I am brand new to BiggerPockets and the RE industry. I am very interested in multi-family and single-family homes, as well as apartment rentals. While I'm originally from Southeastern Connecticut, I currently am a full time student in Boston, MA and would preferably start my investing career in the Greater Boston Area. I am eager to make great connections and learn as much as I can about real estate. If anyone has any advice or good pointers for a newbie RE investor, please share your thoughts & opinions!
@DJ Richmond Thank you for your response and opinion! I have been researching multi family homes and the benefits to doing exactly what you said (living in one unit and renting out the other units). I'm glad your experience in it went well, it is encouraging to hear about the success in that area the positive feedback! Very appreciated.
@Ned Carey Thank you very much for your response! I'll be sure to check it out. Much appreciated!
My best advice (assuming you're a full time student) would be to educate yourself and budget for an FHA loan house hack. That means you save up 3.5% for the down payment, plus closing costs, plus reserves. Then you occupy the unit and rent out the other 3, ideally living for "free" or making money. (Make sure you account for CAP EX and Repairs)
Scott talks about this in the book: Instead of cutting out the small $3-5 dollar stuff in your budget start with the most expensive, typically housing. Once you "wipe out" your housing bill, you will really accelerate your money for the next investment.
- If you really want to do well, look into the 203k loan which allows you to purchase a property in disrepair, finance in the rehab, and force some appreciation.
- My other best advice is to attend the BP meetups. Since you go back and forth, there are a lot of great ones in CT and MA. I have met some many great people who I continue to do business with and learn from.
- Connect with a REO/RE Estate Investment friendly agent, which may be tough because of the time investment for the agent. But having someone as an expert in the area will really help you with your first purchase to make sure you don't get over your head. The more you educate yourself now the better the chance they will work with you. At first its a lot of hand holding which can be tough on an agents schedule.
- Keep an eye out for what properties are on the market, what they look like, details, and what they sell/rent for. That way when you're ready you will be able to jump on a good deal, its also important to act fast in a hot market.
hi there @Remy Bonser ... Welcome to BP! I wish you the best on your investing journey... I currently invest in Southeastern Connecticut. I don't know much about the Boston Market besides that is a whole different animal as far as the price point than Southeastern Connecticut. I am originally from Los Angeles and I move to New London county about 10 years ago but If I was still in Los Angeles my investing path would have definitely been a lot more limited than it is now. The reason I am telling you this is point out to you is so you don't get discouraged looking at Boston real estate prices... If you are familiar with the area in Southeastern Connecticut and the entry point is more manageable don't get discouraged by Boston prices, just look else whare and preferably somewhere your familiar with. You got a huge advantage by being close to an area that your familiar with tht also has a lower priced market than where your current residence is and a great resource here with BP. Best of luck to you!
Welcome to BP @Remy Bonser ! You are in the right place to learn about real estate! I currently invest in Fairfield County-CT. If you decide to invest in this area, please, let me know. Best of luck!
@Vinny Lopes Thank you very much! I am very open/interested in investing all around the state, especially anywhere that has a great deal. If in that area, I will definitely reach out! Thanks again!
@Remy Bonser Yeah bud for sure... feel free to reach if theres anything I can do to help
Hello! @Remy Bonser
Welcome to BP, and congratulations on making the decision to invest in your future via real estate.
I have written a few blog posts that may help you get started here on BP, and with your investing. Please click on the links, give them a read, and share your thoughts in the comments.
First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:
The second is a post that will help get you focused with your real estate investing goals:
The last one is a post that will help you choose an “investor friendly” real estate agent.
There are many agents out there, but it’s important to choose the right one.
I love answering questions if you have any! Good Luck :)
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