My First Bigger Pockets Post! Tell Me More About Massachusetts

My First Bigger Pockets Post! Tell Me More About Massachusetts

Member since 2022 · 4 posts · 8 votes

Hello! I'm Joey and this is my first post on the forums. Been binging the BP podcast on my rides to work each morning and just finished my notes on The Book on Rental Property Investing. 

Here's a little bit about me: I'm going into my senior year at the University of Massachusetts Amherst, and majoring in Psychology while minoring in business at the Isenberg School of Management. I'm a the treasurer for the Psychology Honors society, a teaching assistant for Abnormal Psychology, and a substitute teacher/after school tutor at a nearby high school. Down the line, I hope to obtain my Masters in Social Work. I also enjoy basketball, lifting weights, and reading. 

My Question: One of my newest passions is real estate, and I'd like to do whatever I can to put others and myself in a position to succeed. I've started by practicing analyzing properties in my area (central mass) on my own. I'm about to put together my own excel spreadsheet with the most important criteria for analyzing properties. There are some expenses I've been trying to calculate (like property management, repairs, capex) that I'm not exactly sure are the same in Massachusetts as in other places. I'd love to hear what everyone has to offer in terms of their process on evaluating properties (I've also only been looking on Zillow). What are the most important things you look for in our market?

I'm looking to close in on my first deal sometime next year as I transition to graduate school and keep it rolling from there. Wish me luck and let me know what you guys think.

-Joey

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Real Estate Agent · Tewksbury, MA · Member since 2020 · 494 posts · 284 votes
4y

Hi Joseph! 

Welcome to BiggerPockets and the world of REI! You are in a phenomenal position, especially discovering this passion while still in college. You are already well on your real estate journey listening to podcasts, reading a gamechanging BP book, & looking to connect with other investors! That is very exciting and you should be very proud of your progress so far! My advice is to keep doing what you are doing and keep learning and also start to go to real estate investing meetups when you have time. Our team hosts several monthly events around Massachusetts and one in NH. I lead the Gardner location, assist with the Worcester location, and regularly attend the others. The relationships that you will create at meetups and the value that is regularly exchanged is absolutely out of this world and will likely change your life (it has for me more times then I can count!) especially when you are first beginning. Most of the folks in our industry are 100% willing to help each other and we all succeed together, and it is extremely wholesome to be able to help each other grow towards our vision!

I purchased my first 3 family Househack in North Leominster last year with FHA financing and currently in the process of stabilizing it and leveraging some equity that has built up in the past year to start to look for the second project in the near future.

In addition to being an investor, I am also an investor focused agent in Worcester county & Middlesex county and would love to hop on a call or go for coffee and hear more about your story!

Thank you so much!


Kyle

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  • Real Estate Agent · Tewksbury, MA · Member since 2020 · 494 posts · 284 votes
    4y

    Hi Joseph! 

    Welcome to BiggerPockets and the world of REI! You are in a phenomenal position, especially discovering this passion while still in college. You are already well on your real estate journey listening to podcasts, reading a gamechanging BP book, & looking to connect with other investors! That is very exciting and you should be very proud of your progress so far! My advice is to keep doing what you are doing and keep learning and also start to go to real estate investing meetups when you have time. Our team hosts several monthly events around Massachusetts and one in NH. I lead the Gardner location, assist with the Worcester location, and regularly attend the others. The relationships that you will create at meetups and the value that is regularly exchanged is absolutely out of this world and will likely change your life (it has for me more times then I can count!) especially when you are first beginning. Most of the folks in our industry are 100% willing to help each other and we all succeed together, and it is extremely wholesome to be able to help each other grow towards our vision!

    I purchased my first 3 family Househack in North Leominster last year with FHA financing and currently in the process of stabilizing it and leveraging some equity that has built up in the past year to start to look for the second project in the near future.

    In addition to being an investor, I am also an investor focused agent in Worcester county & Middlesex county and would love to hop on a call or go for coffee and hear more about your story!

    Thank you so much!


    Kyle

  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y
    Quote from @Joseph Cammarata:

    Birds of a feather flock together.

    Surround yourself with like-minded people to accelerate your learning, maintain motivation, and find opportunities.

    Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

    The DIY Landlord Book4.7248 Reviews
  • Christian EhlersBusiness Member
    Real Estate Agent · NH & MA · Member since 2021 · 457 posts · 291 votes
    4y

    Hey Joey glad you've joined the BP forums! It seems like you are on the right track with everything, keep listening to podcasts and books on BP and running those example deals while you finish up your education. I would agree to also try and network with anyone in the real estate industry, investors especially as this is the best way to find an accidental mentor and learn first hand while waiting to finish school. 

    Not sure about central MA specifically but a lot of the MA and NH markets can be pretty expensive, so if that's the case just know the purchase prices, rehab budgets, etc will be bigger numbers than a lot of the cheaper markets discussed on the podcast. Again find someone doing what you want to do and find a way to bring them value and you'll have a great foot in the door!

    Lastly good for you for getting interested while still in school, I did the same thing, so its definitely possible to get started! Don't get discouraged when obstacles come up. Good luck

  • Investor · Central Virginia · Member since 2020 · 393 posts · 253 votes
    4y

    Hi @Joseph Cammarata, great job posting and getting feedback! I have an excel spreadsheet I use and I go over exactly what I do in the spreadsheet on my YouTube channel. You can get the link in my Bio, I think... if not just let me know. I look at Cash on Cash return because cash flow is like the blood in any business body. I use simple formulas to estimate costs and Rentometer to justify rents. As I always say, this is the first part - always verify with property managers, lenders and closing agents.

    Since you are in school, I would suggest getting a place and renting out rooms. You should be able to get in for as little as 3.5% down using FHA. Todd Baldwin does this in Seattle. Look him up on YouTube. In fact, Todd buys larger homes so he can get more people to move in and essentially get paid to live in the property! Other YouTubers I like are Dion Talk, Coach Carson, and Mike Zuber who does daily financial news that might help with your business coursework.

    I was intrigued my your post since I grew up outside of Amherst and went to high school a few towns away. Best of luck at UMass and enjoy Amherst, it is a fun college town.

    Chris

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