Rental Property Investor · Boston, MA · Member since 2019 · 4 posts · 2 votes
I’m new to real estate investment and wanted to know what’s the best way to get started. Aside from credit score and making sure I have a decent monthly cash flow. I live in Boston,MA
Investor · New Lenox, IL · Member since 2017 · 18 posts · 3 votes
6y
@Youri Val I would start with hours and hours of reading books, listening to podcasts, and watching YouTube videos about real estate investing. After you have a good knowledge base you can pick whatever strategy would work best in your market. Depending on where your at in your life, I would say house hacking would be the easiest way to start.
Rental Property Investor · Boston, MA · Member since 2019 · 4 posts · 2 votes
6y
@Joseph Labit thank you so much for the tips. I’ve been watching videos and reading about investing for the past year or so. Just got to put more hours in I’m guessing. Wanted to get more of a idea of where you should be financially since you won’t know until you really talk to someone who is or has been doing it for a while
I’m new to real estate investment and wanted to know what’s the best way to get started. Aside from credit score and making sure I have a decent monthly cash flow. I live in Boston,MA
Whenever you are buying a rental property in or out of state you should do a few things to ensure it's as smooth as possible.
Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
Make sure your property manager is a licensed real estate brokerage.
Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estate
Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
6y
@Youri Val search for some local real estate groups in your area. There should be some good ones and I would bet that they have a lot of educational opportunities for you.