Real Estate Investment Groups Massachusetts?

Question

I am looking for a real estate investment group or networking events on the south shore of Mass?  Anything near Weymouth or Quincy?  Or anything near the Dedham, West Roxbury, Roslindale area?

I am a realtor and have done a few deals.  But mainly, I am looking to purchase buy and holds as well as flips. I purchased a 2 family a little over a year ago in North Weymouth.  I house hacked it and am almost done with the rehab.

Thank you.

Account Closed · Answer

Two thumbs up for @Ann Bellamy and Black Diamond. They also have a fairly active FaceBook page if you can't attend the meetings.

Owen D. · Answer

@Chris Roche @Eric S., I'm in Quincy and currently owner occupy a two-family. I would be interested in getting together and now that I see that @Charlie MacPherson has a group in Norwell I'm going to look into attending that as well.

I'm currently at a crossroads on how to best move forward to acquire a second property and would be open to any insight/advice. For some background I bought my two family in an FHA loan, we've owned it going on 3 years this June and have equity between buying it a price lower than market and making some interior upgrades. We do, however, need to do quite a bit of updating to the exterior.

Here is my issue/question that I'm seeking advice on:

My understanding is to be able to remove the MI and to be able to take cash-out I'd have to refinance into a conventional loan (I've done the calculations on this and with the current interest rate and removal of MI I'd end up saving around $100/month). However, if I don't have to I don't want to use the cash-out funds on the repairs/upgrades to the current property, I'd like to reinvest in a second property. Based on some research, I'd qualify for the Massachusetts "Get the Lead Out" program which offers up to $35,000 interest free deferred payment loans for qualified projects.  This loan does not become due until you sell the property OR refinance; however, I've heard that you may be able to subordinate the loan when you refinance so that it actually does not come due upon a refinance.

What I'm not totally clear on is which scenario puts me in the best position moving forward:

1.Do I refinance now to take out the equity that currently exists before interest rates rise and utilize the Get the Lead Out Program to make the exterior improvements; or

2. Do I utilize the Get the Lead Out Program to make the exterior improvements THEN refinance and (a) try to subordinate the Get the Lead Out loan so that no payment becomes due immediately, or (b) if the Get the Lead Out loan cannot be subordinated, hope that the refinance appraisal comes in high enough that I can pay off the Get the Lead Out loan and still take cash-out to put towards a future investment.

Apologize for hijacking this thread but look forward to your replies.

Thank you,

Owen

James E. · Answer

@Chris Roche black diamond is a great one. It's a little further north than the areas you mentioned, but we've started a multifamily meetup in Somerville if that interests you.

https://www.biggerpockets.com/forums/521/topics/552319-boston-multifamily-investor-meetup

Account Closed · Answer

Hey Eric, check out Massachusetts REIA at massrealestate.net - they meet monthly in Peabody on Rt. 1, and in Danvers monthly for a smaller and more informal discussion that's more geared towards newbies - like yours truly.

Charlie MacPherson · Answer

The Boston South REIA has moved to the Tavern on the Wharf, 7 Town Wharf, Plymouth.  2nd Sunday of the month, 6 PM.

We meet at the bar for networking and general BP chatter!

Eric Sullivan · Answer

Hey I see everyone here is talking about the south shore. I live in Salem and have been doing some investing up here for a bit with some great success. Would love to connect with anyone on the North Shore or if there are any groups that you know of that would be great.

Charlie MacPherson · Answer

@Chris Roche The Boston South REIA meets in Norwell on the 2nd Tuesday of the month.  Watch the "events" section for details - or just call me.

Ann Bellamy · Answer

@Charlie MacPherson has a group called Boston South REIA, I think that's the name.  He'll chime in and give you the details.

I run a large group called Black Diamond which alternates between Waltham and Worcester, our last meeting had 106 attendees.

Khalid Hasnaoui · Answer

I am in dedham. We could start a small group to brainstorming and ideas.

I am available to meet up.

Khalid

Shawna Smith · Answer

Wondering if there are still any groups in the South Boston area?

Real Estate Investment Groups Massachusetts?

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