New soon to be Investor from Massachusetts

[Jim Burnard]

Hi Everyone,

I wanted to do a proper first post and introduce myself.  My name is Jim Burnard and I live in the Grafton area of Massachusetts.  I am very happy to have found this community!  I have my real estate license but not very much experience with it.  I am brand new to investing and can't get enough of all the great info here.

My initial thought is that I'd like to get into owning rental properties so that is the direction that I'm heading at least at this point.  I look forward to meeting others in the area and learning more.

Thanks for reading!

Jim

[Aaron Montague]

Q: I like the concept of MFH investing, where should I start?

Short Response:

1. Eliminate your rent/mortgage payment
2. Bring all deals to the BP community (and be humble when doing so)
3. Stick to the returns you want

Long Response:
Learn everything you can about multi family investing. Every day you should answer a few questions and write down several new ones.

The general theory is that you need to drive costs out of your life and/or add new revenue. If you live with your parents, and they don't charge you rent, good. I'd then start forcing yourself to put $500-700 away each month as a "rental" payment towards some real estate.

If you pay rent of any kind, to your folks or to another landlord, find a way to eliminate it from your life. My suggestion is to find a 3 or 4 family property that you can purchase. FHA loans are a good way to go, but be wary of the additional percentage points you have to pay each month as PMI. Homepath loans are great as they have no PMI. VA loans are even better, but require you to have served in the US military.

Run every deal you find through the BP community. Some of the responses are harsh, but they are eye opening. There are people on this site that have been buying and selling 4x as long as I have. When I find answers to my daily questions, I can almost always find the answers here at BP.

Last one for the moment: stick to your numbers. It bears repeating: stick to your numbers. If you want $200/month and a 12% Cash on Cash return for your investment, stick to that number. If you pick 12%, 9% is not good enough, nor is 11.7%. Make your offers accordingly.