All Forum Posts by: Scott Savard

Great episode and very inspiring!

Thanks for the info @Brian Ellis. These would be single family homes, so now HOA fees but point taken. I do think there is a lot of risk in these types of properties though the prices just seemed super low for the market. Still trying to wrap my head around it.

Hi BP Members, 

Does anyone know the average per foot new build construction costs for the following markets?

Lake Winnipesaukee - New Hampshire

Lake Sebago Region - Maine

Eastern Massachusetts

Thanks 

Scott

Hi BP Members - I'm curious to get options on whether or not you would invest in Summer Vacation Rentals.  

The rentals in this specific market are only open approximately 6 months out of the year, from the end of April through early November. The prime rental season for the area would only be from June through Mid September, so about 14 weeks. The homes are approximately $200,000-$300,000 and rent by the week from $1000 -$1700/week. 

Tax Rate $20/$1000

Assuming you self manage the properties, would you invest?

@Mindi Rosser there are a few variables that come into play in answering this question. The first that come to mind are 1) What can you afford, 2) What is your clientele and 3) How often will you be driving the vehicle. 

What can you afford - You want to get a vehicle that is within your budget and that still allows you to save for other investments and expenditures. It's not going to do you much good if you have a nice car and are making an extra sale or two if you are spending a majority of that income to help pay off the car. 

Whats your clientele - There are definitely going to be clients that judge your success off the type of car that you have. Not that this is right, but it certainly happens. That being said most times, this will be a first impression. If you are professional and are a "go-getter" then I think this will speak more to your clients about whether or not they're choosing the right agent than the type of car that you drive. 

How often will you be driving the car - this will allow you to determine whether or not its more cost effective for you to rent or lease. There are many posts about this in the forum for you to delve deeper into what make sense for you. 

My advise would be to get an affordable car that you keep in tip top shape and let your actions speak louder than your car, so to speak. Get some clients under your belt and utilize the references of those clients to help drive your success. Good luck!!

@Jose Castillo I am already in the process of getting started, we are analyzing a few deals at the moment. Hopefully we can get one to stick

Thanks @Robert Chain and good luck to you as well!

Thanks @Jill DeWit I appreciate it!

@Account Closed Congratulations on your recent graduation. You seem passionate about getting into real estate. My advice is simple. LEARN, GRIND, SAVE.

Learn - Read as many books, listen to as many podcasts, attend as many RE networking events, that you can handle. Knowledge breeds success. 

Grind - Find a full time job where you can grow your knowledge base and/or your skill set and stick to it. There are plenty of jobs to be had on the labor market, though it takes a lot of work to go out and find the one that is the perfect fit for you. You have to be willing to put in the work to do so. 

Save - So long as you get along with your mother, stay in her basement. This way you're not paying a significant amount of rent towards someone else's mortgage.  Save as much money as possible, which will go towards a down payment on your house hack.  When you've reached this point and you're ready, find the right deal then you let it fly! 

Check out a 203k Loan. This may be a good idea for a first investment for you. 

Thanks @Aaron K.

@Michael S. I appreciate the response and you have a very valid point about the business partnership and making sure that we have everything ironed out and in writing before delving into this process.  I've certainly thought about the strain that it could put on our friendship. There will be speed bumps along the journey for sure though I'm hoping not anything too crazy that will derail our friendship. Thanks again for all of the insight