Rental Property Investor · Billerica, MA · Member since 2015 · 75 posts · 10 votes
OK, this might be very broad, but I'm putting together my list of what I want to invest in so my broker can start looking. I'm looking at two options: "very local" multi-families in the Lowell, MA area and property in Florida (where I used to live and have a buddy still there and his wife is a real estate broker and he used to flip/hold houses before the market crashed on him).
Both are for income purposes. Not for vacation, etc...
What are the down and dirty GO/NO GO criteria to guide one to success in their buying strategies?
Hopefully there will be a ton of posts with all sorts of angles. I can't wait to pick some brains :)
Investor · New York City, NY · Member since 2013 · 263 posts · 141 votes
11y
1. Location is first for me. I want properties near hospitals, colleges, military bases, or transportation. They have to be less than an hour from the main business district is.
Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
11y
SW Florida here: I prefer to buy newer construction 1995 or newer if possible (insurance reasons) CBS preferred over wood frame (huge price increase for wood frame on insurance) Below market---this is HUGE for me.....if the market drops I may not be underwater A or B neighborhoods 3/2/2 minimum in most cases...no 2 bedroom houses (they don't fit the demographics) The deal has to make sense, have appeal to tenants, and pay me to own it.
Rental Property Investor · Billerica, MA · Member since 2015 · 75 posts · 10 votes
11y
Thanks everyone! I appreciate the info. It helps to open my eyes to places like Lelith mentioned. Does anyone have any advice on common things that arise to walk away from? I guess signs that the house isn't what you think it is and to walk away?
Burlington, MA · Member since 2015 · 13 posts · 1 vote
11y
Just food for thought! I just read the book written by the owners of Zillow. Probably the best book on market analysis and what makes neighborhoods appreciate more than others. Honestly, couldn't put the book down. One example is houses a mile or less from a Starbucks! They back everything they write up with statistics. They also write about gentrification and how neighborhoods gentrify...examples NY neighborhoods. Just wanted to throw that out. Thanks
Rental Property Investor · Billerica, MA · Member since 2015 · 75 posts · 10 votes
11y
@Michael Tulipano good to see someone local! I'm looking for a new book to read, just finished The Millionaire Real Estate Investor and looking for something to give me an edge on the market. I'll have to check it out. Have you bought anything yet or been to any of the meetings?
Rental Property Investor · Billerica, MA · Member since 2015 · 75 posts · 10 votes
11y
In my RE License course. Haven't bought, still debating on exactly what to buy and how much to spend on 1st deal. Reached out about a couple deals, but either realtors don't want to make money or they are making too much....because a few of them just never got back to me on listings....
There's a MassRealEstate Meeting tuesday in Peabody I'll be trying to get to. I just downloaded the ABC of real estate investing. It should be a quick read. Trying to soak it all in so I don't eff up my first deal ;)