A Re-Introduction: New -ish Member in North Shore / Salem
Hi All,
I joined BP over a year ago but just recently became serious about getting into real estate investing. I'm reading and learning as much as I can. So I'd love to make any connections and learn as much from everyone as possible.
About me; I live in the North Shore (Salem) and would like to stick to this area for investing only because I know the market a little better for rent rates and home value. Just looking at the market and quick changes is a little intimidating but I'm ready to jump in. I own a condo in Salem (MA) and I purchased it with NACA. So I must refi or sell the property in order to buy another property. Refi isn't really an option as I'd be adding PMI to the mortgage to then turn around and rent it. So I'm happy to sell. I talked it over with an agent an another BP member and it seems like I'd make a 15-20k profit if I sold, which I'd use to invest in another property.
Here is where I have a few questions for you all;
1) Starting out and lacking a lot of funds, what would you suggest as the best entry into the real estate world? I've read about wholesaling for new investors, SFR vs Multi-family, etc. I'm not sure about wholesaling, it all seems like to can get into trouble if you don't do enough homework. If I sell, I need a place to stay :), so do I invest in a SFR to rehab and then rent or multi-family for a little hacking? How did you decide which to start with?
2) What are some creative sources of income that you all have come across? I'm not swimming in cash but I know that others are coming up with the down payments for their units. I'm reading about it but I thought I'd ask people out there doing it.
3) I'm willing to work on a project with someone to learn more. I'd offer my assistance for the exposure and experience. So anyone interested, please feel free to PM me.
4) I'm also open to Haverhill if not Salem, Peabody, Danvers, Beverly. Any opinions on the Lynn market? Some investors seem to thrive there and others avoid the city like the plague. I know the Diamond District is desired but it's as pricey as Salem.
5) Last one, I promise! I'm taking the real estate exam this month. Do you suggest listing your own place as your first deal or no?
My goal: For this year, I'd like to invest in one property. I know my areas (see above) but I'm trying to figure out the financing and if it's better to BRRR first or go the mutil-family route. I have a full time gig so I'm looking to start small and work may way into things.
Again, thanks for any feedback. I didn't want to lay on to many questions, so my apologies if this was long. I'm here to learn whatever you want to pass along. Thanks!
Ashlie