All Forum Posts by: Craig Richardson

Thanks for all the support and advice everyone. Passed! Was a little disappointed to find out you can't get your score but I suppose in the long run it doesn't really matter. I had a chance to discuss some options and decided to work with a local KW franchise, I'm excited to start this challenging new chapter in my life!

As always, I'm eager to hear what people think and I'm always looking for advice, feedback, or constructive criticism so feel free to fire away, I have tough skin.

Hi to all the agents reading this. I'm from MA and will be taking my salesperson license test tomorrow (Oct 3). While I've taken plenty of practice exams, studied very hard, and feel confident going in to it, I was just wondering if you had any advice on things to watch out for or tips to getting a higher score? I've noticed in the practice exams that they like to throw in trick questions here and there so I'll be double checking all the questions. Also, while I have a meeting next week with a broker, any suggestions on the best way to approach my new career would be extremely helping in calming these jitters.

Hahaha, I love it! I may have to use that one at my next REIA meeting. I think the best advice I ever heard came from Gary Keller's Millionaire Real Estate Investor (and I'm totally paraphrasing here), "While education is always important, instead of investing $20,000 on gurus and seminars, why not invest it in a property? You'll learn ten times more by simply doing something."

In most instances such as this my advice would be to just walk away. A difficult tenant with undervalue rent and the reno needed in what can only be assumed to be even more work on #1 than is already apparent on #2 just has too many unknowns to consider it a stable investment. Without seeing the first unit (a 10+ year tenant who won't show it raises a lot of red flags for me personally) you really don't know what you're getting into. But if you're really interested, one option would be to do a little research or sit down with a contractor and get a rough idea of the cost to renovate #2 well (no band-aids), then double it and add in value for things that might need fixing in #1 that you didn't do in #2 (i.e. if you gut the #2 kitchen assume you'll have to do the same in #1). After you get all the estimated reno costs, figure out what price you'd need to buy it at to receive positive cash flow and subtract out the reno costs. Then low ball off that number. The seller will probably reject the offer (maybe even get offended) but at least you put it out there and who knows, with a difficult tenant he might have trouble selling and you might be getting a call from him a month or two from now, at which point you can leverage your position even more.

Also, what @Aly W. said is worth noting. If they're not on a lease you can just give ample notice and start raising the rent. Done the right way, they may just decide to leave, and if they don't, you have every right to evict them.

I guess what I'm trying to say is that it seems a little sketchy, but that doesn't mean don't pursue it. Just approach it cautiously, make a really low offer to build in wiggle room, and base decisions on a willingness to walk away if it doesn't seem to be working. At least it could be a good learning experience even if it doesn't amount to anything.

Just remember, there are actions you can take without making commitments, but there are no commitments that can be made without taking action!

I agree with what everyone else has said, DD will be different for different types of investments as well as from property to property. Because there's so much diversity from market to market it might help to get in touch with a few local investor savvy realtors near you and see what they have to say. Most (good) agents are happy to help because a smart investor can mean more/easier business. They tend to know the local markets better and might also be able to point out potential pitfalls or perks.

Thanks everyone! Always gives you a little extra motivation when you're so warmly welcomed into a community as diverse and knowledgeable as BP

@Shaun Reilly I'm in Newton Corner, near the golf course although I don't really golf. Maybe I should take it up, seems like a good skill to have for networking/negotiations, haha.

@Enis Shehu Thanks for the advice. I'm primarily looking at the north shore for investing but I have some friends who live in Ashland so I do find myself in Framingham from time to time. I'd love to set something up sometime, always nice chat with a fellow local investor in person.

@Ann Bellamy Too bad I missed the meeting this week but I'll definitely come by for the next one in October. I'm a member of BostonAREIA and I've already met some great people there. Looking forward to meeting even more at Black Diamond.

Hi Lorcan,

My name's Craig. I'm kind of in the same boat as you. Live in Newton and am new to the investor scene. I joined BostonAREIA a while ago and have found it to be a great way to network, learn, and ask questions. Bernadette and the rest of the BostonAREIA have been a big help in getting to know some of the ropes, albeit I'm still very green and overwhelmed.

Hi everyone! My name is Craig Richardson. I'm from Newton, MA. I started doing construction and landscaping as summer jobs back in high school. I really enjoyed working on and around houses and, after accruing a hefty college loan debt from University of Wisconsin trying to follow the "get a degree, go work for a corporation, climb the ladder", found myself back in the construction field. I went on to get a degree from ITT Tech in construction management but after working with a few companies began to realize that I wanted to be more involved with the actual purchase, design, and sales aspects of the industry.

I came across BP a little while ago and began reading posts, listening to podcasts, and learning everything I could. After a minor back injury cost me my job, I decided to get out of construction. I will be taking my real estate salesperson license test on October 3rd and am looking to join a local brokerage, hopefully with a good training/mentor program. I'm a motivated blank slate with a voracious appetite for learning and a construction background. Even though I'm still a little overwhelmed I'm making progress one step at a time.

I'm currently trying to get involved and meet people in my area. So if anyone in the greater Boston area needs a hand, wants to grab lunch, or just wants to share ideas of how I can get the ball rolling, I'd love to get in touch. I don't really have much to offer other than a commitment to work hard and do whatever it takes.