Newbie from Northshore Massachusetts

18 Replies

Hi all,

I've been lurking on this forum and listening to the podcast for almost two years now.  Just graduated college (Gordon College in Wenham. MA) and am looking to carve out an investment future for myself in real estate. 

Thanks to the unbelievable resources provided by BP, I've gone a long way in my RE education and am getting close to making some moves.  I live in the Wenham/Beverly area with family currently, and have lived here, and in Gloucester, my whole life.  Planning to start my RE journey on the Northshore and expand to other areas after I've built some rapport, as the market is nuts here. 

I'm in the process of evaluating Fall River MA, Franklin NH, Skowhegan ME, and the general Southern NH and Southern ME areas as locations on the rise - and am very interested in learning more from investors active in these areas!

As far as strategy, I'm considering wholesaling as a way to gain capital and experience with the goal of moving toward buy and holds, with the eventual goal of PIRE (Passive Income Retire Early).  I also have the goal of purchasing a multifamily in the area this winter to house hack.  Looking to purchase Danvers or points East on Cape Ann.

Have recently started driving for dollars in the area, building a list of leads for an eventual direct mail campaign.  

As I work on that the main thing I'm stuck on is whether to get licensed as an agent to get some income going, or just hustle hard as a wholesaler until I have a good deal flow.  I plan to shadow some agents soon, so we'll see.

Huge fan of the outdoors, including biking, hiking, surfing, kayaking, climbing, skate, and everything else. Inspired by Mr. Money Mustache to live below my income and invest so I can have more time to pursue things that I love and causes that I care about.

Am very excited to absorb information from anyone willing to lend some - also willing to put in hard work to learn the ropes from someone more experienced!

Thanks for reading this huge intro - means a lot with how many posts a day there are on here!

Welcome @Blake Denman ! Sounds like you are on the right track. There is no doubt that the market and prices are crazy in the area. I have helped a couple people in BP with their purchases and would be happy to talk more with you about what you are looking for or just answer any questions about the process in general. Best of luck!

@Michael Pallotta Thanks!  A little further down the road I'll have to contact you - what type of investors do you work with and in what kind of properties?

@McKinley Carbone Hey neighbor, do you work with Justin Silverio?  I've seen his name around and have been looking into the company

Sweet, I've been looking around at the different networking opportunities in the area - I definitely hope to attend this one!

Last weekend Boston Area REIA had a walkthough and Q&A of an in-progress duplex>condo conversion in Gloucester with Karriem Cherry from Cherry Picking Properties in Lynn. I went and it was incredibly informative, so I'm excited for more.

Hello! @Blake Denman

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 :)

Hey Blake good to see a fellow from the North Shore like myself on here. I live in Salem currently and have been acquiring a bunch of properties in Salem specifically. If you are willing to do the door knocking and find the multi family opportunities I would love to hear about anything you come across. I am too busy with my full time job to do the lead part but have the ability to buy stuff pretty easily. Feel free to shoot me a message to connect if you would like.

Hey @Eric Sullivan - awesome you're snatching up deals in Salem - have you been buying from wholesalers?

Edit - looked at your profile - you renting that triplex to SS students?  Are they trashing it or playing nice?  Will you be affected by the new Salem AirBnb rules taking effect in April?

Funny enough, I'm actually almost done putting together an online wholesaling presence around here.  Hoping to get some nice leads rolling in if I keep the google rankings up.... fingers crossed haha

I'll be posting about it when I've wrapped it up and it looks less silly.

@Blake Denman so the airbnb I currently have in salem is zoned R2. The 3 family I bought in July I just finished and we are condoing it and selling it which they will go on the market beginning of January. We are closing end of this month on a 3 family downtown which is zoned to allow Airbnb. And finally we are working on a big deal that yield us up to 24 units right near downtown of which I may structure the condo docs to do Airbnb for a few whenever we get to that point. I only look at properties that are zoned R2 or R3 when it comes to multis to avoid the issues with Airbnb. Long term rentals are great for some people but I would rather own less properties and make more money. 

But feel free to reach out anytime with deals I am always happy to look and have some capital to put to work with the sale of some other properties happening as well.

Eric

@Eric Sullivan  That's smart only buying R2-R3 with the AirBnb consideration - as my mom is finding out in Gloucester, it's also easier to change zoning/use when you're not in an R1 type zone.

Good luck with that 24 unit - that's a dream right there.

Will reach out in the future for sure

Blakle

Thanks! Yeah I tried to change the zoning of the 3 fam we have now and even called in a favor and no budging by the town. Oh well can't predict everything.

Look forward to hearing from you.

Eric

That's awesome you're learning different types of strategies and looking for ways to get into the RE industry. Have you had success with wholesaleing thus far? Have you been driving for dollars? That's definitely a good way to gain some momentum in learning about the geographical area as well getting to know the community. 

I used to live in Beverly myself so I'm well versed in the North Shore market, there aren't a ton of multis except for Salem but it's a strong market where you could definitely employ the BRRR strategy if you find the right deal! Another great way is for you to find a property and use your FHA 3.5% down which is very low and try to house hack that way.

I love the idea that @Eric Sullivan employs both the long term tenant and short term tenant strategy to create cash flow! It capitalizes on the market entirely and helps to diversify your rental income. 

@Blake Denman congrats on your graduation and motivation! I live out west but have some North Shore ties. My cousin who lives in Salem, and I are currently shopping for a multi (preferably a four plex) in either Salem, Beverly, Danvers or Gloucester. Once you get your wholesale business up and running I would certainly be interested in checking out your deals. Cheers!

Hey @Lien Vuong - I've d4d'd around a few local towns collecting notes, pics, addresses - but have been holding off on anything until I feel like I have a presentable web presence to send them towards - almost there.

After a couple deals and some cash my goal (hoping February... we'll see though) is to go the fha 203k route with a multi.  I doubt it would work in Beverly unless I can find something off-market or I put in an offer sight unseen with no inspection... which I'm not keen to do

@Michael Wallimann If I find a 4plex around here I'll probably have to keep it because there are so few haha!  Will keep you in mind in the future for sure

Welcome to Bigger Pockets, @Blake Denman !

You'll find plenty of friendly, knowledgeable people willing to help respond to your questions. Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

If you haven’t checked it out already, the Bigger Pockets blog features links to their awesome podcast and many great articles: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could start your search here: https://www.biggerpockets.com/search/users

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