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 mom
Thoughts on buying an expensive property in an expensive market
How he got 4 signers and co-signers per unit
Tips for finding a property manager
The upsides to having a college rental
How he achieves next to zero vacancies
How he tenant-proofs his rentals
The value of his property today
The details of his next deals
How to find these gems of properties
What a condo conversion is
The average cost for condo conversion with an attorney
How he sets the HOA up
How to tell if a property is good for conversion
Thoughts on keeping a day job while investing
How to find reliable contractors
What’s next for Ricky
And SO much more!

Links from the Show

Books Mentioned in this Show

Flipping Confidential by Kirsten Kemp

Tweetable 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 Ricky

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215: Condo Conversions, Student Rentals, and Profiting in a Hot Market with Ricky Beliveau 01:02:58

BiggerPockets Real Estate Podcast

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215: Condo Conversions, Student Rentals, and Profiting in a Hot Market with Ricky Beliveau