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

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

BiggerPockets Marketplace

BiggerPockets Forums

BiggerPockets Pro

BP Podcast 048: Duplex Investing, Finding Great Properties, and Tips for Managing Tenants with Darren Sager

East Boston Project (Forum Post by Ricky)

BiggerPockets Analysis

How I Built This Podcast

Mindy’s Twitter Account

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

Ricky’s BiggerPockets Profile

Ricky’s Website

Ricky’s Instagram Profile

Ricky’s Facebook Page

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