All Forum Posts by: Reese Millican

Thank you all for the advice.

I think I would like to do Boston first even though it requires more up front costs. I really like the idea of living in my investment and knowing the area first hand. And leverage can be overcome with positive cashflow.

Shaun,

Yeah, the priced look pretty high in Beantown, but I love living here and being close to the T so I can avoid a car.

Nicholas,

Thanks for the advice. It looks like I am on the right track here.

Does anyone have any thoughts on a place like Detroit? The homes are so cheap if I save up I can own one outright.

Also, If my mortgage is $1135 and my rents are $2100 total, why am I breaking even? Is it because 50% of rent needs to go to the maintenance/possible evictions? I'm okay with that: I am living close to rent free in a property that, once the mortgage is paid, privides passive cash flow equal to half of what I am currently earning.

Also, if the triple-decker idea is not great, does anyone a better idea for a first property for a buy and hold investor? Should I own out of state?

Thank you as always, Shaun. What does a 2/1 unit mean? 2 bedroom, 1 bath?

Hey BP,

I am a renter in Boston who wants to get into buy and hold/landlording in Boston MA. My cashflow is $2300 month net, and I estimate $1300 month maximum to pay for housing after non housing personal expenses.

I can already afford a condo, especially if I split it with someone, and come out ahead. However I want to make a profit, even a modest one with my firsr unit. Is it even possible to turn a profit renting a 2 bedroom condo in Boston if you live in one of the bedrooms?

My impression is that a 3D is the way to go if you want to turn a profit within your first months of renting. The plan is to live in one unit and rent out the other two. I would probably plow the first couple years profit into an emergency fund for repairs and possible evictions. I hold the place forever, and when the mortgage is paid I have passive rental income. However, I do not think I make enough to afford the mortgage and escrow on such a place now without rental income. With more income does a 3D in a place like Roxbury, Mattapan or Dorchester make sense? I know they are rough areas, but maybe do section 8 to get gvt assistance?

Lastly, I would like to more income and am interested in working in Real Estate, particularly in distressed mortgages or underwriting. Anyone have any leads on Boston jobs in this field?

Thanks you as always BP for any advice.

Reese

@ AnnBellamy Thank you for being the first to welcome me. It looks like you are local to my area. I would love to learn anything I can from you about my strategy.

@ShaunReilly I would love to go and meet some local investors. Do you know of any event that would take place on weekends, T-accessible? My workweek is swamped.

I have purchased a copy of Real Estate investing for Dummies and am waiting for it in the mail. My next step is to pour through it when it arrives and try to meet with some local investors.

Joe,

I understand. That seems pretty daunting from where I am at now. I have enough cash flow to cover one property if there are no tenants, but I doubt I can cover two, and I certainly can't cover multiple commercial properties. How does an investor go from managing one property to multiple?

Hello BP! I am a 29-year-old Boston resident who dreams of a cushy, low-maintenance retirement. I hope investing in real estate will help me do just that.

My plan is to buy a few properties, rent each for a profit, manage them part time and hold them for life. When I retire the mortgages are paid and I live on passive rental income.

I am here to learn if this plan is feasible and how to carry it out.

I have read most of the beginner's guide and I agree with the 9 core beliefs.I want to be a part of this community; I think I will like it here.

Thanks in advance for any advice, and I look forward to returning the favor.