What are your investing goals?

7 Replies

Hello @Michael Pallotta

Currently, I have a goal of getting my first rental property this year, maybe even two! Looking to do an owner financing for one so my invested partners and I can move out of our parents home. We can possibly all live in one unit, save as much money (Thanks GaryV) and invest that money saved back into the market.  We are looking for multi-unit properties in the Scranton, Pa area near colleges to rent out to college students.

Lot's of good opportunities in Scranton for lower-priced multifamily. Don't forget about the working class homes further down the valley, in places like Olyphant and Jessup. A lot of people rent in these areas to get more space for their families while still having easy commutes into Scranton for work!

Originally posted by @Michael Pallotta :

What goals do you have for investing in your market and what type of properties do you invest in?

My goal is to have a single or small multifamily under contract within the next 6 months, utilizing the BRRR strategy and someone else's money. My market is full of older properties whose bones are still solid but haven't seen an update in decades; these are ripe for BRRRing.

What about you?

Long term buy and hold with cash flow and always value added properties. I like to stay within the B class properties that yields good cash flow and still has appreciation for the future. I always buy properties with parking and an area that I would personally live in. That is my basic eye ball metric and then analyze the property's other features from there. 

@Marcos Paulo Cerra That sounds like a great plan and start for investing, especially if you can live in one unit and all contribute to any work that needs to be done to maintain everything and keep growing.

@AJ Coutts Solid bones needing updates is a great opportunity for buy and hold. It is for flipping as well but you just need to make sure not to over leverage and keep an eye out on the market in case of any changes. What are you mostly looking to do?

@Lien Vuong That sounds like a great strategy. I know a lot of people think it's tough to do in the Greater Boston Area market (and it is!) but there are opportunities to be found. Do you look closer to Boston or the surrounding areas?

Originally posted by @Michael Pallotta :

@AJ Coutts Solid bones needing updates is a great opportunity for buy and hold. It is for flipping as well but you just need to make sure not to over leverage and keep an eye out on the market in case of any changes. What are you mostly looking to do?

My aim is to start off buying and holding single family or duplex properties. We walked away from a duplex 3 years ago while looking for a home after getting married, and I kick myself quite often for not trying hard to actually get it. It ended up selling for 20k less than we had it under contract for, and even a novice investor could have made this one work out. But, since then, the idea of having passive income has fascinated me. Since diving into BP Podcast, commercial has caught my interest as well. However, I don't think that is immediately attainable for where I'm at.

Originally posted by @Lien Vuong :

Long term buy and hold with cash flow and always value added properties. I like to stay within the B class properties that yields good cash flow and still has appreciation for the future. I always buy properties with parking and an area that I would personally live in. That is my basic eye ball metric and then analyze the property's other features from there. 

You hit on two points here that I think are just brilliant:

  1. 1. Buying with parking - I see a lot of properties around here whose parking has been gobbled up by streets and now on-street parking is the only option for that property. As someone who's had to live in a property without parking, I've really come to appreciate just how much of a powerful value-add it is!
  2. 2. That you'd personally live in - As I've been considering properties, this has often bounced around my mind as a good guardrail. I wouldn't actually want to live in a 3 bed house with a tiny yard, as I know that a decent yard is imperative for my growing family!


Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you