So I've been trying to land that first property for about four months now. My goal was to get a 2-3 family and rent the whole thing out. Well since the Boston market is so high it's nearly impossible to find the right place for the right cash flow. And the deals fly off the shelves quick. It doesn't help working abroad for a month at a time. So my question to people out there is what do you think about an owner occupied 3 family? Does it present a challenge having your tenants living under the same roof? Have you gained the financial freedom that you were hoping to get? For any Bostonians out there, What areas of this fine city are you residing in? Thanks everyone!
West Roxbury and Roslindale - Fabulous
You should check them out it you have not yet.
I have a great single family if you'd like to buy. Would be a terrific rental of primary for you.
@Josh Lamm yes, Dorchester. I know some people say don't tell them you're the owner. It's hard not too when they make their rent checks to you and you're doing maintenance.
I think owner occupied is a great way to get your feet wet. The Boston market is almost near impossible to find a deal on the MLS. Best advice is to work with an agent in the area who knows the area and knows what you're looking for.
I can provide a REA referral for Dorchester if you're interested (it's 1/3 of the whole city of Boston and there are some nice areas - don't believe that all of it is bad - it's not!)
Hi, yes, Boston central is a tough place to buy and even tougher place to be an owner.
I live north side of Boston and rent further north about 1 hour outside of Boston.
If you have the right tenants, I do not see it a problem living together. the good ones will respect you, the okay ones will not try anything and the bad ones.....well it won't matter where you live. lol
Boston is a hot market, so if the property is good, it will go fast, so if you like a place...act !
My 2 cents is don't buy now. When interest rates rise prices will decrease. I personally am waiting for wall street to collapse and take main street with it. In real estate you make your money when you buy not sell. If you overpay now (and you certainly will) a vacancy will hurt you more than if you can pick up the same unit for 80-100K less and you know you will be able to. I would just quietly put away your funds and work away for now. When the time hits there will be fire sales in our city just like last time. That is when the wealthy and highly experienced buy.....chances are they got that way by not following the crowd. Cheers!
@Ted Shackelford - Thanks for the advice. I completely agree. There is no way that these high prices can be sustained like this for much longer. Especially with the impending interest rate hike coming this fall. What are your thoughts on when this big price reset is going to happen?
@Ray H. - I agree, how do they not know you're the owner. Almost no way to avoid it. I have a great agent now that has been helping me develop a strategy. We met through Bigger Pockets. Dorchester has a lot to offer. The right place is out there.
I'll find a place eventually. It's just a matter of time. Until then I'm paying low rent as it is and only saving up more of a down payment. Thanks again everyone for the advice.
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