Buying the Next Property

[Andrew Reis]

Hi - I own a 3 family in Quincy MA (just outside of Boston). I am looking to buy more property that is in Quincy or on the south side of Boston. I want to stay in state, because of the potential for appreciation and cash flow and am familiar with the good and bad areas. I am also well versed with the landlord tenant laws as I've been through an eviction. 

Everyone says the first deal is the hardest to find. But I think it's saving up for the next one, especially in an expensive market. How are other investors getting over the hump? Networking with family/friends for equity on a down payment? Taking a dive into a side hustle business? Wholesaling? Flipping? Development? Property management? I am trying to preserve my cash for the next property and don't want to invest in a side hustle business with no guarantee of long term success. 

Hoping to hear from fellow younger investors in MA who live in these expensive areas as well. 

Cheers,

[Drew Sygit]

@Andrew Reis Real estate investing is a long-term process, just like building up an IRA or 401k - often you have to be patient to get the results you want.

I'd keep building your local network and looking for deals. 
- You might be able to find deals and get a finder's fee to turn them over to your network. Just be sure to check out how to do this legally or at least know the risks if you do it anyways.

Regarding raising funds from family & friends - best way to do it is to "brag" about your success. 

Start posting regularly on social media about how your 3-unit is working out. Don't whitewash everything though and avoid the negatives. Share your failures, but share what you learned from them and how they've made you a better investor. Maybe target 80% positive with 20% positive-spin negative.

You can also start posting about the deals you're finding and what makes them attractive. 

If you want to warm-call family & friends, NEVER directly ask them to invest or for money!

It's less uncomfortable for you & them to present your latest deal and then ask who they may know that may be interested. If they are interested they can always, "refer themselves"!

If you'd like to chat about other strategies DM us to schedule some time.

Good luck!