Some of the best plans are made over a cup of coffee. I first met Matt at a Starbucks in Somerville after he heard me speak about real estate investing on the Bigger Pockets Podcast. He was determined to make his first multi-family purchase before his apartment lease ran out. By the end of our meeting he had a clear roadmap outlining what needed to happen to hit his goal.
Everyone knows that talk is cheap. Matt was successful because he listened and was able to take advice and turn it into action. For the better part of the year, he laid the groundwork — speaking with banks, researching neighborhoods, and analyzing properties on an individual basis.
Like most buyers, Matt had some limitations in terms of location, bandwidth, and finances. Everyone has restrictions and it takes time to understand what they are. Once we identified them, we were able to play within the framework and create an investing strategy that would work for him.
During the busy spring season, Matt prioritized the house hunt and narrowed in on a few areas north of Boston. He won a bidding war on a fantastic home in Salem, Mass. The property is conveniently located between a state university and a downtown hub on a sought after street just a few blocks from the ocean. What’s unique about the home was its potential for a third floor renovation to maximize its rental income potential.
The fun began once matt received the keys to his new place. He followed my recommendations and got to work sprucing up the rental units and marketing the apartment to prospective tenants. Matt was able to quickly stabilize the house and fill the vacancies. He is already looking ahead to his next acquisition. Another cup of coffee is in order!
“Without Dana’s help, I truly believe I would have given up on the idea of buying a multi-family in the Boston area! Before I started working with her, owning a rental property in the Boston area was a pipe dream. I didn’t even know what to look for. The best part about working with Dana is that she educates you across every step of the process. She has systemized everything, so that once you are on your own, after hours of touring houses and speaking to her, you are ready to get to work. You know what needs to be done on the property, you’ll know how much to rent it for, and you’ll have the confidence to do it. She teaches you about choosing a location, property types, systems in the house. She also is extremely hard working and seemingly always available. Even though you know she is juggling so many other priorities, she always makes time. In case you hadn’t noticed, it’s tough to find a property out there and it can be frustrating at times, but she makes it fun! Work with Dana! She will get you into your first or next property, and she will help to make sure it’s a good one.”