Newbie - Southeastern Massachusetts (Cape Cod)
Hi everyone,
First post here on the BP forums. I am a newbie just getting started and currently reside in East Sandwich, MA (with family).
Like many others on here, I want to invest in real estate to achieve financial freedom and to generate long term wealth. I want to do this through a buy-and-hold approach. I have a decent paying job that I enjoy, very little debt and am currently in the learning/saving process. I do not own any real estate (yet).
Unfortunately, I am also in a bit of an "analysis paralysis" stage that I need to break by taking consistent action. I know that I want to start by investing in my local market, but with the high real estate prices in my area, I'm not sure what properties/ strategies will allow for a stable investment that will support itself after all expenses are accounted for (and preferably with at least 8% ROI). My idea of local is no more than 30 minutes, which would probably boil down to one of the following towns:
•Sandwich
•Barnstable
•Bourne
•Yarmouth
•Dennis
•Mashpee
I’d love to hear what any investors on/near Cape Cod are doing:
- 1) What strategies do you find work best?
- 2) Do you focus on year round rentals or vacation rentals? Why?
- 3) Does anyone here rent by the room on Cape?
- 4) Are there any Cape Cod meetups?
- 5) Does anyone know any realtors who work with investors and/or invest in real estate?
- 6) What are your favorite ways to find deals?
Feel free to answer whatever you can. Thank you everyone for your time and I look forward to the journey ahead!
Best Regards,
Tom Colombo