Seeking tips on expanding portfolio around Boston, MA
Hi BP, this is my first post. I'm really excited to get started.
My wife and I currently own a 2 bdrm condo in Newton, MA that we rent out. I'm only earning $400 cash-flow per month on a $2400 rent payment. We have a lot of equity (about $350k) and are looking for a better investment.
My plan is to sell it in June when our current lease is up and 1031 for two 3-families around Boston. This would be my first experience in a true investment property and I plan on managing the properties using Buildium as my software platform (company I work for). Long-term strategy is to grow through buy-and-hold and eventually move to full-time REI once cash flow can replace my current w2 earnings.
Assuming $350k to spend, does anyone have any ideas on a better way to spend it than 20% down on two 3-families? (Assuming they can be purchased/rehabbed for a combined $1.5 mil?)
Appreciate any suggestions/ideas. Also interested in connecting with any like-minded investors around Boston to network/potential partnership/etc.
Jay