Sarting out in Northern Mass/ Southern NH
Hey BP folks,
I am currently looking into starting my investment career by purchasing my first multifamily house. A few observations or thoughts I have after running number on deals as they pop are as follows. Initially I was going to invest in Lowell, MA but, I can't help but feel the market is really hot right now. Houses that are in rough shape and in tough neighborhoods are getting 20-30 people though an open house. Does anyone have the same feeling? Also, from talking to people I know personally, Massachusetts can be a tough state to be a landlord.
I have however, started looking at Southern, NH such as Nashua and Salem, and the houses seem to more consistently meet the 1.5% or even 2% rules. I was wondering if anyone that knows those areas well, could give me some insight on market rents to ensure the analysis i am doing isn't totally off base.
Thanks in Advance,
Kyle Teixeira
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#2 New Member Introductions Contributor
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- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com Connect with @Mike Hurney and @Justin Silverio who have good meetings near you.
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul