New Investor - Northwest of Boston MA

New Investor - Northwest of Boston MA

Westford, MA · Member since 2014 · 5 posts · 0 votes

Hi folks,

I’m new to the real estate world, but lately I’ve been doing a ton of research on rehabbing and flipping distressed properties.  Personally, I love the idea of new construction.....yes, it requires more financing, but you can start with a clean slate and build from the ground up, so there should be less surprises for the investor.  Specifically, I've had my eye on modular construction for a couple years now.  I wanted to build a modular home for my family last year, but between finding a suitable property and the trouble of selling our current home at the time, it just didn’t happen. 

Lately, I’ve been thinking….why not do this for another family?  Seems like a profitable part-time venture, and something that I would actually enjoy doing.  I can design a floor plan and hire or partner with a reputable builder/contractor, and I'll secure financing and work with a realtor.

My target market is northwest of Boston, along Route 3.  I live in Westford and I work in Bedford, so those towns as well as Burlington, Billerica, and Chelmsford make the most sense to me.  I'm not quitting my day job either.....just one property at a time for now, as supplemental income.

By the way, I had never heard of Bigger Pockets until I started searching around to see if other people were doing this….then I stumbled onto a modular flipping article by Mike LaCava.  This site is awesome!  It’s really nice to see people helping each other out in what I initially thought was a really cut-throat industry. 

Thanks,

Kevin

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Robbie ReutzelBusiness Member
Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
11y

Hi Kevin,

Welcome to BiggerPockets!

You will find that this is a great resource for REI. I would suggest reading the Ultimate Beginner's Guide as well as J. Scott's books on flipping and estimating rehab costs since you seem to be focused on flipping.

Listen to the podcasts as well.  

I also suggest you start attending REIA. Black Diamond has one in Waltham and Shrewsbury and Justin Silverio's networking event is this Wednesday at Sam's Bistro in Reading from 6:30-9:30.

Good luck!

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  • Rental Property Investor · San Diego, CA · Member since 2015 · 13 posts · 4 votes
    11y

    Hey @Kevin Degnan!

    I am also new to the site and wanted to welcome you.

    There is an incredible amount of information here and so far everyone I've interacted with has been amazing. 

    I have considered doing exactly what you are referring to (since I am still finding my starting strategy) in different areas around here. I think that the margins are slimmer and the time tables are longer. Very interested if that turns out to not be the case. :)

    Welcome, and I look forward to seeing you around the forums!

    - Alex

  • Robbie ReutzelBusiness Member
    Real Estate Broker · Shirley, MA · Member since 2014 · 305 posts · 211 votes
    11y

    Hi Kevin,

    Welcome to BiggerPockets!

    You will find that this is a great resource for REI. I would suggest reading the Ultimate Beginner's Guide as well as J. Scott's books on flipping and estimating rehab costs since you seem to be focused on flipping.

    Listen to the podcasts as well.  

    I also suggest you start attending REIA. Black Diamond has one in Waltham and Shrewsbury and Justin Silverio's networking event is this Wednesday at Sam's Bistro in Reading from 6:30-9:30.

    Good luck!

  • Landlord and Rehabber · Newton, MA · Member since 2010 · 2k+ posts · 877 votes
    11y

    Hey Kevin,

    Glad you decided to introduce yourself and get involved here on BP.

    Now make sure to participate in the forums and taking advantage of all the knowledge on this site.  Don't be afraid that you are still new and that maybe you can't contribute as much.  You probably know more than you give yourself credit for already, and just asking questions yourself, or asking clarifying questions on other threads, is contributing.

    It was good seeing you at Chelmsford last week.  Hope to see you at @Justin Silverio's this week too.  I think you also have Nashua on your radar and Black Diamond too right?

    BP is awesome but the best thing for you early on is to get out there and build your local network at these meetings.  I know it is tough to get to all of the ones you want to all the time but get to as many as you can.  It is lucky that there are quite a few pretty close to you to at least keep them more manageable without a 2 hour drive or something annoying.

  • Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    11y

    @Kevin Degnan

     Hi and welcome to BiggerPockets! It’s a great place to learn more about investing and meet the people you want to meet. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and don't forget to set up your Keyword Alerts!

  • Real Estate Investor · Stamford, CT · Member since 2015 · 45 posts · 6 votes
    11y

    welcome to BiggerPockets...

    I have connections in your area

    Feel free to add me

  • Mike HurneyPro Member
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 545 votes
    11y

    @Kevin Degnan Welcome, you're right Westford is pricey. What do you think of being a Buyer's Broker?

  • Justin SilverioPro Member
    Developer · Andover, MA · Member since 2008 · 1k+ posts · 489 votes
    11y

    Welcome to BP @Kevin Degnan.  I know you can't attend my event tomorrow but maybe the next one.

  • West Newton, MA · Member since 2015 · 19 posts · 4 votes
    11y

    Hi @Kevin Degnan

    , welcome to BP!...since you are interested in flipping, J Scott's book has already been suggested above. I suggest you also listen to Podcast #10 where he is the guest speaker.

    Hope to connect with you in forum discussion and some RE meetings. 

  • Brandon TurnerPro Member
    Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
    11y

    Hey @Kevin Degnanthanks for introducing yourself! It's great to have you here! Don't miss The BiggerPockets Podcast - they are great for learning how others are finding success.

    Oh - and be sure to set up some Keyword Alerts- especially for "Westford" so you'll be notified when people mention it here in the forums.

    Thanks again for introducing yourself!

  • Westford, MA · Member since 2014 · 5 posts · 0 votes
    11y

    Hey everyone,

    Thanks for the warm welcome to the community. I've joined the New England REIA and already met some great people there, including @Shaun Reilly.  Also, kudos to @Justin Silverio and @Ann Bellamy for the great podcasts here on BP. 

    I know that I can't do this on my own, and that rehabbing/flipping is a team effort.  As I mentioned in my original post, my hope is to do new construction, but I realize that might be tougher to finance, plus it's a longer project (months instead of weeks).....so maybe rehabbing an existing home is a better approach for my first deal. 

    So here is a fun question for you all.....to LLC or not to LLC? Seems like most people here have an LLC, but I talked to my attorney who suggested that an LLC might not be necessary for me since I'm only doing one at a time and that banks might prefer to lend directly to me. What's your take?

    Thanks!

    Kevin

  • Nick NoonPro Member
    Chelmsford, MA · Member since 2015 · 124 posts · 70 votes
    11y

    Welcome to BP @Kevin Degnan

    I am from Chelmsford and am looking to start my investing portfolio as well.  I am looking to owner occupy a multi for my first investment and then maybe new construction/rehabbing after that to buy and hold.  

    I am planning on going to the Chelmsford REIA meeting on Wednesday. I have never been to one but am hoping to meet people in the business to see what's out there.

    You can find a ton of information on this site and 99% of the people are here to help you along the way as well and can answer any question you have.

    There are a couple good posts on here about LLC's and to get one or not. The consensus I have seen is that a lot of people have them, but there really is no need to if you are just starting out. I think there are a lot of people on here that believe having an LLC is a false safety net, since you can be accountable peronally even as an LLC. And yes, I hear it is hard to obtain financing from banks when you're doing it as an entity....but there are also other banks who only loan to LLC's.

    Ask around, you can get some good information.

  • Westford, MA · Member since 2014 · 5 posts · 0 votes
    11y

    Hey @Nick Noon thanks for the info.  I should be at the Chelmsford meeting too, so let's chat and exchange ideas.  I've been to a couple meetings there and it's really a great group of people.  

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