Red Sox player getting in the real estate game!

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Red Sox player getting in the real estate game!

Weston, FL · Member since 2014 · 22 posts · 4 votes

Hello everyone! Just wanted to introduce myself a little as i have read through this site many times and decided to finally make a jump in my life and start investing in real estate.

My name is Carlos and i play professional baseball for the Boston Red Sox organization. i am currently in high-A(minor leagues) for the Red Sox and after signing for a decent bonus, i have been sitting and slowly losing money sooooo it's time for me to make a real investment. i am 22 years old and have a bachelors degree in business administration, just as a back up plan, if baseball doesnt work out...

Because my situation is pretty unique for a lot of people, i am constantly moving and dont have a true "permanent" residence since im in season 7 month of the year and then "home" 5 months. But i am currently stayin in south florida( broward county) for the off season..

I have read numerous books and blogs on REI and i have decided that it's time to stop reading about it and get my hands dirty and DO IT!

For my first real estate endeavor, i would really like to purchase a rental property. that's my goal so far but i have a ton of questions which i hope the people on here can help me with!

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Account Closed
Investor · Waynesville, NC · Member since 2014 · 408 posts · 121 votes
12y
Welcome to BP @Carlos Asuaje ! You have come to the right place. You may want to consider partnering with someone since you will not be able to be hands on for long periods of time. Hopefully by partnering you can learn the ropes while being more passive. Another option would be to buy a turn key property and hire a management company.
0 Reply
Larmon Cummings Jr
Flipper/Rehabber · Chicago, IL · Member since 2013 · 319 posts · 153 votes
12y
Welcome to the BP community. I hope you get some useful information to help in your investing decisions, and it will guide you in the right direction. Look forward to hearing future success storiesCarlos Asuaje
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Mark SeverinoPro Member
Rental Property Investor · Dallas, Texas (TX) · Member since 2014 · 79 posts · 25 votes
12y
Welcome to BP @Carlos Asuaje ! That is a unique situation. It seems like you are going to need to build up a great local team where you are investing. If that bonus can help fund a deal you just became a great prospect for a REI partner. Good luck!
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Shaun Reilly
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
12y
Hi Carlos, welcome to BP.
This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.
This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in MA (When you get to the Sox, or at least the Spinners) on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected. The same for the guys in FL too.
It is great to see you thinking about making some investments to put that money to good use. Always good to have a backup plan too. And hey if you make it big the worst that comes out of this is you will actually already know good ways to deploy those millions of dollars so when you do retire you won't have blow the wad and actually not have to get a job after you retire from baseball.
What position do you play? What team are you on now?
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Ann Bellamy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
12y
Hi, Carlos, there are a lot of Red Sox fans up here that will want to get to know you!
So besides reading and listening to podcasts on BP, it seems to me your next step is to consider what geography you want to focus on. Are you considering rentals in Florida? Are you considering turnkey rentals where you don't do much? And where?
You should also set up your keywords for topics and locations that interest you so that you are notified when a post is made that might interest you. for example, my keyword Boston is what brought me to this post.
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Carlos Asuaje
OP
Weston, FL · Member since 2014 · 22 posts · 4 votes
12y
