New Investor Ideas - South Eastern MA Area

New Investor Ideas - South Eastern MA Area

Member since 2022 · 18 posts · 11 votes

Hello, I'm fairly new to the real estate investing market and I'm really just looking for any ideas or tips on where/how to get started. I'm an accounting student who works part time and I have about $60,000 saved with an excellent credit score. I'm pretty focused on trying to start off by house hacking a multifamily property and going from there, possibly start in the next 6-12 months. My issue is more so when it comes to evaluating a property and especially, knowing the market. Obviously it's more expensive in New England so it's not necessarily the lowest barrier to entry. Any pointers or suggestions are greatly appreciated. Thanks!

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  • Tre DeBragaPro Member
    Real Estate Agent · Worcester, MA · Member since 2022 · 107 posts · 48 votes
    7mo

    Whats up Aidan, 

    you are off to a great start with your savings and good credit score. House hacking in my opinion is the single best way for normal people to get started in real estate so you are thinking right. I would first off suggest you to start finding real estate investing meet ups to start attending. I will connect with you and send all the ones my team runs in the area. I would connect with other investors, lenders and investor friendly agents. Ask a bunch of questions about markets, get on off market lists, etc. In terms of evaluating a property bigger pockets has a good rental property calculator I believe you can do the first couple ones for free and that will just give you a good idea of how it works. Just pull random multis off the mls and run their numbers. Use "HUD" to see what fair market rents are in that specific town.
    I would highly suggest connecting with a investor friendly agent. This can save you so many headaches and be your one stop hub type of person for all things surrounding the deal.
    Feel free to shoot me a message if you have any questions!

    • Member since 2022 · 18 posts · 11 votes
      7mo

      @Tre DeBraga that sounds awesome, thanks for the information and the reply it's very helpful!

  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    7mo

    @Aidan Black

    I thin your first move is to connect with a real estate agent and lender who really get investors in the New England area you are looking at. This will help you understand the actual prices different ways to finance things and what kind of rental income you might see. It is a key first step even before you look at small multifamily listings every week. That regular look at listings based on solid info will totally allow you to build up your market knowledge. You will gain a good sense of what is out there. It is a good idea to really focus on understanding what comparable rents are like how much things will cost and the basics of figuring out a good deal. Knowing these things well will let you make fast calls when the right places pop up in the next six to twelve months.

    Good luck!

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