I live around the Boston area and I am hoping to start my journey in real estate investing by purchasing my first multi-family unit. I know this city is fairly expensive so I was curious if anyone has familiarity of what areas around Boston tend to be reasonably priced but also support a decent ROI on a multi-family investment?
I have a pretty good idea about the general vibe of different areas, but don't have a great pulse on the rental real estate market. I have looked a bit at the North Shore area (Winthrop, Revere,) as well as Malden and Everett, but in general the prices seem too high. Any advice or insight would be greatly appreciated!
Hi @Brian St Germain congratulations on starting your journey. Nailing down a location to focus on is one of the hardest things when starting out. Me and my team have helped investors buy properties in all of those markets but each investor is unique and each of those towns could work for you or be horrible for you it just depends on what your looking to get out of the,. I'd say start by asking yourself some questions and hopefully the answers will help narrow down the location. Once you narrow down the geographic area you can then hammer that area until you find the right opportunity.
What are you investing for?
What is your goal for the property?
How many units are you looking for (1-4)?
What is your budget?
Are you planning to househack or are you buying it as a strict investment.
Do you have a target Cash on Cash return?
How far away from Boston are you considering going?
Once you have a clear goal as to why you want to buy you can start running numbers on different areas that meet your criteria and see what markets may work for you.
I hope this helps.