In this interview with Brian Allenby who is a licensed real estate agent and investor who lives in Boston who hasn’t invested locally and the reason for that being that the numbers haven’t made sense and it is quite challenging in Boston. He further says that the challenges are entry barriers and finding a property where the numbers make sense regardless of how low or high those numbers are.
To listen to Brian Allenby’s Alchemist Nation Real Estate Podcast on Anchor: #73 Alchemist Nation Real Estate Podcast with Brian Allenby, a licensed real estate agent/investor.
I ask Brian how he ended up in Central New Jersey especially Ewing Trenton. He says that he attended Middle School and High School in New Jersey where he met his best friend though they had parted ways and they were brought back together in a business context because of the complementary skills and preferences they had. Brian does the business side of it, he does all the accounting, finding the properties, running the numbers, making sure that the financing makes sense, and his partner on the other side does the construction where both of them are at 50 50.
I further ask that the mere fact that he started as an agent, if he is still an agent, and if so, what markets does he want to work with and why. He says that when he initially started he wasn’t an agent, then through a combination of wanting to do it full time and get all that was worth out of it as well as having access and being connected to the right people. He says that he can’t concentrate on two worlds, so he had to niche down enough to be specific and develop that niche himself, avoid getting siloed, and still kind of diversify himself, and in so doing he concentrates on the retail side in greater Boston, Cambridge, Summerville, Brookville, Newton, Brunswick, doing rentals, buying and selling only.
I also ask Brian why did he go choose New Jersey instead of other gateway communities. He says that his partner is the one on the ground and to them, it is important to operate in his sphere of influence. He further states that he can add to his partnership from anywhere especially if he can get to know an agent who can get him MLS access and their limitations are his geography and contractors.
Brians’s current goal is to have a three-unit in the Trenton area and he finds it kind of going BRRRR Method which literally means “buy, rehab, rent, refinance, repeat,” and describes a strategy and framework used by investors who wish to build passive income over time. When you go and buy, you’re able to leverage a little bit of a higher interest rate loan without the strings attached to a traditional mortgage or a traditional bank loan like that. Once you get it renewed and you have cash flow, then you have the flexibility to refinance, get a traditional bank loan, switch out that high-interest rate, and move on forward.
Brian offers 3 pieces of advice to younger Brian of like 20 years old that would make him happier and more successful.
1) Get into Real Estate much earlier.
2) Get a real estate license which gives you access to the MLS, changes mindset, and gets you to the right people.
3) Find a partner you can trust and share responsibility with.
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