All Forum Posts by: Steve Porcello

Thank you @Amy Kendall. I understand that it can be costly to keep your licensee up to date, and to make up for it by completing a handful of transactions per year. I am prepared to allocate funding from completing transactions, and even if I have to use a portion of the cash flow from an investment property just to keep my license active.

I hear you on the support they would offer. Why would a brokerage want to offer you an abundance of support if they know that your plan is to only buy and sell for yourself? Makes sense. I didn't plan on having all of the guidance and advice given to me anyhow, as I figured I would be self-teaching a lot of this stuff to myself in an effort to model what it is that I am trying to do.

With that said, if there are any brokers/investors in the BP community who are successfully doing what it is that I am trying to do, what advice would you give yourself when you first started? What were the most challenging obstacles before you got your first deal as an agent/investor?

Thank you @Kai Kopsch :)

@Chinmay J., I have experience doing my own rehabs, finding tenants, and self-managing properties. The market that we are in around eastern Massachusetts is low inventory, high prices, so finding deals is much more difficult. I am after my next deal, and I think getting into an office with leads before reaching MLS may be beneficial. Do you have an experience with off-market deals occurring directly in your office? Are they as common as I am hearing? The offices in my area have weekly meetings where agents come together and discuss properties that their clients want to sell in-house before listing on the MLS.

Again, thank you all at the BP community! Please continue to leave feedback, I appreciate it!!

-Steve

We are currently using QuickBooks Accounting 2017. We previously had QuickBooks Pro 2015. Both are great!

Hi BP community,

Just yesterday I passed my MA real estate salesperson exam! I just want to say that with effort and determination, anything is possible.

Now, I am also reaching out to the BP community for tips and advice from people who may be or have been in my shoes at one point. Looking for all input and stories from personal experience, particularly in eastern Massachusetts.

A little about me: I am in the market of buying, holding, and renting residential units (there really is no limit on # of units). A big reason why I went for my RE license is to become a more independent investor, and eventually become a broker/investor. Do I want to sell houses to/for strangers? Well, no. I decided that getting my RE license was the next step to become more independent (touring properties on my own schedule, not relying on a broker to walk me through properties on their time, writing offers, eventually saving on commission when selling, and so on).

I understand that I have to work under a broker for three years in order to become one myself. Has anybody had experience trying to explain to a broker that you are only interested in hanging your license under them in order to buy and sell houses for yourself? I know every broker is different, but how did yours react? What was your outcome? Did they like the idea that you only wanted to buy and sell for yourself or did it completely turn them off from hiring you? What are some pros you can offer them if they hire you? Did you reach out to large or small brokerage firms?

Again, I decided that this was the next step to become more independent. What do you guys think? I'm very open to feedback and would like to hear what the BP community thinks. If I can provide any more information about what I am trying to achieve don't hesitate to ask!

Thank you all in advance,

-Steve

Hello BiggerPockets Community,

My partner and I buy and hold rental properties, primarily on the South Shore. I'm looking to connect with wholesalers in the area who can add me to their network of investors as well as brokers who frequently perform in-house deals before they reach the market and MLS. Please feel free to add my email to your list of investors and send any off-market deals you may have this way. We are open to all properties that you may come across. Thank you in advance! Looking forward to connecting with more of the BP community.

Best,

-Steve

Great story, David. Thanks for sharing!

Congrats, Ethan. Very inspiring!

I would continue to pay the mortgage, and either save for a 2nd property, or put equity into the current property and consider a HELOC to buy another property.

-Steve

Thank you all for the positive feedback. 

Robert, who are you looking to rent to? Who is your audience?

Josh, I am glad to hear that you transitioned to RI and have had some success!

The feedback on here is helpful, and I have still been on the hunt around Mass. I have seen some 2-4 units that have plenty of potential, and others that I had to walk away from. Like I have read on here before, I am not going to buy just anything. It has to be a winner!

For all you eastern MA investors struggling with the low inventory of multi-families, don't give up! You never know when you'll find your next one.

-Steve

I do it the old fashioned way. I go to the property and pick it up when it's due. Or, I'll have tenants meet me halfway at gas station, supermarket etc..

I looked at a duplex not too long ago, both were 2 Bedrooms, and the bedrooms were on the second floor, and there was only 1 bathroom on the first floor. I thought to myself, "would I want to walk down these narrow stairs in the dark while I'm half asleep to use the bathroom?" and my answer was NO. So, a bathroom upstairs is definitely something I look for, or the space to build one. I'm sure there are people out there that don't mind going downstairs to use the bathroom.