Newbie on first deal in Massachusetts and looking into the next.

Newbie on first deal in Massachusetts and looking into the next.

East Lynn, MA · Member since 2017 · 6 posts · 5 votes

Hi, my name is Chris Leslie.  I am currently working on my first deal.  It began as a live-in flip expected to go for 1.5-2 years but may become a rental down the line if I can come up with funding for my next deal without selling.  I read a couple books and always do my research, but as I learn more and really get into this I've learned it may not have been the best deal out there.  It doesn't fit a lot of great rules I've learned recently from religiously listening to the BiggerPockets Podcast.  The area seems promising for appreciation and I would like to hold onto it if I can.

My goal is to build a strong team to and move onto my next deal using the lessons learned from this first experience.  Whether I flip or build value and hold onto a property, is a question that remains unknown until I come up with a more detailed plan.  I have many of the bases covered for my team but the missing piece is a partner or lender.  In the position I'm in, I can bring zero cash of my own to a deal.  The thought of leveraging my house has arisen but I don't believe I have the equity.  What I do have is a lot of drive, a great critical thinking and creative mind, and building experience.

A little background, I am 25 year old with an engineering degree.  I fell into construction and that's where I've learned a lot of skills.  I was a project lead on residential remodels but recently moved to a job in commercial construction to free up some mental bandwidth to be used for my own endeavors.  I plan to obtain my contractors license once my current project slows down.

I've learned a ton form BiggerPockets already and I am looking forward to learning much more and networking.

Profile picture coming soon. 

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  • Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    8y

    @Christopher Leslie

    Congrats on your first deal! I imagine you will learn alot from the live in flip and getting the work done the property needs. 

    Appreciation is possible and that's the great thing about real estate! For your next deal are you looking for a flip? 

  • Rental Property Investor · Springfield, MA · Member since 2015 · 7 posts · 5 votes
    8y

    @Christopher Leslie

    Nice job finding a deal. I am in construction with a degree in civil engineering. Best of luck to you

  • East Lynn, MA · Member since 2017 · 6 posts · 5 votes
    8y

    @Roland Barbeito thank you!

  • East Lynn, MA · Member since 2017 · 6 posts · 5 votes
    8y

    @Steve Bracero 

    I have learned a ton about what to look for on a walk through.  I ended up spending tons of time and money on things that I shouldn’t have to worry about.  Examples: New Lally columns and footings in the basement to replace temp. columns, 48 sheets of blue board and plaster in rooms that didn’t need any mechanical work but had bad horse hair plaster.  Old house problems typical of New England.

    My next deal is most likely going to be a flip.  My goal is to build a passive income portfolio but I have zero money so I’m trying to work with a partner or investor to build some capital first.  Then I can roll that into a multi.

    I saw that you have some units in Worcester county.  I’m sure you understand the old house issues.  I have a question for you.  Have you ever thought of buying rentals near Fitchburg State?  Prices are low and the University seems to be growing (and supported by the state) which makes it seem a little safer.

  • Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    8y

    @Christopher Leslie

    I see, so you want to find a property that needs work next. Then take the profits and go with a multi. I have looked into Fitchburg and know investors who are successful in the area. The entry prices are low in the area, and there is potential (if you can find good tenants). I am about 40 mins from Fitchburg- and I have not visited many multi's there recently. 

  • Property Manager · Fitchburg, MA · Member since 2016 · 28 posts · 13 votes
    8y

    Be careful in Fitchburg. The best deals are in the worst areas and the students will not want to live there either. Unless you want section 8 you would have to be in specific areas. Not as many students live off campus as you might think, don't go more than a few blocks away.

  • East Lynn, MA · Member since 2017 · 6 posts · 5 votes
    8y

    @Bonnie McCullough

    I appreciate the input.  I received some intel from a family fried who is currently a student there, and it aligns with your insight very well.  Regardless I don't get a great feeling about that area.  I think I'll keep it on the radar but slim chance I will do any deals there.

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