thank you guys very much for your responses!! To be completely honest, and again, i have no experience as far as these things go, i am a bit scared having a partner when it comes to capital investments. just because, you know how the world is now in days, especially when theres money to be made.
But, let me ask this question here since it's my initial plan and it might be a dumb one to post somewhere else haha
so i was thinking of buying a turn key apartment in gainsville, FL and renting it out. the reason i chose this market is obviously because the apartments can be found dirt cheap and because UF is there, im sure it cant be all that difficult to find tenants as long as the rent rate is within market value and the apartment is pleasantly kept....
does that sound like a pretty good idea or am i just making this seem much easier then it really is?
0 Reply
Christopher Hunter
Real Estate Investor · Cypress, CA · Member since 2013 · 877 posts · 94 votes
12y
@Carlos Asuaje welcome to BiggerPockets Carlos and I am sure you will find what you are looking for here.
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Juan Covarrubias
Real Estate Broker · Murrieta, CA · Member since 2014 · 27 posts · 4 votes
12y
Carlos, it's a nice surprise to see you here. I'm sure baseball and traveling keeps you pretty busy. Have you considered less time-consuming real estate investments(i.e. Single Tenant Commercial Real Estate)?
PS: Good luck in your career.
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Carlos Asuaje
OP
Weston, FL · Member since 2014 · 22 posts · 4 votes
12y
Yea i played in Lowell last year, right after getting drafted. I play 3rd base and 2nd base mostly. But this year i started in low-a and then got promoted to high-a where i am now. Im in salem, VA and theres not much to do here so that why i've had so much time to research and read about REI haha
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Dan C.
Milwaukee, WI · Member since 2013 · 384 posts · 109 votes
12y
@Carlos Asuaje I just checked out your stats - congratulations on a great season. So what was the biggest adjustment going from college to pros? Welcome to BP, it will really accelerate your REI education.
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Account Closed
New to Real Estate · Salem, VA · Member since 2014 · 19 posts · 3 votes
12y
Welcome to BP, Carlos! I live in Salem, VA & know what you're talking about! Are you interested in investing here while you're in the area or just focusing closer to home?
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Carlos Asuaje
OP
Weston, FL · Member since 2014 · 22 posts · 4 votes
12y
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Shaun Reilly
Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
12y
Hey Carlos,
That's cool. Been to a few Spinners games in the past. I grew up right outside of Lowell in Dracut, but the team didn't start there until I was finishing college.
FYI I actually own several rentals in Lowell so if you think you will be there next year it could be a place to research.
As for your idea about the rental near UF that could be a good idea. I don't know that market but your rationale seems solid. Only question is if that is close to where you will be "home" for those off season months? If it is near you, then you supposedly know the area and have friends and family there that can help in a pinch, then it seems like a very good fit. If it is not near you then I would say to research things a bit more before pulling the trigger and at least develop a relationship with someone that can help you out locally in a pinch since you are not available to deal with stuff easily during the season.
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Mike D'ArrigoPro Member
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
12y
@Carlos Asuaje
Welcome to BP. I think you might be over simplifying it a little which can be dangerous. I don't know the FL market at all but most markets are neighborhood specific and just because it's near a college or university doesn't mean it's a good rental. Although as you say, it might not be "all that difficult to find tenants", what's most important is the quality of tenants and the vacancy rates in the area. Muilti family can be tricky so you really want to know the area very well. I'd suggest talking to some property managers in the areas and get a lot of input.
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Carlos Asuaje
OP
Weston, FL · Member since 2014 · 22 posts · 4 votes
12y
@Mike D'Arrigo:

