Beginning REI journey, in Greater Boston area, during COVID?

Beginning REI journey, in Greater Boston area, during COVID?

Real Estate Broker · Boston, MA · Member since 2020 · 18 posts · 7 votes

Hello everyone! I am new to the Biggerpockets community, although I have read a ton of discussions, articles, and Brandon's book on how to invest with little (or no) downpayment. I am not new to investing in general - I have a passion for stock/stock options trading, but I have always loved real estate and now have caught the bug to make it a reality.

I am in the Boston, MA area, and realize the market is very expensive. I am not looking to leave the place I live right now, so FHA, 203(k), house hacking, etc. are off the table for now. I still want to manage to put very little down (use others' money), but I am willing to put in a little extra work to do so - I read how you can find great deals and include contracting in loans.

My main goal is creating cash flow, and building up a portfolio over time. Is this possible in Boston, or in MA in general? Since I want to start small, should I go out-of-state? How would I know where to go? I welcome all insights and strategies. Please let me know if I missed a key goal to help you answer my questions.

I saw a couple posts in the past about the Greater Boston area, but nothing too recent that I found. Also, with COVID going on, another main question I wanted to ask is how should this affect my entry to the real estate investing world? Hold off? Use it to my advantage? How?

I would really like to connect with anyone who is willing to help me out, and build a network. I really appreciate everyone's time for reading and answering! Cheers!

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  • Craig CurelopBusiness Member
    Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    Welcome to BiggerPockets @Nick Jasinski!

    Great to have you here in BP site! For updates about Covid-19 in relation to REI business, you may see forums, blogs and this link:

    https://www.biggerpockets.com/rei/coronavirus-content-resources

    Keep on with your Real Estate education by browsing, reading, listening, building your network and BP profile too (which is a priority while you are here). Connect with other members esp in your target area, Boston MA to learn from their success stories and experiences. I am sharing to you some of my initial recommendations:

            1. Subscribe to the BiggerPockets Money and Rookie Podcasts

            2. Attend the FREE WEBINARS

            3. Attend a Meetup in Your Area

            4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

            5. Peruse the forums! Ask questions! Answer Questions!

    Good luck in your next steps and future investments! Keep safe/healthy, and see you around the site!

    Best regards,

  • Real Estate Broker · Boston, MA · Member since 2020 · 18 posts · 7 votes
    6y

    Craig, thanks a ton for your response! I appreciate the steps you provided, and am certainly going to be a sponge to all I can on BP and beyond.

    It seems you started by using the house hacking strategy, and stay primarily in CO. Do you do any out of state investing? How is the Denver market for cash flow?

  • Craig CurelopBusiness Member
    Real Estate Agent · Post Falls, ID · Member since 2016 · 1k+ posts · 1k+ votes
    6y

    @Nick Jasinski - No worries man! A fellow Bostonian. I'm from MA too... Worcester area. 

    You can get great cash flow here in Denver. However, you do need to put more down. If you are investing out of state and want traditional, inexpensive Fannie/Freddie loans, you'll need $80k to $100k. 

    If you want to move here, you can do owner-occupied loans for $10k to $20k down. 

    Each property that we look at, we are targeting about $1,000 a month in cash flow.

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