Top 3 Pieces of advice for Newbies - Greater Boston

Member since 2021 · 3 posts · 3 votes

Hi everyone!

I'm just getting started in real estate investing and I wanted to hear what some would say are the 3 most important elements to keep in mind when you're just starting out. I'm super excited to get started and for reference, I'm debating between using the BRRR method or fix and flip strategy to start my real estate investing.

P.S. I live in Stoughton, MA region and would really love to connect with other investors in the area or South Shore region!

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Jonathan BombaciBusiness Member

Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes

Welcome @Jeendanie Lorthe congrats on deciding to get started in real estate. Only limiting it to 3 things is tough but I’d say the 3 most important things I’d recommend to newbies are:

1. Build your team. The stronger and more they do with investors the better. The 3 key players when starting out in MA are real estate agent, lender, and attorney. If you're doing a BRRRR or Fix and flip you'll also need a good contractor.

2. Running Numbers. Get good at running your numbers and trust them to guide you. If you don’t run the numbers before seeing the house you’re wasting time. If you’re putting in offers without running your numbers you’re gambling. The BP calculators are awesome focus on learning the rental calculator inside and out before looking at the BRRRR or fix and flip.

3. Network. Your networth will be equal to your network over time. Build that network fast and furiously. Attend meetups and become active in these forums. We host monthly meetups both in person (MA and NH) and virtually. Attend as many meetups as you can and put yourself out there.

Best of luck!

Jon

[email protected]978-710-8611

Candor Realty4.760 Reviews

Website View Page

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Jonathan BombaciBusiness Member
Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
5y
Welcome @Jeendanie Lorthe congrats on deciding to get started in real estate. Only limiting it to 3 things is tough but I’d say the 3 most important things I’d recommend to newbies are:
1. Build your team. The stronger and more they do with investors the better. The 3 key players when starting out in MA are real estate agent, lender, and attorney. If you're doing a BRRRR or Fix and flip you'll also need a good contractor.

2. Running Numbers. Get good at running your numbers and trust them to guide you. If you don’t run the numbers before seeing the house you’re wasting time. If you’re putting in offers without running your numbers you’re gambling. The BP calculators are awesome focus on learning the rental calculator inside and out before looking at the BRRRR or fix and flip.
3. Network. Your networth will be equal to your network over time. Build that network fast and furiously. Attend meetups and become active in these forums. We host monthly meetups both in person (MA and NH) and virtually. Attend as many meetups as you can and put yourself out there.
Best of luck!
Jon
[email protected]978-710-8611
Candor Realty4.760 Reviews
Website View Page
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Dmitriy Fomichenko
Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
5y
Originally posted by @Jeendanie Lorthe:
Hi everyone!
I'm just getting started in real estate investing and I wanted to hear what some would say are the 3 most important elements to keep in mind when you're just starting out. I'm super excited to get started and for reference, I'm debating between using the BRRR method or fix and flip strategy to start my real estate investing.

P.S. I live in Stoughton, MA region and would really love to connect with other investors in the area or South Shore region!

Jeendanie, awesome that you joined!

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Patrick Flynn
Realtor · Boston, MA · Member since 2018 · 24 posts · 13 votes
5y
@Jeendanie Lorthe I like how you have narrowed down to two strategies with both of them having to with purchasing a property that needs some sort of rehab. Focus in on what price point and what specific area you are looking to purchase at and how big of a rehab you are willing to take on. The longer/pricier rehabs are the more risk you take on with either construction delays, increased holding costs, or the market turning
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Jeendanie Lorthe
OP
Member since 2021 · 3 posts · 3 votes
5y
@Jonathan Bombaci thanks so much for the warm welcome and the awesome points of advice, particularly your last point. I've only come to learn about the BiggerPockets community these last couple of months and like in many other industries, your network is key. If it's alright, I'd love to contact you and learn more about the in-person and/or virtual meetups to start connecting and meeting others!
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Jeendanie Lorthe
OP
Member since 2021 · 3 posts · 3 votes
5y
@Patrick Flynn thank you for your comment and advice! I definitely will be taking those into considerations as I narrow in on which strategy to use first!
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