All Forum Posts by: Richard Dale-Mesaros

@Marina Wong when you mention being a real estate professional, are you referring to IRS 'Dealer Status'? If so, what do you feel are the pro's and cons of this?

If you're offering a buyer commish, usually 2-3%, I always offer 3. There are some companies that will list 'entry only' for a small fee, with no service. I encourage you to go FSBO for a month and give it a good effort. I've sold 50+ properties as an investor, without a Realtor. :)

Hi Michael,

Happy to meet up at some point when I head down that way (I'm up in the Lakes Region) and share what I learned doing 75+ deals and watching my net worth go from $1.4MM to -$300k during the crash 😳. I'm still clawing my way back and being pretty careful about the deals I do, obviously! Real estate is a great way to build wealth and I wish you the best in your endeavor!

Get after it, Laura! Feel free to reach out, I'm happy to help out where appropriate, done 75 deals, lost it all and clawing my way back now...... BP is a great resource for you. :)

Scary as it sounds, you can get a 4-unit with an FHA owner-occupied loan, which is actually less risky, in that one vacancy represents a smaller % of your monthly rental income than in a duplex, plus you get economies of scale with 4 units under one roof. Yes, a major thing like a new roof is going to be more than on a duplex, so you have to weigh up which route to take. Totally agree with Mindy and the others about expecting **** to go wrong and some of this stuff isn't cheap like a new boiler etc. For me, the thought of remaining on the sidelines was way more scary than jumping in...... then again, if we're talking about skiing, I'm usually the one hucking myself backwards off cliffs in the woods! :D

....go to the NHREIA meeting once a month in Manchester - this is a very welcoming, supportive investor networking/education group, usually 80-100 people in the room from newbies to a few heavy-hitters, they usually have great speakers......

Paul English from Ace Title in Manchester works with a lot if investors and is one himself. Reach out if you can't find their number and tell Paul hi from me!

^  Like Axel said above.......   😬

@Matt Hebert - cheers bro; let me know what areas you want to buy more property in and what types, so I can keep you in mind........

Nice work so far, Matt! Certainly makes sense asset protection-wise to put each long-term-hold property into its own LLC and use another LLC for flipping if you end up doing any of that. Interestingly it's good to consider how your choice of entity impacts the following four things:

1) Legal protection

2) Your tax position

3) Ability to get financing/do a refi

4) Insurance cost/scope

......it's almost like you need your attorney, CPA, lender and insurance dude all together at the same table when deciding what type of entity to use for what investment strategy! Food for thought. 

Let me know if you head up to the White Mountains some time, would be great to grab a coffee and compare notes!