Rental Property Investor · Brockton, MA · Member since 2017 · 19 posts · 11 votes
Hi BP,
I've been following the BP discussions and podcasts for a couple months now. I'm looking to invest in my first home (ideally a house hack) in the Boston area and begin in real estate investment career. I've saved up about $25k to get in the game and get started. looking around the greater Boston area. If anyone here has any advise or experience in a hot market like this please let me know.
Thanks BP!
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
9y
@Seth Robertson Congrats on making a smart decision - one that I wish I had made 30 years ago!
With $25K, you'll most likely need to house hack as you have planned - and most likely with a multi family.
If you're buying near Boston, you probably won't have enough cash to put down unless you did one of a few $0 down options that are out there. (I can help you to understand what each of them are).
They all have some minimum owner occupancy requirements, so keep that in mind.
The south shore is probably the most affordable part of the state, east of Worcester. There are some real gems here like Pembroke, Halifax and Kingston. Lower cost, decent rents, low crime rates and decent schools - also some good commuting options including RT 3, RT 3A and MBTA Commuter Rail.
Rental Property Investor · Brockton, MA · Member since 2017 · 19 posts · 11 votes
9y
Thanks for that! I've been looking around the areas of Lynn, Lowell, Brockton, and a few parts of the south shore. Do you have any input on these cities? I will be sure to check out the areas you recommended as well.
I've taken one of the 1st time homebuyer classes in Boston and learned about a few options to put down 1%-5% down on a multi family in Massachusetts which is more the route I'm leaning towards right now.
China, ME · Member since 2014 · 3k+ posts · 4k+ votes
9y
@Seth Robertson I'd be careful to stay on the west side of Brockton. Zip 02301 tends to be better than 02302. The far north and east sides are better too. There's a "bubble of disrepair" around the center, where properties aren't well kept. 8 blocks to the west and it looks like another town.
I lived in Lynn many years ago - I left in 1985. I wouldn't go back on a dare. There are nicer parts - though not many. Personally, I like the south shore much better.
Lowell has a bad rep as a lot of people conflate it with Lawrence. Lowell has some decent areas, including some BIG old Victorians. Those would be a massive rehab and I don't know that you would get your investment back as the town doesn't really seem to support mansions.
I think a nice, easy 2 or 3 plex in Kingston, Pembroke, Halifax, Hanson, etc would be a good start for a house hack.
Real Estate Agent · East Bridgewater, MA · Member since 2015 · 6 posts · 2 votes
9y
Hi Seth first of all congrats on being ready to move into the realm of R/E investing. As someone who got into the game just a year ago I think I can offer some advise on the south shore market. 1. Look every single day but remain patient. 2. Go to every open house you can which are easy to find via Redfin which is a website and app even if you don't like the house you can learn something from them all like the competition in the market or a certain layout you may like or anything really. 3. Get a great R/E agent I can give you the name of mine if you like she was wonderful. 4. Talk to many banks and get a preapproval lined up for yourself but be careful I got a masshousing loan which I was ill informed of at the time but requires me to occupy the house for the entirety of the loan. 5. Once you have a preapproval in order and find a house you like act fast if you liked it someone else will too and often times it can be an early offer that gets the house. 6 Best of luck and try not to get discouraged if your first attempts aren't accepted in my experience it's the best thing that could have happened to me