Updated about 8 years ago on . Most recent reply
Boston, MA Rental property questions
Hi BP,
Recently moved to Boston MA, so my questions are really only relevant to Eastern Mass/Boston. I am new to investing in real estate so I appreciate the help. I am interested in creating passive income through a portfolio of rental propertries which I continue to buy as soon as cash flow allows for next down payment. With my current income and current cash flow, in an ideal market, I am interested in SFR/MFRs that cost between $100-250k which I can rent out with little rehab. Not re-inventing the wheel here. Problem is, I simply cannot seem to find a market that offers this in all of Eastern Mass. WIth my current income, I simply cannot purchase and stack rental properties that cost $400k each+, of which there are plenty available in Eastern MA. My strategy to to acquire as many as possible, as quickly as possible, and even though a $400k property would yield the same if not more as a property in my price range, it will simply take longer for me to get each down payment.
For investors experienced with Boston / Eastern Mass market, Am i completely priced out of this market? Or am i just focusing on the wrong strategy completely (rental income) with my level of income/cash flow?
I currently reside in the Dover/Wellsley suburbs of Boston, which the media price of home is around $1.2million. Should I be somehow capitalizing off of this?
Or do I simply need to change my strategy, or invest 4-5 hours drive away or even out of state? Or should I solely focus on off the market properties in this environment?
I have always believed there is an opportunity in every market, but the Boston area seems difficult to buy into.
Appreciate the help!
Kyle
Most Popular Reply
If you are in Dover, I would also take a look at more Central MA. Framingham and Worcester (and the surrounding areas) should yield plenty of properties in that price range, and you would not have a long drive. As others have said, south shore is also not a bad option.