Relocating back to Boston (from San Diego) end of august. Need advice.

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Relocating back to Boston (from San Diego) end of august. Need advice.

Ramin M.
Member since 2023 · 20 posts · 12 votes

Im a dentist and I’m starting my investing journey in next few months. I have about $950k all cash equity in my current home and will be selling it Nov 2023. And by then probably another 100k in savings. For the first few months my wife and I will live in Newton, ma in my childhood home with my mother cause we don’t know ultimately where we want to live. Two part question: what areas in east coast are you guys investing in to get best rent to value ratio? Im think providence, Worcester, Springfield, New Haven…places like that. Boston proper doesn’t make sense cause so expensive. In 2024 I want to buy at least 2-3 properties (ideally small multi family). Second question: when we buy one of those multi families we want to house hack but I don’t intend on living anywhere more than 20-30 min from boston. Any recommendations for best bang for buck?

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Andrew FreedBusiness Member
Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
3y

@Ramin M. - I'm a little biased since I own 24 units in Worcester but I truly think it has a lot going for it. You can still find properties near the 1% rule. It is also one of the fastest growing cities in New England, which went from a population of 150K to 220K in a matter of 7 years. It also has around 9 schools, 4-5 hospitals, a biotech hub, the new WooSox stadium and 2800 luxury apartments being built in downtown Worcester. Lastly and most importantly, logistically it is located between 5 major metropolitian areas including Nashua, Lowell, Providence, Hartford, and Boston. I like Worcester a lot. Feel free to DM me if you have any questions about the market. Good luck on your move! 

[email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
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  • Tarik Kafel
    Investor · MA · Member since 2022 · 7 posts · 10 votes
    3y

    Hi Ramin,

    I can at least validate that Boston Proper is very expensive. Last year at this time I was looking around Malden and Revere for 2-3 unit MFs, and cash flow was non existent. These are likely strong appreciation markets long term, but I really wanted cash flow and appreciation. I'm from Central MA so I turned to Worcester, bought a turnkey triplex for 4.5% CoC with a path to 8-9% as an inherited tenant is well below market, and the area continues to develop.

    If you want to househack and be 20-30 minutes from the city, maybe give Waltham a look. right on the pike and 95 with lots of multi families. I don't know it terribly well but I have driven through the main street and like all the restaurants and town center vibe there. 

    2Reply
  • Ryan ThomsonBusiness Member
    Real Estate Agent · Colorado Springs, CO · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    Hi @Ramin M. I don't know the area personally. But I know @Kyle Spearin knows the area really well. I would connect with him. 

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  • Paul Ireland
    Realtor · Boston MA · Member since 2018 · 44 posts · 23 votes
    3y

    Hi Ramin. Welcome to BP! My wife is a dentist in the Boston area so it would be great to network with you. I have 37 units between Worcester and Boston, so I could definitely be of help with finding a house hack. Feel free to reach out anytime so we can schedule a call. 

    1Reply
  • Justin Hammerle
    Realtor · Providence, RI · Member since 2022 · 404 posts · 262 votes
    3y

    @Ramin M. - I think you have the right idea of markets mentioning Providence, Worcester, Springfield, and New Haven.  I would also mention you are likely to get some good rent/value ratio in the I-95/495 spoke of southern ma in areas like Attleboro, Foxboro, Wrentham, Mansfield, Norton; its a great rental market and area that is experiencing a good deal of growth from a population and commercial standpoint.

    1Reply
  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    3y

    Welcome back! I like the metro west area (in between 95 and 495 corridor) for best purchase/rent value as well as a smaller belt south of Quincy and stopping before Brockton for good value. For a good appreciating market, Lowell adjacent has been very consistently strong but there's a lot of eyes on those zip codes. 

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  • Jonathan R McLaughlin
    Rental Property Investor · Boston, Massachusetts (MA) · Member since 2016 · 2k+ posts · 2k+ votes
    3y

    I was going to suggest Waltham as well—lots of new biotech. North shore has some very good towns, especially if you want to do a live/rent kind of thing. Amesbury, Peabody, Woburn. All good places and good schools. Haverhill had some good pure rental opportunities. Check out nonantum section of Newton for higher end. 

    1Reply
  • Kenneth Donaghy
    Real Estate Broker · San Diego, CA · Member since 2016 · 355 posts · 195 votes
    3y

    @Ramin M. 

    My question would be how active vs how passive do you want your investment strategy? What are you end goals? Do you still want to continue your career as a dentist? I have a couple dentist friends with kids. And they want as passive as possible because family and career are more important at them at this. moment. So they went with a mixture of private money lending into my deals or fund, and turn-key properties with property management in place. 

