All Forum Posts by: Mike Hoefling

@Luke Fontaine all you have to do is take a 40 hour class that's approved by the board. Then you can work under a broker.

welcome @Luke Fontaine!! 

Start listening to the podcasts and learning. There is an endless amount of information here. 

If you want to be a landlord it may be worthwhile to stop by housing court on a Thursday in Worcester and listen to a handful of cases. This would help you understand why you want to screen your tenants very strictly!

I own 1 multi in Worcester and am closing on another this month.

Mike

@Patrick Sullivan

If you just took your test and received your real estate license you would need to join a brokerage. Once you join a brokerage you will have to pay MLS fees to your local association. For example my local association is WRAR (Worcester Regional Association of Realtors). Once you pay your fees you will have access to the MLS database. For reference most of Massachusetts is on the MLSPIN.

Hope this helps, let me know if you have more questions.

@Jim Mullane

Welcome!!

I am also live in Hudson, MA and invest in multi-families. I would be happy to help or even meet for coffee one day. The big thing is it depends where you want to live/invest. I am sure you are aware the closer to Boston you get the more expensive it is. There are a few multis on the market in the Hudson/Marlborough area. Personally I invest in Worcester because the pricing is better for me.

Mike

@Dean Serrentino

As I stated, I myself do not charge a fee. The third party company I use charges the fee which is the way around this law. 

@Janie Vowles

As far as I'm concerned they are not tenants until they sign the lease and give you money. So in my opinion they are "applicants" at the time you are screening them. Either way I use a third party service that the tenants pay for. I do not charge them or collect the money so I'm out of the equation.

My 2 cents

@Aaron Stone 

I would drive some of the neighborhoods to get an idea. Worcester has some areas that are more single families and others that are more multi families so depending on the flip you might want to select an area geared towards one or the other.

Personally I am a buy and hold multi-family investor and my preference is the Grafton Hill and Vernon Hill areas however if I was doing a single family flip I would select the Burncoat area or Worcester State/Tatnuck Square area.

I would be happy to show you around the areas one day if you want.

@Leslie I.

I would say rent both units out and buy a small single family, that's what I would do. Also I don't advise using anyone to find you tenants. Unless you are completely uncomfortable with screening your tenants. Only you will be able to find the tenants that you want to live in your building.  

My 2 cents

I've looked at some properties in Fitchburg because the prices were attractive but never pulled the trigger. How are the tenants in that area? Do you have a hard time finding good tenants or keeping the buildings occupied?

Call the town the property is located, they usually charge a cetain amount for Title V inspection, I think its somewhere around $50 or $100 but don't quote me on that.

Mike