Lowell, MA · Member since 2015 · 29 posts · 14 votes
Hello BiggerPockets!
My Name is Colin O'Neill and I live in Lowell, MA. I am interested in House Flipping for income initially, then transitioning to Buy and Hold for long term passive income and equity. Since my wife and I are in our mid-40s and have no retirement savings to speak of, I feel this is the best way to "fast-track" our retirement portfolio. I've been lurking for a bit and binge-listening to the Podcasts from episode 1 forward, and I'm getting very excited! My biggest fear is being able to get financing, as I had to file bankruptcy a few years ago due to a failed business (which in itself makes me gun-shy, too...). I'm a Kitchen & Bath Designer and have remodeled a bunch of kitchens and baths, so I'm hoping that experience will help make my flips, and rental properties, more competitive in the marketplace. I look forward to meeting many of the folks I have heard on the podcasts and seen writing the blogs. Cheers!
One way to get over being gun shy is having knowledge. You need more than just the techniques and the formulas to evaluate deals, which you can Here. You also need to learn your specific market. The more you know about your market the more confident you will be when you are ready to pull the trigger.
Welcome to BP Colin! You have arrived at a great place to educate yourself and connect with other investors. Have you read many REI books...or outlined your goals yet for 2016? Really awesome that you can do some of the rehab yourself as you are starting out. (You may want to partner to scale up faster.) Happy learning and investing!
One way to get over being gun shy is having knowledge. You need more than just the techniques and the formulas to evaluate deals, which you can Here. You also need to learn your specific market. The more you know about your market the more confident you will be when you are ready to pull the trigger.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
@Colin O'Neill welcome to BP! As many have already said this is a great place to learn and network. On the rehab side of things you have 2 major areas covered kitchens and baths. You said you are a designer do you do the work? Sell the supplies?
Welcome to BP! Lowell is a great market for a beginner! In comparison to other Boston areas, it is considerably more affordable, especially for investment properties. Let me know if I can help, I'm an agent with Keller Williams! Thanks and Good Luck!
We actually just moved here! Fell in love with the neighborhood and the price point :) I grew up in Malden, so this is a bit different from what I am used to LOL however I did go to UMass Lowell, so I'm familiar with the area.
Welcome to BP, I'm an investor myself in Lowell. Would be more than happy to help answer any questions you have, I am still learning a lot as well, but would be willing to share any information I can with you.
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. You will definitely want to check out the NEREIA in Chelmsford, next meeting is actually this Wed. There is also a good meetup in Nashua that is pretty close to you and I highly recommend the Black Diamond meeting in Waltham every other month on the 3rd Tuesday (They alternate with their Worcester location, this is a Waltham month). Lots of other options too if you really want to get out there.
thanks, @Shaun Reilly and welcome to BP, Colin. Binge listening provides a lot of info, maybe more than you can absorb on a first go round. I hope you liked #9. :-) Not that I'm biased or anything. (Some of the books that helped me the most I have read multiple times)
Financing your deals is not impossible if you have downpayment money, but if you have a BK and no cash, you're right, it's very challenging. You can get hard money with bad credit easily, but if it is a buy and hold, you need to refinance out to conventional commercial, which requires a decent credit score.
Start saving your downpayment money and start networking with others at groups. Sometimes there are people who want to invest, and have the cash and credit score, but not the time. If you make relationships with them, you have options.
I would be really, really interested in seeing your flip! Thank you so much for the offer. What's really weird is that I just started thinking today about flipping in Dracut, and I was just analyzing a (fantasy) deal in Dracut when I saw your message. I'll PM you my phone number and you can call me when you're free to show me. Looking forward to it!
Thank you both for the advice! @Ann BellamyI was excited to hear a local person early in the podcasts! Once I have my proverbial ducks in a row, I will be in touch. Or we may meet at a local REIA event before that...
Thank you both for the advice! @Ann BellamyI was excited to hear a local person early in the podcasts! Once I have my proverbial ducks in a row, I will be in touch. Or we may meet at a local REIA event before that...
Didn't mention in my original response that I also am from D-Town and own several small rental properties in Lowell so happy to help with the local insights too.
I should be at the the Chelmsford meeting on Wed. If you make it out to that we'll probably get to chat a little.
Keep listening to the podcasts. Very good resource. I also agree that #9 was a good one, though I'm partial to #43. :)
Hi Colin. Welcome to the forums! I live in Pelham now, but I grew up in Lowell and my father still lives in the house I grew up in in Centerville on Coburn St.
Save my contact info, when you find a property you're interested in, I can let you know the lead paint status and what needs to be done to make it legal. I also have plenty of construction experience if you find you need a little advice in that area.