    1Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Tarik Kafel:

    Hi Ramin,

    I can at least validate that Boston Proper is very expensive. Last year at this time I was looking around Malden and Revere for 2-3 unit MFs, and cash flow was non existent. These are likely strong appreciation markets long term, but I really wanted cash flow and appreciation. I'm from Central MA so I turned to Worcester, bought a turnkey triplex for 4.5% CoC with a path to 8-9% as an inherited tenant is well below market, and the area continues to develop.

    If you want to househack and be 20-30 minutes from the city, maybe give Waltham a look. right on the pike and 95 with lots of multi families. I don't know it terribly well but I have driven through the main street and like all the restaurants and town center vibe there. 

    Thanks Tarik! That’s good insight. Ya I grew up in Newton ma. Waltham isn’t too bad to start my journey. I may pick your brain in few months as I get closer!
    0Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Justin Hammerle:

    @Ramin M. - I think you have the right idea of markets mentioning Providence, Worcester, Springfield, and New Haven.  I would also mention you are likely to get some good rent/value ratio in the I-95/495 spoke of southern ma in areas like Attleboro, Foxboro, Wrentham, Mansfield, Norton; its a great rental market and area that is experiencing a good deal of growth from a population and commercial standpoint.


     Hell ya. Thanks for that info and helping me reconfirm my initial thought process. I’ll keep the other locations in my list!

    0Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Kenneth Donaghy:

    @Ramin M. 

    My question would be how active vs how passive do you want your investment strategy? What are you end goals? Do you still want to continue your career as a dentist? I have a couple dentist friends with kids. And they want as passive as possible because family and career are more important at them at this. moment. So they went with a mixture of private money lending into my deals or fund, and turn-key properties with property management in place. 

    Although I’m only 4 years out I’ve never had the vision of being a dentist rest of my life. My end goal was by 45 have couple practices and allow those to eventually operate for me with associates. I now am over it. I make solid income as an associate without headache if ownership. I think I want to continue for the next 4-5 years as a dentist but by 45 get to the point where my mo that income is 1.5-2x my current salary. I’d only work 1 day a week just for fun at that point. So to answer your question I want to actively pursue rei. Income through real estate will allow me to raise a family and travel the world as I enjoy doing. My wife and I don’t have kids yet but are trying so hopefully in next few years I have couple kids and can be the dad that picks up and drops his kids off from school or takes them everyday to sports practices without ever missing a day in their life because dentistry prevented me. 
    3Reply
  • Kenneth Donaghy
    Real Estate Broker · San Diego, CA · Member since 2016 · 355 posts · 195 votes
    3y

    @Ramin M. I like your vision!

    0Reply
  • Brian J Allen
    Real Estate Agent · Worcester, MA · Member since 2018 · 519 posts · 410 votes
    3y

    @Ramin M.. i would be glad to help you find something in Worcester.  I also represent a dentist who has multiple locations and is looking for more dentists.  Please let me know if I can help.  Currently I have 5 off market 3 families, 3 off market 4 families and 2 off market 6 families that might interest you.

    2Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    3y

    @Ramin M. Hi Ramin, welcome back home! I am having success further south (New Bedford, Fall River, Taunton, Brockton) The train is coming. Are you open to these areas?

    1Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Brian J Allen:

    @Ramin M.. i would be glad to help you find something in Worcester.  I also represent a dentist who has multiple locations and is looking for more dentists.  Please let me know if I can help.  Currently I have 5 off market 3 families, 3 off market 4 families and 2 off market 6 families that might interest you.


     Thanks Brian! I may have to take you up on that. Haven’t searched for my next associate position yet but I wouldn’t mind a lending hand. As far as Worcester those opportunities sound great and I’d like to stay connected. I’m not ready to purchase anything until I get to boston so around sept.

    0Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Bud Gaffney:

    @Ramin M. Hi Ramin, welcome back home! I am having success further south (New Bedford, Fall River, Taunton, Brockton) The train is coming. Are you open to these areas?

