This is my first post, and I have been reading the forums and trying to listen to as many podcasts as possible so I am very excited about the wealth of content here at Bigger Pockets. I am a 24 year old working in New York currently but moving back to Boston in July. I am hoping to buy a rental property in the boston area or in an area within commute of Boston. Would love to discuss any tips for beginners or ideas of good areas to invest in for a first-time rental property. I'll be working long hours at my new job in Boston so I've been considering property management companies to assist with that side of things. Does it make sense to use a property management company after purchasing my first rental property or would it make more sense to hire one employee to oversee the property? Would love any insight into the process and the topics I've touched on above. I'm planning to continue to save money until I move back to Boston then purchase a rental as soon as possible (assuming the economics makes sense) so I can begin taking advantage of the tax benefits before potentially starting business school in a few years when I will not be earning income. I'll be moving to Boston with two friends so I've been considering purchasing a unit near my job that I could live in and rent out to my friends or just purchasing a place I could rent out to other tenants since my job is in the more expensive Back Bay area. Looking forward to networking with all of you and learning more as I continue this journey! I know that getting your skin in the game is probably one of the best learning experiences so excited to get started.
Welcome to the vibrant BP community. Ok, now that you have taken your initial step, below are some quick links to get engaged.
Since you expressed an interest in buy and hold, I added the below links for your review.
- How to Use @Mentions on BiggerPockets
https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)
REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.
REI books suggested by BPers
https://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)
Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.
Continue to feast on the Podcasts, #askbp Podcasts, blogs and webinars
Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.
Thanks everyone! I will be sure to check out the links above!
Hey Joseph check out the first time homebuyer programs in our area. That's a great way to start with no or low money down.
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
Hi @Joseph Alie , welcome to the BP community, you can find a lot of great people here that you can connect with, there's lots of great information here as well.
Wishing you lots of success!
Welcome to BiggerPockets Joseph! I have been thinking about a similar question that I have asked myself in regards to property management. I'm very new as well, but to me it seems like it would not matter when you choose to go with property management, whether you have one property or ten. Might just come down to each individual's preferences.
Maybe some of the more experienced investors have some insight as to when may be the best time to choose to go with property management?
Hey I am in the same spot as you were back when you posted this. 25 year old California native that’s been living and working in Boston for the past 2 years. Would be interested in hearing where you are at now. I am currently looking around for properties that are smaller multi family homes - probably a 2 unit. Only have about 20k saved up for a down payment so far but want to get that closer to 40k before I make my first move on a property valued around 100k. Any recs for areas to look at around here where that might be possible - finding it pretty tough. My first post right here btw !
Welcome!! @Joseph Alie
Hi @Joseph Alie , Welcome and congrats on taking the steps to educate yourself. Your situation sounds perfect for a househack. Buy a 2-4 unit using an FHA loan (only 3.5% down needed) and rent it out to your friends. For even more cashflow rent the bedrooms in your unit too. Then take all that cashflow and put it towards the next property. Good luck!
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