Hello BP Community,
I am a newbie when it comes to real estate investing so let me explain my situation and my goals.
I am a 50 year old man with a decent job, great credit and a home with tons of equity. I was a late starter when it came to thinking about my retirement so my 401K and personal savings are small compared to what they should be. My wife has been disabled for the past 13 years and on fixed income SSD.
I really am interested in starting to build an investment portfolio in real estate with passive income. I am aiming at having the mortgages paid off in 15 years. I would like to accumulate multiple properties to create a cash flow for now and in the future plus be clear and free by the time I reach retirement age. I want to dip my toe first and find one property to begin with. I live in Massachusetts so rental property around here is probably not an option because of the high prices. I was thinking out of state. I want to be a sponge right now and learn, but feel if I can get a good deal to start then I should get the ball rolling. Any advice would be appreciated. Thank you so much.
Who knows, if everything goes well and I find success, maybe I could retire early.
@Michael Niles Welcome to BP!
Don't give up on MA. There are some towns here on the south shore where you can get a reasonable deal of a fix & flip (I'm 80% complete on one in Rockland right now) and even some lower cost buy & holds - think Brockton, Plymouth, Taunton, Middleboro, Fall River and New Bedford. Even places like Holbrook and Abington can be reasonably priced too.
Much closer to Boston and prices start to get far more expensive. I'm showing two 3-plexes in East Boston on Wednesday at $700K and $900K respectively. In the above mentioned towns, you can still find some multi-family homes under $300K.
Let's connect and see if we can hammer out a game plan for you.
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Wishing you the best!
Welcome to BP!! Good luck with your education and investments.
Welcome to BP!Let's setup a good time to talk and I will do my best to answer all of your questions in regards to investing in Fall River. We still get some great returns down here! Cheers to our success!
Hey @Michael Niles , welcome to bp!
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