Salem, NH · Member since 2016 · 23 posts · 5 votes
I'm looking to get in to investing in the New England area and want to connect with like minded people or seasoned people for advice. I've been trying to educate myself so I can understand the real estate lingo. Just within the past week I've learned so much and understand I will never stop learning. Feel free to connect with me although I am a "noob" I'm determined.
Welcome to the game :) Learning the lingo is a great start. My recommended next step is to figure out what you actually like to do. Some folks want to swing hammers all day and others' prime desire is to stalk the courthouse steps.
If you want to do this full time, find a passion. It will help get you up in the morning.
My standard piece of advice for all newbies: Wholesaling is NOT a rookie profession. If you can hustle like that, become an agent.
There is a meetup in Andover MA next Wednesday night. @Justin Silverio has details.
Hi Jonathan, where you are on the border, always remember that NH is a much more landlord friendly state than MA. If you're looking at rentals, Lowell and Lawrence might be tempting, but I'd suggest Nashua, Salem, or Manchester as the NH equivilants. You will thank me when it comes time to evict someone. In NH it's a simple straightforward process that's easy enough that most folks I know do it themselves. In MA, it's a complicated legal process that usually requires a lawyer and lots of money. Also, rentals on single familys are pretty good up here if you can get them cheap enough to make them cash flow. People that want to live in NH but don't want to pay NH property taxes eat up the SF rentals. They don't stay on the market long.
If you're considering section 8, then you can look in MA as they tend to be easier to evict. If you tell them you're going to evict, they usually leave on their own because if they actually get evicted they lose section 8.
If you're flipping, by all means, look south of the border.
Keep my contact info, I can help you with the lead paint issues when you buy something.
Don't forget about appreciation. Many folks are buying up properties knowing the cash flow is going to be less than ideal but since they did their homework they have high expectations for appreciation. A little more risky, but I think this is where many of your deals will be found in this market. It requires a lot of research and a long term plan.
Don't forget about appreciation. Many folks are buying up properties knowing the cash flow is going to be less than ideal but since they did their homework they have high expectations for appreciation. A little more risky, but I think this is where many of your deals will be found in this market. It requires a lot of research and a long term plan.
If you are looking at the appreciation game you definitely should be looking at a long term plan.
Betting on that in the short term (unless you are rehabbing and forcing your own appreciation while getting out in a few months) is very risky. Especially in a market like the current one. Even for those that feel the market isn't going to do anything but increase for the foreseeable future (I'm not one of those people...) it is hard to think you haven't missed the 3 best years of appreciation of the current cycle.
If your vision is like 10 years that probably doesn't matter that much, if the plan is to gross a 20% profit in spring of 2018 (With minimal changes to the property) then I'd suggest having a viable plan B.
We're a hard money lender in New England for short-term investment loans. My office is in Portsmouth, NH which is probably not too far from you. I'd be happy to chat with you and see if we can help you get going with us or just help you connect with other parties in the business.