    Absolutely. I’m not partial to one location. I’m seeking cash flow with added bonus of potential appreciation. My goal is to buy buy buy. In ideal world 1-2 units 2024, 3-5 2025, 5-10 2026. That’ll give me 15+ units by time I’m 40.
    0Reply
  • Andrew FreedBusiness Member
    Investor · Worcester, MA · Member since 2020 · 1k+ posts · 1k+ votes
    3y

    @Ramin M. - I'm a little biased since I own 24 units in Worcester but I truly think it has a lot going for it. You can still find properties near the 1% rule. It is also one of the fastest growing cities in New England, which went from a population of 150K to 220K in a matter of 7 years. It also has around 9 schools, 4-5 hospitals, a biotech hub, the new WooSox stadium and 2800 luxury apartments being built in downtown Worcester. Lastly and most importantly, logistically it is located between 5 major metropolitian areas including Nashua, Lowell, Providence, Hartford, and Boston. I like Worcester a lot. Feel free to DM me if you have any questions about the market. Good luck on your move! 

    [email protected]781-964-3200Podcast Guest on Show 69 Doors from ONE Real Estate Deal Using Other People’s Money
    6Reply
  • Jonathan BombaciBusiness Member
    Real Estate Agent · Lowell, MA · Member since 2019 · 1k+ posts · 1k+ votes
    3y

    @Ramin M. to @Andrew Freed's point Worcester is a great market to start your investing journey for all the reasons he mentioned. I know very little about RI real estate however I grew up in CT and we own about 450 units in MA and NH. We own 1 STR rental condo in CT near my family but the portfolio has intentionally steered clear of CT for a number of reasons.

    One thing I would suggest would be look for a househack where you want to live first (none of those areas you mentioned are 30 mins of Boston) then once you get settled start looking at building your investment portfolio. With over $1M in cash my suggestion would be househack a 3-4 unit in a place with high appreciation. Then focus on buying 5+ unit properties in cashflowing areas so you get the best of both worlds that greater Boston has to offer. 

    Once local I would strongly encourage you to attend meetups. We host 6 FREE meetups in MA and NH (Lowell, Waltham, Worcester, Portsmouth, Manchester, and Virtual) every month under the name Simplified REI and they're posted her on BP on the events tab. If you have trouble finding it and are interested please feel free to DM me. Whether it's our meetup, or any of the other great ones in the area, I suggest going out and meeting people investing in you target markets. By meeting people 1-2 years ahead of you you'll get answers to questions you haven't thought of yet which will save you a lot of heartache.

    Welcome back to Boston and let us know if you have any questions or need any help.


    best,

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    4Reply
  • Ramin M.
    OP
    Member since 2023 · 20 posts · 12 votes
    3y
    Quote from @Jonathan Bombaci:

    @Ramin M. to @Andrew Freed's point Worcester is a great market to start your investing journey for all the reasons he mentioned. I know very little about RI real estate however I grew up in CT and we own about 450 units in MA and NH. We own 1 STR rental condo in CT near my family but the portfolio has intentionally steered clear of CT for a number of reasons.

    One thing I would suggest would be look for a househack where you want to live first (none of those areas you mentioned are 30 mins of Boston) then once you get settled start looking at building your investment portfolio. With over $1M in cash my suggestion would be househack a 3-4 unit in a place with high appreciation. Then focus on buying 5+ unit properties in cashflowing areas so you get the best of both worlds that greater Boston has to offer. 

    Once local I would strongly encourage you to attend meetups. We host 6 FREE meetups in MA and NH (Lowell, Waltham, Worcester, Portsmouth, Manchester, and Virtual) every month under the name Simplified REI and they're posted her on BP on the events tab. If you have trouble finding it and are interested please feel free to DM me. Whether it's our meetup, or any of the other great ones in the area, I suggest going out and meeting people investing in you target markets. By meeting people 1-2 years ahead of you you'll get answers to questions you haven't thought of yet which will save you a lot of heartache.

    Welcome back to Boston and let us know if you have any questions or need any help.


    best,

    Thanks so much for that detailed message! I’m going to send you a DM when I get closer to my boston arrival. The plan you recommended is literally what I plan on doing! 
    1Reply
  • Frank Patalano
    Rental Property Investor · East Providence, RI · Member since 2018 · 1k+ posts · 1k+ votes
    3y

    Hey @Ramin M.
    Early Welcome back to the New England Neighborhood.
    I can speak for RI and I run the local REIA which has members from Eastern CT to the SouthCoast of MA.
    RI is an hour out of Boston.
    If you are looking to househack I would suggest Lincoln, RI. Nicer parts of Pawtucket are okay too.
    Over the line in Massachusetts, South Attleboro and Attleboro are both great spots and the train has been here for years.

    0Reply
  • Eric Girard
    Real Estate Broker · Boston · Member since 2019 · 35 posts · 9 votes
    3y

    @Ramin M. I recommend Worcester. I own a four family and you can get rents to 1% of the sales price when they're renovated. Sometimes sooner. Appreciation + cash flow!

    0Reply
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