Greetings from Massachusetts
Hello all! This is my first post on BP. Have a lot of questions as I plan on investing in the near future.
First, I have always planned on getting into investment property. I want to buy and hold, develop enough cash flow where I can do an occasional flip, and still keep my full time job( police officer.) I planned on taking a HELOC loan on my house and starting off with a multi family. Well plans changed, for the better, and I need some advice.
I’m in the process of renovating my mother’s house and helping her sell it. The plan is for her to move in with me temporarily while we sell my mothers house and look for a multi we can invest in/her move into. Being conservative, we will have at the very least, 150k cash to use, once her house sells.
I have several ideas, with the same end goal of having income property and occasionally doing flips. My short term goal is to buy a 2 or 3 family with my mothers cash, have my mother live in one of the units and when I eventually sell or rent out my current home and buy a new Home, my new Home will have an inlaw set up where my mother will live/stay.
So basically we are leaning towards my mother moving in with me while we sell her house, and buying a “fix me upper” multi family under an LLC. I plan on then taking a HELOC loan on that multi ( since we will use all that cash from her original home for a big down payment/renovations) and inventing into another cash flowing, rental property.
Then, rinse and repeat. Although I’m not sure I’m going to continue to invest in MASS since the ROI or cap rate is pretty horrible around here. Let alone how tenant friendly mass is.
I was wondering if someone can throw in their 2 cents, maybe point me in the right direction, or possibly meet someone in the area that we both can profit from one another.
I live in the Dartmouth/Westport area, hour south of Boston.
I’m hungry, and I want true, financial freedom!