacking<\/a> was the perfect place to start. It offered a low-money, low-risk way to start investing in Boston\u2019s expensive market. After consuming hours of content about investing, she felt confident that house hacking was the right decision.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">In her mid-20s, Jessica took her first significant step towards building her real estate empire when she bought a small condo in the Jamaica Plain neighborhood of Boston with the intention of living there for a year or so, then repeat the process.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">A year later, Jessica had successfully found her first long-term tenant at $1,600\/month. Suddenly, her one-bedroom, one-bathroom condo was cash flowing $400\/month. Today, the same property rents for $4,200\/month.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">\u201cStarting is the most important part. Even if it means buying the smallest condo in your area. To wait for something bigger and better means you\u2019re missing out on opportunities down the line because you didn\u2019t invest sooner,\u201d says Jessica.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">On to the Next One\u2026And the Next<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Buoyed by the success of her first investment, Jessica decided to expand her portfolio further. She purchased a small condo in Boston\u2019s trendy South End neighborhood. Instead of moving in, she furnished the place and began renting it out.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Meanwhile, Jessica moved into her van and traveled around the country for six months. She noted, &#8220;I was willing to make the short-term sacrifice of living in a van for the long-term benefit of living the way I want to.\u201d&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">On the BiggerPockets podcast, she\u2019d heard stories of investors like <a href=\"https:\/\/www.biggerpockets.com\/blog\/contributors\/craigcurelop\" target=\"_blank\" rel=\"noreferrer noopener\">Craig Curelop<\/a>, who famously lived behind a curtain in his living room while house hacking. Living in a van allowed Jessica to explore the country on a budget, save money on her housing expenses, and grow her portfolio. Though it wasn\u2019t as trendy as living in the city, it drastically expedited her wealth accumulation process.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Driven by her entrepreneurial spirit and growing success, Jessica didn&#8217;t stop there. She continued buying properties in a similar fashion while opening her own brokerage, JL+CoRE. Through her dedication, determination, and willingness to take calculated risks, Jessica demonstrated that house hacking and real estate investments could lead to financial freedom and success.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Exploiting an Overlooked Property Type<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Jessica invests in condos. This unique approach allows her to tap into a market segment that is often overlooked by investors, presenting her with untapped opportunities for growth.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">When asked why, she highlighted several key advantages that condos have in expensive markets:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span data-preserver-spaces=\"true\">Condos often come at a discounted price compared to single-family homes and multifamily properties, making them more affordable for investors with limited capital.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">The cost-effectiveness of condos is enhanced by homeowners&#8217; associations (HOAs) that cover external maintenance and repairs, saving investors money and providing convenience. Plus, HOAs act as training wheels for new investors, as the association also takes care of common area upkeep and other responsibilities.<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">As such, investors should not overlook condos as a viable option. Depending on your circumstances, it could be a great way to get started.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Cash Flow With Furnished Units<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Jessica also focuses on furnished units and renting them out as <a href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-invest-in-medium-term-rentals\" target=\"_blank\" rel=\"noreferrer noopener\">medium-term rentals<\/a> (MTR). If you haven\u2019t heard of MTRs yet, it combines the benefits of short-term rentals with those of long-term tenants. After experimenting with everything under the sun, here\u2019s what Jessica learned and why she landed on medium-term rentals:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Time efficiency:<\/span><\/strong><span data-preserver-spaces=\"true\">&nbsp;Jessica discovered that the high turnover associated with short-term rentals was time-consuming. To optimize her efforts, she pivoted towards medium-term rentals. By targeting tenants who stay for a few months to a year, she reduced the frequency of turnovers and minimized the time and effort required for property management.<\/span><\/li>\n\n\n\n<li><span data-preserver-spaces=\"true\">I<\/span><strong><span data-preserver-spaces=\"true\">ncreased earning potential:<\/span><\/strong><span data-preserver-spaces=\"true\">&nbsp;While long-term rentals can provide stable income, Jessica recognized the greater earning potential of short\/medium-term furnished rentals. The lack of hotels in Boston, combined with the demand from hospitals and schools, created a niche market for temporary accommodations. By catering to this demand, Jessica tapped into a lucrative segment and was able to command higher rental rates for her furnished units.<\/span><\/li>\n<\/ul>\n\n\n\n<p><span data-preserver-spaces=\"true\">By shifting her focus to medium-term furnished rentals, Jessica optimized her time, tapped into a demand-driven market, and provided a tailored solution for tenants. This, of course, resulted in tremendous success.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Financially Flexible<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">After investing for over a decade, Jessica is in a great financial position. She loves the ever-changing landscape of real estate in Boston and plans to keep building her brokerage and investment business there. By following her footsteps, you, too, can create life-changing options. Start living your life on your terms with these lessons.<\/span><\/p>\n\n\n\n<div id=\"hero-block_62ee867235a1c\" class=\"first:mt-0 hero-block py-4    has-background has-slate-300-background-color has-text-color has-slate-800-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-2\/3 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-slate-color has-text-color has-large-font-size\"><strong>Close MORE deals in LESS time for LESS money <\/strong><\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px\"><em>Wealth without Cash<\/em> will fully prepare you to find off-market leads, uncover sellers\u2019 motivations, negotiate with confidence, close more deals, build a team, and much more.&nbsp;This book by Pace Morby has everything you need to become a millionaire investor without utilizing your own capital.<\/p>\n\n\n\n<div id=button-custom-event-block_641384b1eb1d8 class='button-custom-event'>\n      <a href=\"https:\/\/www.amazon.com\/Wealth-without-Cash-Supercharge-Subject\/dp\/1947200887\/ref=sr_1_1?crid=9KZLGF71C0N1&#038;keywords=wealth+without+cash+pace+morby&#038;qid=1684186115&#038;sprefix=wealth+witou%2Caps%2C119&#038;sr=8-1\" x-on:click=\"window.analytics.track(&#039;Blog Block | Publishing: WWC&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/from-living-in-van-to-conquering-boston&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Get Your Copy<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/3 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/04\/WWC_Cover-Flat-1-scaled.jpg\" alt=\"\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u201cI was willing to make the short-term sacrifice of living in a van for the long-term benefit of living the way I want to.\u201d Could you do this? Read this inspiring story of an investor who came from humble beginnings.<\/p>\n","protected":false},"author":159074,"featured_media":153683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7358,7119],"tags":[],"class_list":["post-153682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-stories","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/153682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/159074"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=153682"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/153682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/153683"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=153682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=153682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=153682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}