All Forum Posts by: Mario B.

@Kathy Henley I ask myself why I still live where I do, a city that always ranks top 10 most expensive in the us.  I paid $112k for a studio that is now worth $165k with no parking, no washer dryer, no dishwasher, I rent it out for $1400!  Do you know what I could buy with $165 k if I reinvest in the midwest!  I could probably do the same as you, buy an enormous multi family and retire! 

Run the numbers, then run them again, if the numbers work, you just need the push to do it from what it sounds like.  If the seller was willing to drop 33% that fast, maybe they will go lower, or maybe there is something off.  Talk to the tenants, talk to the neighbors, do as much homework as possible.  Don't give yourself false hope with expectations of high returns without doing all your homework.  This is a big move, I've ran numbers in my head before on properties that I thought sounded amazing, when I got them down on paper I was way off.  There was a dirt cheap condo I was looking at, I went to the building and started talking to tenants, I skipped on the transaction after I did my research @Abad Marroquin

Great post @Bill Bodziak for this post I would suggest just going with the shower rod, one that bows out to give you that expanded feel.  Keep cost down and do a simple vanity, new toilet, an over head recessed light, and simple white subway tile all the way up, or throw a shower insert in there and be done.

I have a rental that I'm keeping long term, I did a $1400 Mr.Shower Door assembly, thicker glass and frameless.  If it was a flip I may still have gone with it, but these days you just never know what the buyer is thinking.

For example, my day job is property management.  I help my company with two buildings, one has shower doors, the other does not.  The building with shower doors, during tours, prospects either love them or hate them, there is absolutely no in between. Granted the buildings shower doors are the cheap Home Depot ones, with ugly frames and frosted glass.  

My real estate teacher once told me, buy cheap and rent cheap.  I prefer the latter, buy cheap, fix nice, rent high.  This is also dependent on neighborhood too.  

In CT we have 30 days to refund the deposit.  My building has digital locks so we just reprogram them, very easy.  My personal rental has a hard key and I always have a locksmith change the lock.  It can be very uncomfortable to do a final move out inspection with a tenant present, they can become aggressive, irritated, etc. and like others have stated, you don't always catch items doing a rushed inspection.  I learned the hard way after calling a tenant out on an item, it's just a back and forth argument.  

@Adam Meadows Great post!  I agree that business can be built both ways, behind the computer, in person, or both.  My father has never touched a computer, still has a flip phone and has managed to build a great landscaping hustle.  Sure, it could have been done with computers and marketing, but he was a success without it.  

I think the biggest hurdle is the first buy.  I did it without the BP website years and years ago, but I'm thankful to have found it now.  It's given me the confidence to dive further in, crunch numbers appropriately with fine tuned calculators, etc.  After the first buy you learn so much, and it gives you the motivation to continue if you truly love the excitement real estate gives you.  

Growing your network in any business is the key to success, it's not always what you know, but who you know!  My last two jobs were from colleagues in the industry.   

@Tammy Tivis The development of the South End of Stamford really needed it.  It's very enjoyable to walk around and it's on the water, alot of families, dogs, and fitness junkies. However, I just heard they're brining a Home Depot to Stamford, our first big box store, not happy about that but it will be on the outskirts of town heading to Greenwich on the Post Road.  My dad was also recently at Honda getting an oil change, he was told they are going to build a Honda Dealership in town!

I can't wait to try the vegan restaurants.  I recently had seitan piccata at a cool vibe restaurant in Vermont, it was incredible! I also never though I would enjoy Tofu but throw it in a wok with Asian seasonings and I can't get enough of it!

@Remone R. my wife trys to sneak her ADD medication into my breakfast when she wants me to help clean the house lol. 

Keep us updated on the outcome of this transaction, I would love to hear what happens.  

@Account Closed your holding up your end by paying rent, she needs to hold up her end.  Florida heat is no joke.  

@Remone R. the audio book is amazing, I have add and can't focus on reading so I listen to the audio in the car or before bed.  Full time private property management isn't something I think will make me rich, I think there are a lot of headaches and it isn't worth it, but in your case I think if it will help acquire the portfolio it's worth it.  My goal is to build my own portfolio and retire.  After googling and searching I came up with $125 as a decent price to manage his rentals, he actually has a house with 2 rentals, his practice, and 2 other doctors.  I also do landscaping too and cut his lawn for $50, a true hustler.  I plan to work as hard as I can in my younger days to ensure when I have kids I can give them the attention they deserve.  My parents both provided me with an amazing life, but they traded their time for dollars at the Post Office until they could retire.  @Mateusz Prawdzik sounds like your on the right track and success will be yours in time.  

@Tammy Tivis so funny you mentioned vegan places, my wife and I are pescatarian but slowly transitioning to vegan.  I don't eat eggs or dairy straight.  I'll check those places out, thank you!  

The rental market is great in Stamford, it's very strong, I feel that it's being over developed with the current Harbor Point area that I'm in, (my profile photo is the development).  Stamford always ranks top 10 most expensive cities in the US, it's a curse and a blessing, especially for real estate investing.  Very pricey but there are great investments if you do your homework.  I'm very interested in New Haven, a town with extremely cheap properties, right next to Yale.  Bridgeport is also an area of interest however the crime is terrible, a shooting every week it seems.  

I've learned so much in the last 3 years as a property manager, a ton as a landlord the last few years, and now so much more with BP website.  Inbox me if you ever have a question.