New "Investor" North of Boston

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New "Investor" North of Boston

Jordan NesmithPro Member
Salem, NH · Member since 2018 · 3 posts · 4 votes

Hello Bigger Pockets! I am an aspiring investor currently looking to make my first real estate jump by house-hacking a multi-family property somewhere along the Route 93 or Route 3 corridor north of Boston. I have just begun working my way through the Bigger Pockets podcasts and related reading, and splurged on the Pro membership for the calculator help. It seems tough to find a good house-hacking deal in this market, and I would like to find a local investor friendly real estate agent to help direct my search efforts.

I've been super inspired by the podcasts and reading that I've done so far, and am really excited to connect with the BP community and start my investing journey. I've been a mechanical engineer for the 6 years since I graduated college, and for a while have had the goal of financial independence by the time I'm 40. My current house-hacking goal seems like a great way to start working towards that goal with the help of real estate investing, and then figure out what the next step in real estate should be. I'm ready to go!

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Lien VuongBusiness Member
Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
7y

Congrats on making a move onto financial freedom! I think you're making the right steps to met with professionals such as lenders and agents who know the market well and give you feedback about it. 

I would definitely shop lender rates without running credit to see who has the most advantage package comparing a bank's rates vs. credit unions vs. mortgage companies. Know that origination fees/points/rates are all negotiable. Even if you found a great property and did not properly shop your lending you could be paying for it in the back end. That's been my personal experience thus far. 

Additionally it is obviously great to speak to agents as well but be mindful to speak to ones that know the strategy you're employing. The majority of agents out there work the 'retail' work aka buying/selling someone a property once for primary residence and that's it. Based on what you've expressed that is not your goal so establishing that rapport and foundation of trust and knowledge is imperative at this point in your investing timeline. 

Good luck!

[email protected]
The Elle Group5153 Reviews
WebsiteView Page
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  • Michael Pallotta
    Realtor · Boston, MA · Member since 2017 · 187 posts · 40 votes
    7y

    Hi Jordan,

    Congrats on getting started! I do a lot of work in the area and would be happy to talk with you about different towns and what you might be looking for.

    0Reply
  • Nathan Brooks
    Real Estate Investor · Kansas City, MO · Member since 2012 · 397 posts · 187 votes
    7y

    Good luck @Jordan Nesmith and welcome! There are a lot of exciting things coming up for you. Be clear on your goals. Write them down. Understand what you want it to look like when you are done. Work at it everyday... GOOD LUCK!

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    7y
    Originally posted by @Jordan Nesmith:

    Hello Bigger Pockets! I am an aspiring investor currently looking to make my first real estate jump by house-hacking a multi-family property somewhere along the Route 93 or Route 3 corridor north of Boston. I have just begun working my way through the Bigger Pockets podcasts and related reading, and splurged on the Pro membership for the calculator help. It seems tough to find a good house-hacking deal in this market, and I would like to find a local investor friendly real estate agent to help direct my search efforts.

    I've been super inspired by the podcasts and reading that I've done so far, and am really excited to connect with the BP community and start my investing journey. I've been a mechanical engineer for the 6 years since I graduated college, and for a while have had the goal of financial independence by the time I'm 40. My current house-hacking goal seems like a great way to start working towards that goal with the help of real estate investing, and then figure out what the next step in real estate should be. I'm ready to go!

     Welcome to the site Jordan. House hacking is a great way to get started before moving onto non owner occupied purchases that require a higher down payment.

    0Reply
  • Jordan NesmithPro Member
    OP
    Salem, NH · Member since 2018 · 3 posts · 4 votes
    7y

    Thank you, I appreciate the encouragement. I feel like there's still so much to learn and I'm trying to keep from jumping into anything before I'm prepared. I'll be talking with some professionals this week and trying to make it to one of the local REIA meetups to be sure I'm not going too far awry. I am a little bit wary about the status of the market right now, especially in my area north of Boston.

    1Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    7y

    Congrats on making a move onto financial freedom! I think you're making the right steps to met with professionals such as lenders and agents who know the market well and give you feedback about it. 

    I would definitely shop lender rates without running credit to see who has the most advantage package comparing a bank's rates vs. credit unions vs. mortgage companies. Know that origination fees/points/rates are all negotiable. Even if you found a great property and did not properly shop your lending you could be paying for it in the back end. That's been my personal experience thus far. 

    Additionally it is obviously great to speak to agents as well but be mindful to speak to ones that know the strategy you're employing. The majority of agents out there work the 'retail' work aka buying/selling someone a property once for primary residence and that's it. Based on what you've expressed that is not your goal so establishing that rapport and foundation of trust and knowledge is imperative at this point in your investing timeline. 

    Good luck!

    [email protected]
    The Elle Group5153 Reviews
    WebsiteView Page
    1Reply
  • Brandon L.
    Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    7y

    Hello! @Jordan Nesmith

    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 :)

    0Reply
  • Justin JohnsonPro Member
    Fort Smith, AR · Member since 2018 · 122 posts · 70 votes
    7y

    Welcome, @Jordan Nesmith!

    0Reply
  • George Blower
    Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @Jordan Nesmith

    Welcome to Bigger Pockets. This is a great place to network.

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    7y

    @Jordan Nesmith

    Welcome to the BP family! Good to have you here! Here are some recommendations for you:

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

    Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts

    Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

    Check out BP Podcasts: https://www.biggerpockets.com/podcast

    If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box. He or she will be notified of being tagged so that the conversation will continue.

    Wishing you the best!

    0Reply
  • Jay Helms
    Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    7y
    Originally posted by @Jordan Nesmith:

    Hello Bigger Pockets! I am an aspiring investor currently looking to make my first real estate jump by house-hacking a multi-family property somewhere along the Route 93 or Route 3 corridor north of Boston. I have just begun working my way through the Bigger Pockets podcasts and related reading, and splurged on the Pro membership for the calculator help. It seems tough to find a good house-hacking deal in this market, and I would like to find a local investor friendly real estate agent to help direct my search efforts.

    I've been super inspired by the podcasts and reading that I've done so far, and am really excited to connect with the BP community and start my investing journey. I've been a mechanical engineer for the 6 years since I graduated college, and for a while have had the goal of financial independence by the time I'm 40. My current house-hacking goal seems like a great way to start working towards that goal with the help of real estate investing, and then figure out what the next step in real estate should be. I'm ready to go!

    Why do you want to get involved with REI? And money can't be the answer. Money will most certainly be a by product but it can't be your WHY. What's YOUR why?

    0Reply
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