Yes exactly what i was thinking. it cant be that easy or else everyone would be doing it haha by no means am i planning on rushing into anything though, so rest assured that wont be the case. but it seems like a market to be looked at just because rentals are so apparent there and the prices of the homes are cheap and the rents are pretty decent, making the potential cashflows pretty appealing...
my main concern, as you said, would be the quality of the tenant, which would mostly be college students. on the other hand, my thought is that those tenants wouldn't be the ones paying for the rent directly...it would more then likely be their parents, which gives me a little bit of confidence as no parent wants their kid to get evicted during the school year
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Janine Smith
SFR Investor · Moscow, ID · Member since 2014 · 23 posts · 5 votes
12y
@Carlos Asuaje while the parents may be the ones footing the bill, they are not there to watch over and monitor their kid's behavior/actions.

It is extremely important to heavily screen all applicants. Check their credit to see how responsible they are with paying their bills. And check with their prior landlord (NOT current) to get their input regarding whether or not they would rent to the tenant again.

You might want to look into buying a duplex and live in half of it when you are in town, and rent out the other half year round, letting them make or portion (or all) of your mortgage payment :)
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
12y
@Carlos Asuaje
welcome to the site.
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Steve B.
Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
12y
Carlos, if you know the Florida market well I think it's a good choice. Overall RE prospects look good in that state. However I would advise you to own a house not a condo or apartment. You will find apartments and condo's have many problematic attendant and ancillary issues to deal with that SFR's don't have. As a first investment, save a little more money, and get a house.
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Marshall Downs
Investor · Benton Harbor, MI · Member since 2013 · 257 posts · 140 votes
12y
Carlos, I know a few professional athletes and through them know the blessing and curse of big paydays/salaries. Yes, do your homework when deciding which route to go in RE, but I too recommend partnering with someone who knows the game. It will pay huge rewards in the long run. Some sound due diligence with selecting the right person/company for you is a necessity, but don't go it alone right out of the gate because there is a good chance you will contribute to someone's bottom line other than your own if you mess up on the early projects.
All the best, BP is a great place to learn!
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Aaron N.
Punta Gorda, FL · Member since 2013 · 55 posts · 3 votes
12y
Hello,
You're at the right site. Ask lots of questions. Ive been more of reader than a poster. Be leery of anyone sharing advice that is not in your area. Also be leery of folks trying to get to consider alternative outside of your comfort zone or general knowledge.
I agree w teaming up w someone local if you can. Kudos for thinking ahead. When I was 22 that was not my first thoughts.
Try looking for something in your area- I assume broward. I like the thought on SFH over apartment and definetely over the condo- HOA are outrageous. If your set on college apartment idea there are plenty of state school that have decent needs all over the state and prob no reason to look into UF area unless you find a partner up there you can trust. Good luck w your season
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Account Closed
Real Estate Investor · Los Angeles, CA · Member since 2014 · 143 posts · 29 votes
12y
@Carlos Asuaje
Welcome to BP! I grew up in NH, and was a big Sox fan.
You've come to the right place.
Andrew
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William Hochstedler
Broker · Logan, UT · Member since 2013 · 1k+ posts · 1k+ votes
12y
Welcome Carlos!
A thought: You might try searching for "military" here on BP. There are a lot of newbies looking for help, but there are some long-distance REI folks doing it while deployed. It might be similar to your situation.
Also, there are a bunch of very experienced people on BP, primarily in CA, who are successfully investing in the mid-west because they can't get the cash flow locally. It might be interesting to ask how they got started and how they've built their local teams.
Good luck,
Wm
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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
Welcome Carlos! I am from Broward County originally and lived there again for a little while after school. Great place! I love going back.
You can easily buy rental properties despite how much you travel. It's all about the teams you have working on the properties. I live in LA and all my properties are long-distance to me and I never even see them.
Congrats on trying to spend your money smart! Even bigger congrats on the Red Sox, great org!
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Jonathan Twombly
Rental Property Investor · Brooklyn, NY · Member since 2014 · 722 posts · 1k+ votes
12y
@Carlos Asuaje I was just at a Greenville game last week, when they played Augusta. Are you playing in Greenville?
Someone in your position, with more important things to focus on, who is also traveling a lot and ALSO plans not to be living in the same place forever (because you'll be playing in the majors soon, right?!), should invest passively with a full-time investor they trust. Now, of course, finding an investor you trust presents a whole other set of problems. But, leaving that aside, if your real estate knowledge is still limited, and you are on the move, partnering with someone who invests full-time is probably your safest bet. I would advise you to work with a syndicator or fund manager, where you can own part of the deal and not be saddled with the effort of managing the apartment yourself.
Obviously, I am a syndicator, so what I say is somewhat self-serving and should be taken with a grain of salt.
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Brandon TurnerPro Member
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Carlos Asuaje thanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.
Also - here's a couple articles you might enjoy:
The 21 Best Real Estate Investing Books Ever
How to Rent Your House: The Definitive Step by Step Guide
How to Be a Landlord: Ten Tips for Success
Oh - and be sure to set up some Keyword Alerts- especially for "Weston" so you'll be notified when people mention it here in the forums.
Thanks again for introducing yourself!
Podcast Guest on Show #92
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