Research and Networking for a rookie REI - North Shore MA

8 Replies

Hi Bigger Pockets community,

My name is Taylor and I grew up in Central MA but currently reside on the North Shore. I'm completely new to real estate investing and I am doing some preliminary research on REI through books, BP podcast and of course this forum.

I have not made my first deal yet, but I plan on taking the leap within 12 months. I have a general plan of using an FHA loan (potentially 203k) to acquire my first investment. I do not have a specific location in mind but am hopeful to find a place in and or around Boston, since I will need to be my primary residence for at least a year due to FHA restrictions.

I am truly committed to understanding and researching how to be successful with my first investment. For example I spent last night applying the 50% rule to all listed multi family units in Salem MA to the best of my ability. I used the 4.2% 2014 FHS flat interest rate with a 30 year repayment. Unfortunately I had to estimate what comps for rent are for specific units by using craigslist and other sources. After only finding one MF in that area that initially passed with the 50% rule I began to run the numbers through the BP rental calculator. Again I did my best at getting a general idea as to what certain costs were ( water and trash etc.) When it was all said and done it seemed like I would be seeing around 1000 cash flow for this particular 4 unit. Now I am sure the numbers may be slightly skewed due to my estimates but that brings me to my next point. 

I would love to meet people like you! From what I have read and from my personal life experience networking is one of the most powerful tools. So I am interested in interacting, joining meet ups and engaging in conversations with successful or other starting investors in the Essex county area. I do not have my heart set on any specific area to invest and am willing to investigate any area (as long as the the ROI is there!) .

I look forward to hearing from everyone,

Taylor 

@Taylor Grabus Welcome.

"When it was all said and done it seemed like I would be seeing around 1000 cash flow for this particular 4 unit." I'd make an offer!

and before you jump in the "deep end" of Landlording you may want to join us tonight and meet the Housing Court Judge! website in my signature below, Mike

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Hi Taylor, welcome to BP.

This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.

This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in MA on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.

Besides doing that on here make sure to get out to some of the many local investor events we have.  Check out Mike's meetings since they are right in your home base!  Besides those you can check out the NEREIA in Chelmsford and @Justin Silverio 's quarterly meetup in in Reading. If you go a little closer to Boston you should check out the Black Diamond meeting in Waltham (2nd location in Worcester) and the Boston Area REIA in Medford. Also since you are from Central MA originally and are looking at doing buy and hold you can check out the NWCLA in Fitchburg that is a landlord focused group.

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