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!
Real Estate Investor · atlanta, GA · Member since 2013 · 456 posts · 237 votes
12y
Welcome to BP. Partnering, especially for a first-time investor, is probably the smartest path to go. Sure, you might make money in a college town but you're more likely to inherit a headache that no one else wanted! If I were looking to do anything in Florida, it would probably be in Orlando or Tampa. I've run both markets and like them both for different reasons. Despite what others are saying, if you do try the college town approach, find a townhouse or smaller home and then use the shared housing approach to keep it full and performing. Cash is king so hold onto as much of it as you can....you can afford to be a bit freer once you make it to the majors. We'll be cheering for you!
To answer your question about owning a rental property near UF, I would not do it unless you have a local property manager. I own a 4 bedroom condo across the street from the University of South Florida in Tampa and it has been a great investment however I would never do it if I didn't live close to it. It has been a great rental investment because the turnover process has been pretty easy (get the students moving out refer their younger friends). You also have the right idea about parent's usually paying their kids rent which means automatic money for you, however there is also a great chance that the college kids will beat the place up since mom and dad aren't there to tell them to behave. I know from experience when I say they will beat the place up...you will find yourself putting out lots of maintenance calls.
I agree that you should stick with a rental for your 1st investment but definitely find an investor/property manager to work with if you won't be around much. I am 23 years old and own 2 rental properties and nothing beats passive income. I work for an Investment Real Estate firm and property management company in Tampa, so you would like some more information about owning rental properties or want to learn about Tampa Bay's great rental market, I can help answer some questions.
Real Estate Broker · Tampa, FL · Member since 2014 · 121 posts · 77 votes
12y
Have you considered something waterfront / vacation rental? I don't have much experience myself in the rental business but I do live in Tampa and I know those little waterfront rentals fetch a lot of money, are typically rented WEEKLY. I believe the quality of tenant would be a bit better since you'll probably be renting to vacationing families. If you had something like that and a decent property manager who specializes in these type of vacation rentals I would bet you would do well. Good luck. Continued success.
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
12y
Hi Carlos,
My wife is from Boston ( Chelmsford ) born and raised. She lives with me in GA now..... : )
My wife is a big Red Sox fan but her mom Judy is a huge one. They were doing their daily phone call today and I mentioned your name and she actually has heard of you before. You know a die hard fan when they know the minor leaguers.
I focus on commercial real estate as a broker and investor transacting nationwide. I will tell you to not underestimate what is involved with an investment while you are traveling. During this time you want to focus on improving your game and moving up in the organization. You do not want to worry about a tenant trashing your place and being called by a property manager with issues.
There are a few professional ball players on this site who chose to remain anonymous. I may be mistaken but while you are in the minors isn't the money almost non-existent?? The other member on here who is in the major leagues already said they only pay about 50k or so in the minors. When you get to the big leagues the average salary I have been told when you take out the big paycheck earners is just 200k to 400k a year. It might sound like a lot but I have been told there is a lot to payout with agent expenses and traveling costs etc. You could get hurt at anytime and the career is over so investing is important.
I would look at your capital to start today and how active versus passive you want to be. Being a ball player doesn't insulate you from making a mistake as an investor. A sad statistic is a majority of professional sports players go bankrupt within years after leaving their sport. They don't invest wisely, they burn through cash, and keep living the lifestyle when the money is no longer coming in . They build up huge amounts of taxes owed and are pushed in bankruptcy.
RE investing is a great way to earn a living after you retire from baseball. I have some professional baseball experience as well. I jumped into Real Estate right after I quit (shoulder). You are able to create your own schedule and define your own business and where you want it to go, among many other things that a career in Real Estate affords. You can still maintain a physical work schedule and rehab/renovate properties if you like. I really enjoy it. Good luck finishing out the season! Go Braves
Rental Property Investor · Manteno, IL · Member since 2009 · 2k+ posts · 2k+ votes
12y
Ha. Forget about real estate. Focus on baseball. Just checked your numbers:
3b, 11 hrs, 73 rbis in 325 at bats? With a .305 avg. That is some impressive clutch hitting. And given the dearth of real talent at the hot corner these days (as evidenced by my fantasy baseball teams), I'd say you need to stick with baseball so you don't lose focus.
Real estate investing is only for those people who are trying to get out of their day jobs and/or supplement their day job incomes to improve their quality of life. You don't need to do either. :-)
That being said. Florida seems like a great market to be in. But the fact you play in south carolina with a probably bump up to the next level coming real soon means picking an area is going to be tough.
Two things I'd suggest. 1) Stay away from breaking balls in the dirt.... 2) Stay on BP. Great place to learn real estate. And maybe you'll find someone to partner with down in florida that would let you focus on baseball and not have to deal with all the day to stuff during the season.
During your five months off, you can keep yourself busy going into acquisition mode.
If you've got some family that lives in the area, that would be the perfect partnership. Maybe you let them manage your homes for you and just pay them a fee/percentage. And you only do acquisitions during your off season.
btw: I'm not scoffing at the idea of a professional athlete wanting to get into this. Your affiliation with major league baseball will open quite a few more doors when it comes to financing and deal making. And once you get familiar with the deal making in real estate, that can lead to a lot of bigger and better things - whether you make it to the pros or not.
If you make it to the pros, maybe you use your money to go into larger apartment complexes and really grow your money. I'd rather have the knowledge of investing in real estate than give my money to somebody else to invest it with. Too many people have lost money to those types of money managers.
Or maybe start a real estate business once you retire. Check into WayPoint Homes. One of their 2 founders is Doug Brien, the former NFL kicker. That company is pretty impressive.
