Realtor · New York, NY · Member since 2018 · 27 posts · 21 votes
Hi,
I am a realtor in NYC for over 13 years. What is the best way to start getting into house flipping and eventually attaining some rental properties for investment? Since prices are a high in NY, do you think that NJ, MA, and MI are worth investing for starters like me?
Realtor · Boston, MA · Member since 2016 · 19 posts · 9 votes
8y
@James Mercure: To add to @Charlie MacPherson's good notes re: flips (avoid Boston proper unless you're buy and hold right now), be sure to look closely at your fair housing requirements as an agent versus a landlord when you get into rental investments. Specifically, for me as an investor, if I were NOT licensed there are some smaller multis (2-3 units, the most common type we've got) that have exemptions for protected classes in certain cases, but as an agent you waive all exemptions.
Obviously this isn't a big concern, but I've seen it trip people up and it's a hassle if you forget.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
8y
@James Mercure I'm in the same position as you are. I'm a full-time Realtor with C21, but I'm looking to put some partners together to start doing flips.
I did a duplex in Rockland MA last year and it went pretty well. I'm trying to put together a team. Obviously, I bring the realtor chops to the table. I have hard money available and *might* have private money.
I'm now looking for those who have the resources I don't - design, contractors, etc. For me, contractors are the biggest challenge.
We should stay in touch and do some brainstorming.
And as far as MA, I always recommend Plymouth, Bristol and Norfolk counties (South of Boston to the southeast, plus the Cape. Prices here are a lot more reasonable. Be sure you look at MA landlord/tenant laws before buying rentals here. They're pretty strongly biased in favor of the tenant.
I don't know the first thing about MI or NJ, but the forums should help.
Realtor · Boston, MA · Member since 2016 · 19 posts · 9 votes
8y
@James Mercure: To add to @Charlie MacPherson's good notes re: flips (avoid Boston proper unless you're buy and hold right now), be sure to look closely at your fair housing requirements as an agent versus a landlord when you get into rental investments. Specifically, for me as an investor, if I were NOT licensed there are some smaller multis (2-3 units, the most common type we've got) that have exemptions for protected classes in certain cases, but as an agent you waive all exemptions.
Obviously this isn't a big concern, but I've seen it trip people up and it's a hassle if you forget.