New to RE and BiggerPockets, looking to make connections & learn!

14 Replies

Hello,

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!

Thank you!

@Remy Bonser welcome to BP and the world of real estate investing! My best advice would be to start listening to some of the podcasts, read the blogs, interact on the forums, and be ready to learn. There’s a lot of good information out there and a lot of information period. Take some time to think about exactly what you want to do and what your goals are and study up on it. I may be biased, but in my opinion one of the best routes to go is buying a multi family home as a first purchase and occupying one of the units. You can likely live for free, or cheap, while building equity and gaining experience. That’s how I started and have no regrets. Best of luck in your real estate journey! Always happy to help with anything I can.

@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.

@Remy Bonser Another great resource is the book from BP, Set For Life by Scott Trench. (Page here)

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. 

Side notes:

  • 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!

@Michael Spittler thank you for reaching out! It’s awesome to hear from another investor right in the same area! Your advice was spot about the differences between the New London County market and the Boston market. I was definitely thrown off the first time I looked and saw the price differences for myself! I really appreciate the input! Thanks again and best of luck to you as well!
@Remy Bonser absolutely .... well if you decide to invest in SE CT .... I do run a general/electrical contracting business in the area and would be happy to work with you . Take care!

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:

https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp

The second is a post that will help get you focused with your real estate investing goals:

https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciated

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.

https://www.biggerpockets.com/blogs/5868/52724-im-new-to-investing-how-do-i-find-an-investor-friendly-agent

I love answering questions if you have any! Good Luck :)

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