Good luck. And stick with BP. Great info on here. And a good way to network with people in whatever area you end up deciding to invest in. Can find out the better neighborhoods and better contractors too.
And given the lack of talent at 3b in the red sox organization, we hope to see you up there pretty soon. If not, maybe talk your agent into a trade to the White Sox. We could sure use a 3b with some pop who doesn't also strike out like a mad man as we seem to have neither (connor g puts the ball in play but has the power of a pitcher, Matt Davidson has enough power but strikes out like he was getting hitting lessons from Adam Dunn).
Real Estate Investor · London, Ontario · Member since 2014 · 7 posts · 1 vote
12y
Carlos I am new to BP myself and stumbled across your post during my first trip to the BP market place actually :)
There are so many small rules and tricks to investing in RE that it an be very dangerous to go it yourself especially when you have the capital to invest.
As many people before me have stated it seems like we have come across a great community and et of resources on this site! With that said though use these resources as a means to get confident in working with people already in the game opposed to trying to figure out markets near you to get Into ;)
My advise to you is to establish what you want in terms of ROI (return on your investment) and how much you are willing to invest. Working as a private money partner could be a huge asset to you in your current situation. Getting into the right deal will get your money working for you in a passive way while you play ball and learn more about being the REI you want be.
For example I usually wholesale in MO to US investors however being from Canada I run into many local investors that dont want to be bothered with managing and owning property so far from home. So lately I have been structuring private money deals where my business entity purchases property with a loan from canadian investors, now these investors have an 8-12% annual return on an investment under 50k with with DCR of over 1.5 secured by real estate.
So this Is just my personal example but hopefully you can see the relation to your own situation. Obviously your situation doesn't involve cross boarder investing however it does involve the need not to cloud your ball season focus with worry about renters and positive cash flow. So find the value in working with someone who already has an established team with acess to positive cash flowing properties :)
Hope this helps you on your journey inbox me or email me I'd be happy to answer any questions.
Investor · Ottawa ON / South Bend, IN · Member since 2013 · 186 posts · 93 votes
12y
Hi Carlos.
Welcome to BP.
I grew up in Toronto and live in Ottawa these days. I invest in SWFL and can attest to the fact that investing from a distance can be a challenge. It's also pretty rewarding when you manage to put together a good team and your business begins to grow. Listen to the podcasts and visit the forums and you'll learn a ton.
I wish that I had discovered BP before I purchased my first duplex. I'm pretty certain that I would have avoided a lot of the issues that I encountered. Feel free to connect with me if you like and I would be more than happy to share my experiences about investing from a distance.
Welcome fellow Bigger Pockets member! This is a great forum and I am sure it will help you learn many facets of the real estate investment world. I purchased my first investment property over 40 years ago and only wish that I had a resource like BP community when I got started! So you are in a good company.
Some say that your net-worth equals your network, and this is the place to make right connections. You should also find investors locally and network with them face-to-face. Find people close to you using MEET feature. Also, look for investor meetings on Meetup.
Super stoked to have a pro ball player on BP with us. I'm a Texas Rangers homer from the earliest days in Arlington. But, it's OK you're in the Red Sox system. I'll welcome you anyway!!
Welcome to BP!
Here are my Quick Tips (If you're listening to the Podcasts, you'll understand the reference. If not...see Tip #2!!!)
1. Get involved in the forums. Offer what you can and absorb what everyone else offers.
2. Listen to as many Podcasts as you can. I am listening to all of them, some of them more than once. There has not been a single broadcast that has not provided me value or that I felt was a waste of my time. Great content!!
3. Download and read the free How-to-Guides, starting with the Ultimate Beginner's Guide to Real Estate Investing. You could pay thousands of dollars for this information BP offers free. (I almost did!)
4. Follow @Dmitriy Fomichenko 's advice and set up some keyword alerts. It will keep you engaged in valuable discussions, while you're getting plugged in.
5. Get involved with your local REIA's. Real Estate is, as I'm learning, all about relationships and networking. Make it work for you!
The BP community is awesome, and you've taken a great first step!
Rental Property Investor · Saratoga Springs, NY · Member since 2014 · 122 posts · 101 votes
12y
Hi Carlos,
Why not consider a weekly vacation rental property in Cooperstown, NY? The fact that you are who you are would be a huge draw for renters.
We have 4 properties in southern Adirondacks that get booked year round - and our attractions are nothing compared to the Baseball Hall of Fame!
You would need a reservation agent (I could help you with that) and a property manager. When not booked with guests you could use the house yourself - which is one of the very unique benefits of owning vacation rental property.
Weston, FL · Member since 2014 · 22 posts · 4 votes
12y
wow what great responses from everyone! After reading all of these great ideas, I've learned some stuff that maybe I hadn't considered before. First and foremost that I need to keep reading and learning the ins and outs of REI ISO I don't waste all my capital and fall flat on my face right away! Hahaha but I haven't even thought about a rental property really. Do any of you guys own vacation rental properties that can give me some inside information?
My concern with owning a vacation rental is what if I can't get it booked for vacations?! Haha I feel like that could be a real possibility seeing as though the only place I would know where to advertise my place would be airbnb.com....
In addition, some of you mentioned that you have remote properties that get managed by your team and it's pretty smooth sailing...how did you develop your team and what exactly are they in charge of? Just maintance, regular check ins, and stuff like that??
As far as my financial goals for my first rental property, I would like to shoot for 200 a month net income. Does that seem like something that can be responsibly achieved?
Thank you all for your responses, they have really open my eyes. I appreciate all the comments, you guys seem like a very helpful a caring bunch of people that I can't wait to get to know more!
