All Forum Posts by: Michael Doherty

I am in the process of acquiring my first MFH. I was wondering what type of insurance I would need? On top of home owners insurance and PMI insurance (going through FHA) do I need to have landlord insurance or require my future tenants to get renters insurance?

Also, I will be living there for the first year or two- so I am unsure if I can get just get away with home owners insurance and then look into landlord insurance once I move out.

I appreciate all suggestions, thanks!

I was hoping some local investors could provide some insight about investing in New Britain. I am not familiar with the area however, it is close to where I have been looking (Hartford County) and offers the best prices for a MFH.

My plan is to house hack for a year, so keep in mind I would be living there. If anyone could share their experience about investing in New Britain, good/bad areas, eviction rate, what to look out for and general advice I would greatly appreciate it.

Thanks!

I am in the process of making an offer on a MFH that is a good deal. The only caveat is there is a land lease. Has anyone had any experience purchasing a MFH with a land lease and it working out?

My potential concerns are: will it hurt my cash flow?  Will the cost of the land increase each year I would renew? I will only build equity on the home, not the land. Possibly reselling the home on a land lease might be difficult.

Any comments or thoughts or other concerns i should be thinking of regarding this situation would be greatly appreciated, thanks!

You all make very compelling statements regarding the business. There is a lot to think about, and after speaking with the owner and manager below him they understand it's a big leap. They suggested slowly transitioning over. So I would still keep my job but start to get more involved like going to conferences and town council meetings. I think this is the best course of action because if it's not something I LOVE after getting my feet wet I'll still have my current job.

@Charlie McCurry @Natalie Schanne Thank you- you both have two different perspectives which I like. I am going to have a conversation later tonight to really drill down the opportunity. One part of the contract was the ability to become a partner in the company (4% at first) after a certain amount of business is done. Is this typical in the industry or something you've rarely heard of?

@Michael Noto and @Natalie Schanne I appreciate the insight. I'm stuck between a Rock and a hard place because I want to get involved in real estate one way or another. The question is take a bit of a gamble and learn the business through joining the Brokerage Team? Or staying here and investing in MFH. I have about 7 months of expenses saved up, but to your point Mike, I would not be able to purchase any investment property (any time soon) if I chose to leave here and be a broker.

I'm honestly torn, between what could be a great opportunity or a safe and secure job with decent pay. A caveat to all this is I believe I would lose my current licenses to sell securities (7 and 66). Unless either of you, through your experiences know of a B/D sponsoring an agent who has those licenses?

Ben,

Thank you for your response. I am confident they would want me there full time to try and build the business, but nonetheless I will ask the question.

Also I think it would be worth inquiring about getting paid for work done on the property management and development side of things. From your experience in property management, how would you suggest I pose this question?

Hi all,

I understand this isn't your typical Commercial Real Estate Post however, I would appreciate any and all advice on the possible career change.

I currently work at an investment firm selling securities. The job pays well and there isn't much stress involved but I don't love it. I've always had a passion for real estate so after reading countless posts on BP and listening to podcasts I decided to jump into investing and am looking to acquire a MFH to house hack.

However, after going to a local BP meet up, I met a gentleman who recently joined a small boutique Commercial Real Estate Firm. They have been more involved in property management and development deals but looking to expand their brokerage business by taking on new young passionate brokers. I would have the ability to work directly with the owner, learn the ins and outs of the business, as well as learn about development deals and property management. But.... as you all know being a broker is 100% commission based so there's always financial stress that will be there.

To anyone with Commercial Brokerage/ Investing experience what career path do you think I should pursue? Stay at the well paying financially secure 8-5 corporate job and invest in MFH? Or take a leap of faith and join the team, learn the business and try and make it as a Commercial Real Estate Broker and wait to invest in property down the road?

Any suggestions and comments would be greatly appreciated. In addition, any questions you think would be worth asking the company before making a decision would also be helpful.

Thank you all for your help!

Hi all,

Who has experience buying a MFH with either one or both the units already being rented out? How was the transition and if you were house hacking how did you decide what family you had to ask to leave? I can imagine this being a very stressful/ awkward situation, one that I might be experiencing soon and I'd love to hear people's thoughts.