Hello from the Boston area

10 Replies

Hi all! My name is Abhayjit and I'm currently living in the Boston area, though originally from the midwest. I have no experience with real estate looking to get started! I have heard great things about this community and I hope I can learn from more experienced investors.

Cheers,

Abhayjit

If you find any deals up there in Boston let me know :)  I hear its quite pricey!

Hey welcome to BP! Definitely keep networking here and you'll meet plenty!

Thanks guys - have been poking around the blog to try and learn as much as possible. I think I would like to pursue either the BRRRR approach or the turnkey approach. Does anyone have any thoughts as to which approach is friendlier for a beginner and/or more feasible in the greater Boston area?

@Abhayjit Singh

I'm based in Boston and started investing a year ago after about a year and a half of research.

I bought two properties from a turnkey operator in Chicago last year and am under contract on a 3rd property in FL.

There are no "turnkey" providers locally -- that is, firms providing recently renovated properties with a tenant already in place and ongoing property management. The market just doesn't lend itself to that model.

Locally, I find most investors are house hacking (living in one unit of a multi-family) flipping single family homes or doing condo conversions, or doing buy and hold investing within a 2-3 hour drive in areas like RI, CT, and VT.

Check out the blogs of @Justin Silverio or @Shaun Reilly to get a sense for what some of the active, local investors are doing, and consider attending some of the local REIA meetings.

I'm still actively searching for local deals, but the competition is more intense and the capital requirements are higher. And if you plan to buy locally, you may have to define success a little differently than the cookie-cutter cash flow mantra you hear on BP.

@Keith Anderson

Thanks for your reply - that's very helpful to hear!

I am certainly open to investing around the country if that's where more turnkey opportunities exist. How did you get connected with the turnkey operator in Chicago, and overall how much work has it been to manage the properties remotely? Were there any significant legal hassles?

I'll take a look at those blogs and try to get a better sense of things locally as well.

Thanks!

Hi Abhayjit, you might want to check out Memphis Invest. Although I have not bought any of their turnkey offers, I havetalked with one of the family members and the impression I got was "honest". 

It is difficult to run the "cookie cutter" BP BRRR or Buy-n-hold ideas in "hot areas" because the land/ is the purchased itemand the bldg is not the significant thing until you get into some VERY significant $$$$$. I live in the Vancouver, BC area and even out here in the outskirts (Surrey), investers are buying $1M houses(lots)tearing down 2000sqft houses and building 4500sqft/$3.5M "homes"? This is way over my head but I do rub shoulders with a couple of the investors.

I look elsewhere and travel a bit. Buy a triplex within walking distance of Syracuse University for $35k, and do a BRRR. Look at Universities, colleges and multi's close by. I have looked around and there is no shortage. you will need a trusted contact. Most important of all "ENJOY"

Hi David,

Thanks for your reply! Yes the more I am reading, the more I am discovering that the "cookie cutter" strategies seem much more difficult to execute successfully in these areas. 

I would definitely be interested in a company offering turnkey offers - how did you come across Memphis Invest? What would be the first steps to getting starting?

Originally posted by @Abhayjit Singh :

@Keith Anderson

Thanks for your reply - that's very helpful to hear!

I am certainly open to investing around the country if that's where more turnkey opportunities exist. How did you get connected with the turnkey operator in Chicago, and overall how much work has it been to manage the properties remotely? Were there any significant legal hassles?

I'll take a look at those blogs and try to get a better sense of things locally as well.

Thanks!

Before selecting a partner, I did extensive research and diligence on markets and turnkey operators, with pretty strict criteria for both. I toured the neighborhoods with the operator and independently, spoke to current and past clients, and did a lot of desk research using both free and paid data sources. Some of the detail on this approach is available in my post history.

There's very little work involved on my part -- these are turnkey properties. There was a fair amount of uncertainty for a while, however, as communication with the PM was an issue. No legal hassles at all.

Note that I am not endorsing any given provider or suggesting that my approach is successful or right for you. I only started investing a year ago and don't expect to have any sense for true results for at least another 2-3 years, possibly longer.

@Abhayjit Singh Welcome to BP. As a beginner I wouldn't suggest pursuing the BRRRR strategy to start out. It combines multiple strategies into one, therefore making it more complex. I would also just keep plugging away in our market. Yes it is competitive, but there are still deals. Widen your search a bit and get to the sellers directly.

Hi everyone.

@David Beckett I lived in Syracuse for several years before I bought my first house there (not so coincidentally, I also attended Syracuse University as a grad student). The SU off-campus surrounding area (particularly to the east) is a *very* competitve area with houses easily going above 100k, 120k because everyone wants that practically-guaranteed student $$$. I do know of someone that BRRR'd a house in that area: he bought that for around 60k, and among other issues, it had a hole in the roof.

All of that to say that if you find a property around SU fot 35k, it's much likely going to need a LOT of work. I agree with @Patrick Wheeler: taking on a fixer upper as your first investment purchase is difficult unless you have the resources and a clear plan.

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.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here