I'm Robert Cook from Worcester MA and new to the game. I'm 22 years old and work as an IT Technician. I've wanted to become a Real Estate investor for as long as I can remember, and plan to purchase my first multifamily in Mid 2016.
Right now I spend almost all of my spare time learning about investing and becoming financially free. I very much enjoy reading and learning about investing and am very excited to get started.
I would really enjoy possibly getting together with some Investors from the Worcester/ Central MA area to chat with and hopefully find some experienced people who are willing to share their knowledge.
Please let me know if anyone would like to set up lunch or coffee one day!
The best way in my opinion is to buy a multi family, live in one unit and rent the other 2 out. This will "get your feet wet". Also, there are some great first time home buyer programs that will let you put down around 3.5%.
I'm actually targeting another rental in the next few months and have my real estate license as well.
@Mike Hoefling Thank you! Yeah the first property I plan to buy is a triple decker in Worcester. It's currently owned by my mother who no longer wishes to own it and it's actually my childhood home. It's in great shape and she's giving it to me for a steal. My fiancé and I plan to live in one apartment and rent the other two out.
I read somewhere that with some loans, my mother could essentially "gift me" the down payment. Do you have any knowledge of this, or could point me in the right direction? I appreciate the tips!!
Yes she can gift you the money I am not positive but I do believe you have to come up with a certain amount yourself. Basically she can't gift it all to you, check with a lender they know this stuff by heart.
Great! Thanks for the info! @Mike Hoefling
To connect with investors in your area You might Try contacting Ann Bellamy she runs a REIA in Worcester I think it is called Black Diamond
Best of luck and make it happen
Next meeting tonight! 6:00PM. Tuesdsay 10/20. Sponsored by Ann Bellamy.
Leo's Ristorante off of Shrewsbury St.
Wish I could make this one, but I have a conflicting appointment. Always great topics. Hope to catch up next month.
Thank you for the tip! I unfortunately have prior commitments tonight, but if there are any other events coming up, please let me know!