All Forum Posts by: Melvin Noriega

Hi Nick,

I have used Udemy to learn about other topics in the past, but not specifically real estate related. BiggerPockets is essentially the biggest platform for real estate education out there, from books, to podcasts, to videos and webinars, as well as thousands of people out there on the site that are always willing to answer questions and help out. I'm not knocking Udemy at all, but consider looking around BiggerPockets, I'm sure you wont be disappointed.

Hi Kate!

Although I agree with many of the responses that have already been brought up (IRA, self educate, marketing) I do have a very different direction you can go that might make sense depending on your income. Have you considered making a charitable contribution that could later be written off in your taxes? It wouldn't be the best option for me but you mentioned earlier that your husband is IT and you guys make good income together, so it could work in your favor. Good luck.

Jonathan VanderPloeg Verify your local landlord tenant laws. Some states consider verbal leases to function like a month to month lease, which means you just "not renew" their lease. It would require proper documentation and notification according to state law, so be sure to do your research and protect yourself in case the tenant creates more problems. Of course, that's assuming that your state allows it. I hope you find the answers you are looking for. Have you considered cash for keys? The loss of a few hundred bucks sounds like a wonderful idea considering the damage that tenant is doing to your unit and potentially the unit above him, along with the possibility of ending up in court for something else in the future.

I feel so bad for you, this is a terrible situation to be in. The only thing I can consider is approaching the situation similarly to what @Jeff Sprunger said. To elaborate a little further, do not speak to anyone with section 8 unless they are true authorities in the organization. Find a supervisor and then ask for HIS boss. This isn't pretty but the only angle that I can see is using section 8 assist in getting rid of her. Problem I see is that if section 8 stops her voucher, where does that put her and you? She sounds like the type of person to not have any money for rent, but refuse to leave. Authorities at that point if her lease is up? You did mention she was month to month, can she be forced to leave in May? I'm not entirely sure what is or is not possible in Massachusetts as a landlord. Good luck! Please post an update when you get one. I'm sure whatever you do can be helpful to someone else who unfortunately has to deal with a similar situation in the future.

@David Farrar 51 books in three months? you're a quick reader (listener). I'm have only read about 5 books. I do however spend a lot of my time planning for my business and reading articles on BP. I've listened to 37 podcasts since January, not sure if that counts though.

@Joel Owens I agree with your quote. I'm a firm believer that knowledge is useless without execution.

I have found that Craigslist is the most accurate method to determine ASKING price for rentals. Rentometer can be inaccurate because it doesn't take many features into consideration such as how many bathrooms a property has. When I have dabbled on Zillow I have found the rent to be noticeably off the majority of the time. I recommend you use craigslist and then work towards being a little more conservative, just be sure to find good comps. Once you feel you have the data you need for analysis, you could always call local landlords to verify what they charge, or simply strike up conversations with people that live there.

Could you potentially run the photo through a program to give you an idea on what it could look like? You could even keep it simple and try using Microsoft paint. It might not be the best way to view it, but it's better than simply guessing for yourself. Make sure you post the end result so we can see what it looks like when it's done, before and after photos would be great.

Roger Sandmann if you had to choose between feeding your family or giving a tenant a free place to live in which would you choose? If you are negatively cash flowing for a tenant than you might as well be allowing the tenant to steal from your family. If you want to "give back" and feel good about yourself, that's great. Odds are you are not running a non profit organization, which means your business will need that cash flow to be positive in order to grow your company. Sometimes you have to make very hard choices, but try to remove emotion from the situation. On paper it doesn't make sense, it shouldn't matter who the tenant is. My apologies if it seems like I'm a little too blunt, I hope make the decision that makes the most sense to you.

Well it's definitely hard to tell you if you should or should not. It definitely can't hurt to get your license, but you should know that it can very time consuming and costly. If you're ultimate goal is to invest in real estate, becoming an agent could be a good thing, but it could also make things more difficult. Some of the benefits you may already know are access to the MLS and the potential saving of 3% commission upon selling a property. Some of the downsides are the fact that you have to work for a brokerage for at least the first two years. That can be troublesome if your time could be better spent searching for properties to invest in. You DONT need a license to become a successful reason estate investor, but it could be helpful.

@Joshua Manning have you considered getting your real estate license and seeking employment in the real estate field before seeking to pursue an MBA? You could always go back to school later if you realize that you need it. Nowadays you can gain the same education through online school, at the cost of interacting with peers in person. I hope you find the answer you are looking through amongst all the comments, both choices you have will lead to a successful venture. Good luck