All Forum Posts by: Jon Duperron

@Cole Farrell in my opinion it doesn’t matter if you view it as paying yourself or not. What it really comes down to is that you include property management in your original analysis of the property. That way you are looking at the big picture when it comes down to determining if you are getting a good deal or not. If you are only positive cash flow because you are managing yourself, you may end up negative if for some reason you have to switch over to a professional. It’s better to factor that in from the start to determine if it’s a good investment. Every analysis I do I figure 10% of rent for PM.

@Cole Farrell Looks like you are possibly leaving out Vacancy, Repairs, CapEx, and Property Management. I wouldn't recommend ignoring these when you analyze a property. You should be putting money aside every month to cover these costs. If you are planning on managing the property yourself you could pay yourself but it's always a good idea to include it incase you decide being a landlord isn't for you. That way you'll be able to afford not to manage it yourself. You are basically building that into your plan.

Thanks Debbie. That would be great. If you'd like you can send me a private message with some dates and times you are available. Regarding your Cape property are you renting that or do you just use it for your own personal recreation?

I'm an avid DIY'er. Whether it's on my own or helping out a friend, I've pretty much worked on everything. Framing, electrical, plumbing, roofing, finished carpentry, kitchen, baths, painting, etc. There was a time when I'd take on any project regardless of the time and effort. Today, not so much. I've learned a few valuable lessons along the way that make me pause and think before deciding to tackle a new DIY project. Here are a 3 things I'd consider before taking on a DIY project: 1) It takes Time - While I feel the quality of my work is as good if not better than some of the contractors I've come across, I work at a much slower pace than they do. If you are flipping and you can find a good contractor that produces a quality product you may find that you actually save money by getting the house on the market faster. 2) Heath and Safety - how comfortable are you on a ladder or working with power tools? If you are not careful you could seriously hurt yourself. Hindsight is 20/20. Before climbing up that ladder onto your roof to fix that damaged shingle, ask yourself if saving $250 is really worth a trip to the hospital. (Never happened to me, thankfully!) 3) Opportunity Costs - The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen." So ask yourself is there something else I could do instead that would provide more value to myself, my family, or your business. In summary, if you have the time, feel comfortable, and don't have anything better to do, then go for it! Happy renovation!

Hello! I'm a newbie to BP. I'm located in Southern Massachusetts. I've been interested in real estate investing for a long time. I've owned two properties in my lifetime so far. Both were my primary residence in which I completely renovated both on my own...with some help here and there from friends and family of course. I'm not a contractor nor have I ever worked a day in my life in a labored or trades profession. I just have a natural knack for figuring out how stuff works and am good with my hands. I consider myself fortunate to have a really good job that I enjoy. However, while I enjoy my job, I have always had a passion for real estate. So to answer the proverbial question "what would I do if I had a million dollars?" I'd flip houses. There's something about flipping that draws me in. I don't know, maybe it's the excitement of house hunting and or making a not so nice house into a gem. I'm big on goal setting both personally and professional so it's been nice to hear that echoed through the BP forums, blogs, and podcasts...which are all excellent by the way. My goal for real estate investing is to create additional revenue streams so that I don't have to rely on my "day job" to support my family and can become career independent. Ultimately I'd like to built enough wealth to retire early. As I mentioned earlier I'm interested in flipping. I'm also interested in buy and hold and short term rentals (vacation rentals). I'd like to start with flipping and then move on from there. Ideally I'd be looking for the right property close to home in the North Attleboro, Attleboro, Plainville, Foxboro, Mansfield area. I also work in RI so I'd be open to properties in and around the Johnston through Cumberland area. (Sorry for those of you not familiar with these areas). For a short term rental I'd be looking for a property in Cape Cod. Towns of interest are Dennis, Brewster, Yarmouth, and Chatham. I'm a little unsure about this strategy as I'm finding that it's hard to cash flow these properties as the Cape is, for the most part, a seasonal market and is very expensive. Regardless, i'm working on a plan that I'll share once I'm at the point where it makes sense to me and when I could use some input. I'm really taking this seriously and would like to find a good property to get started by the end of the year but am patient enough to wait for the right deal. I do have a tendency to over think or over analyze things so I'm hoping to hear some good words of encouragement to help avoid the dreaded "analysis paralysis".