Living in the north shore of Boston and just starting out with planning my real estate investing. The greater Boston area is VERY expensive. Cash flow would be great here but buying property would also be exceptionally expensive. Any tips or area suggestions in the Massachusetts/Greater Boston area??
Hi @Faith Gracia , its not easy finding cash flowing deals in the Boston area, but numbers typically get a little better depending how far outside the city you go. If you're just getting started and don't own any property yet, "house hacking" could be a feasible option for you. This would mean buying a 2-4 unit property and living in one of the units while renting out the others. Depending on your willingness to make renovations, this could lead you to more favorable returns with both cash flow numbers and equity appreciation.
Thanks for the advice! Much appreciated.
I’m just starting out as well, located just south of Boston. I have noticed buy in prices are high where I am located as well, making positive cash flow impossible on most properties for sale. I am guessing you just need to be ready when the right deal pops up.
I have my eye on a couple houses that are not on the market yet but I happen to know will be soon, one of which has an owner who lives out of state and likely will want to sell quick/low hassle.
Good luck with your search!
How about farther south in Brockton, Taunton, New Bedford, or Fall River?
@Mark Duhamel You've hit the lowest cost / highest crime areas in both Plymouth and Bristol counties. Use the crime maps on Trulia to gain an understand what the neighborhoods are like.
I'd also look at Middleboro, Plymouth, Kingston and Marshfield. My sense is that they're in lower crime areas with good rents.
Are you familiar with the north shore and how prices are there?
@Faith Gracia Not as much. My expertise is in Norfolk, Bristol and Plymouth counties for the most part. Some Suffolk and some Barnstable - but not so much on the north shore.
The one thing I can share is that north of the Mass Pike and west of RT 128, you start to get into the Worcester hills (about 1,000 feet in altitude). So when we on the south shore are getting rain, the knuckleheads in the Worcester hills are getting pounded with snow!
Then again, every now and then, we on the south shore get clipped with a storm that's passing south of the Cape. In those few cases, you get nothing and we get snow.
Overall, I'd take the south shore. Of course, if you live on the north shore, that's not a lot of help!