Advice needed for first investment property in the US

Boston, Massachusetts
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Advice needed for first investment property in the US

Carina Kaiser
Boston, MA · Member since 2022 · 2 posts · 0 votes

Hi There,

My husband and I just moved to Boston from Europe and would like to extend our real estate portfolio to the US. The market is completely new for us and we are currently looking for an investment property to start. (As second step we want to buy a multi-family around boston to live short-term and rent).

For the investment property we are looking for either a single family or multi family property at the east coast in the range of 200 kUSD - 300kUSD which we would pay cash. We found 2 properties in Baltimore and we were told, that it is easier in Baltimore to buy single family homes than multi-family complexes. 

First one:
4 Beds, 2 Bath, 1815 sqft

Built: 1945; renovated: 2022

Price: 245 kUSD

Location: close to Morgan State University; zoning: R-5

Second one:

3 Beds, 1.5 Bath, 2242 Sqft

Built: 1922, recent updates: updated electric, repairs to roof, bathrooms caulked

Price: 220 kUSD

Location: Close to Lake Montebello, Zoning: R-6


We are also looking in other areas but these 2 properties are our first try to explore.


Every advice is highly apreciated. Thanks a lot in advance.

BR Carina

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Kyle Curtin
Real Estate Agent · Tewksbury, MA · Member since 2020 · 494 posts · 284 votes
4y
Quote from @Carina Kaiser:

Hi There,

My husband and I just moved to Boston from Europe and would like to extend our real estate portfolio to the US. The market is completely new for us and we are currently looking for an investment property to start. (As second step we want to buy a multi-family around boston to live short-term and rent).

For the investment property we are looking for either a single family or multi family property at the east coast in the range of 200 kUSD - 300kUSD which we would pay cash. We found 2 properties in Baltimore and we were told, that it is easier in Baltimore to buy single family homes than multi-family complexes. 

First one:
4 Beds, 2 Bath, 1815 sqft

Built: 1945; renovated: 2022

Price: 245 kUSD

Location: close to Morgan State University; zoning: R-5

Second one:

3 Beds, 1.5 Bath, 2242 Sqft

Built: 1922, recent updates: updated electric, repairs to roof, bathrooms caulked

Price: 220 kUSD

Location: Close to Lake Montebello, Zoning: R-6


We are also looking in other areas but these 2 properties are our first try to explore.


Every advice is highly apreciated. Thanks a lot in advance.

BR Carina


 Hi Carina! Welcome to the states! I love the direction that you are going! I second @Lien Vuong, having the local knowledge regarding drastically different markets especially when investing out of state is absolutely paramount to your success. I personally recommend searching around BP (& Facebook/Instagram/LinkedIn if you are on social media) for RE investors in some of those markets that you are very interested in as specific as you can find and sending them a direct message simply looking to connect. I have not personally invested out of state YET but have heard that “population growth” is an important metric to keep in mind when looking in markets to see the trend of people moving out or moving into areas. It has been difficult for me to try to find more recent data than like 2000 or 2010 but I’m sure it is out there somewhere. Good luck! :) 

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  • Ruchit Patel
    Bay area, CA · Member since 2021 · 383 posts · 306 votes
    4y

    It's great to see that a family is considering investment the moment they are in the USA! That shows how powerful the US market is compared to other parts of the world. 

    If you are really new in real estate, I highly recommend doing deals with experienced people/mentors. 

    Can you make it clear; are you looking for advice on the deal you mentioned or you are simply looking for general investment advice in real estate? 

    Also, why would you pay cash for the deal when you can leverage your money and boost your net worth by a big margin? 

    0Reply
  • Joe Norman
    Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    "Close to Morgan" and "Close to Lake Montebello" are not specific enough for you to do deal analysis, at least not in Baltimore. You need to know the comps in the specific neighborhood you are considering investing in, and in many cases you'll need to get even more focused than that. Good luck!

    0Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    4y

    Congrats on the move! I would work to find the state with the best tenant laws, reasonable tax rates, and good entry prices if you're geographically agnostic. 

    [email protected]
    The Elle Group5154 Reviews
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    1Reply
  • Kyle Curtin
    Real Estate Agent · Tewksbury, MA · Member since 2020 · 494 posts · 284 votes
    4y
    Quote from @Carina Kaiser:

    Hi There,

    My husband and I just moved to Boston from Europe and would like to extend our real estate portfolio to the US. The market is completely new for us and we are currently looking for an investment property to start. (As second step we want to buy a multi-family around boston to live short-term and rent).

    For the investment property we are looking for either a single family or multi family property at the east coast in the range of 200 kUSD - 300kUSD which we would pay cash. We found 2 properties in Baltimore and we were told, that it is easier in Baltimore to buy single family homes than multi-family complexes. 

    First one:
    4 Beds, 2 Bath, 1815 sqft

    Built: 1945; renovated: 2022

    Price: 245 kUSD

    Location: close to Morgan State University; zoning: R-5

    Second one:

    3 Beds, 1.5 Bath, 2242 Sqft

    Built: 1922, recent updates: updated electric, repairs to roof, bathrooms caulked

    Price: 220 kUSD

    Location: Close to Lake Montebello, Zoning: R-6


    We are also looking in other areas but these 2 properties are our first try to explore.


    Every advice is highly apreciated. Thanks a lot in advance.

    BR Carina


     Hi Carina! Welcome to the states! I love the direction that you are going! I second @Lien Vuong, having the local knowledge regarding drastically different markets especially when investing out of state is absolutely paramount to your success. I personally recommend searching around BP (& Facebook/Instagram/LinkedIn if you are on social media) for RE investors in some of those markets that you are very interested in as specific as you can find and sending them a direct message simply looking to connect. I have not personally invested out of state YET but have heard that “population growth” is an important metric to keep in mind when looking in markets to see the trend of people moving out or moving into areas. It has been difficult for me to try to find more recent data than like 2000 or 2010 but I’m sure it is out there somewhere. Good luck! :) 

    2Reply
  • Carina Kaiser
    OP
    Boston, MA · Member since 2022 · 2 posts · 0 votes
    4y

    Thank you all so much for the comments and the advice. I circled back with my husband, and we will dig a bit deeper and focus on one to max 2 areas where we want to invest and find a good agent in this area over bigger pockets.  We will definitively come back to the forum as this was indeed very helpful. Happy Labor Day! :-)

    0Reply
  • Ozzy SirimsiBusiness Member
    Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
    4y

    I think both of them are expensive. 

    245K around Morgan State would not bring you $2450 assuming it is a town house, you can find a better deal, unless it is enough cash flow for you. 

    Montebello one depends on where exactly it is. If you are closer to Bel Air Rd, skip it.

    We still need to know the address though.

    0Reply
  • Todd Wheatley
    Real Estate Agent · Waltham, MA · Member since 2019 · 92 posts · 93 votes
    4y

    Hey Carina,

    Welcome to Boston! If you are thinking about being here awhile and buying your primary residence / multi-family here are you open to investing in the rental property a bit closer to home? You could likely find something that meets your price point about an hour from the city. Let me know if you'd like to chat about some ideas.

    Happy investing!

    -Todd

    1Reply
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