Boston is a tough market. Prices are high, but even high rents aren’t enough to make it profitable to invest. Ricky Beliveau makes money by renting to students, converting small multifamily buildings into condos (it’s easier than you think!), and transitioning unused space into more bedrooms to add massive value.
In This Episode We Cover:How Ricky started by borrowing money from his momThoughts on buying an expensive property in an expensive marketHow he got 4 signers and co-signers per unitTips for finding a property managerThe upsides to having a college rentalHow he achieves next to zero vacanciesHow he tenant-proofs his rentalsThe value of his property todayThe details of his next dealsHow to find these gems of propertiesWhat a condo conversion isThe average cost for condo conversion with an attorneyHow he sets the HOA upHow to tell if a property is good for conversionThoughts on keeping a day job while investingHow to find reliable contractorsWhat’s next for RickyAnd SO much more!Links from the ShowBiggerPockets MarketplaceBiggerPockets ForumsBiggerPockets ProBP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren SagerEast Boston Project (Forum Post by Ricky)BiggerPockets AnalysisHow I Built This PodcastMindy’s Twitter AccountBooks Mentioned in this ShowFlipping Confidential by Kirsten KempTweetable Topics:“Let the experts do what they do well, and you can do what you do well.” (Tweet This!)“If a property has a major foundation issue, your profits can just disappear.” (Tweet This!)“Don’t say ‘I can’t.’ Instead, figure out a way to do it.” (Tweet This!)Connect with RickyRicky’s BiggerPockets ProfileRicky’s WebsiteRicky’s Instagram ProfileRicky’s Facebook Page