All Forum Posts by: Robbie Reutzel

Hi @Jose Pena

You made a great decision to join this site. There is lots of information on all topics REI.

All I will add is you should set your keyword alerts and also pick 2-3 REIAs and start attending regularly.

The Chelmsford REIA is probably the best one near you.

Good Luck!

Rob

@Francisco Feliz

Are you looking to invest or speculate?  

There certainly are "hot" markets in the state and I could replace Everett and Melrose with 15-20 names off the top of my head but you make your money when you buy so buying in the next "hot" market can work out really well for you or it can bankrupt you.  

The Melrose market is also a bit deceiving because there has been very low inventory there and in surrounding towns.  Also, at least in the condo market, average DOM is up and median sales prices are down in Melrose from this time last year.

I would expect a lot of the "hot" markets to experience a correction soon because prices just can't stay this high for much longer.  

@Russell Brazil is right about East Boston and Chelsea in my opinion and as long as you buy right, i.e. the property cash flows from day 1 you should be ok.  Appreciation is the cherry on top not the sundae!

@James Park

Great idea. I am a broker, wholesaler and buy and hold investor in the Greater Boston area. I work from Lowell to Wocester, to Marshfield to Salem. Mainly deal in SFRs and small multis.

Thanks. 

@Aaron Mazzrillo is exactly right.  You need to be going "to the source" so to speak.  I am in Boston which is another market nobody thinks cash flows and they're probably right if you try to buy something through a realtor in Boston proper.

You need to look at this more strategically and eliminate the middlemen.  Find sellers who need solutions and solve their problems in a way that benefits both of you.  That may mean you take over their mortgage payments or using other creative seller-financing strategies. 

The flip-side of high priced properties is that those areas also tend to appreciate much quicker and/or retain their value and they are in places people wan to live!  Use that to your advantage.

I know I am being fairly vague with my answers but that's because you need to approach these sellers with multiple strategies to create a win-win scenario.  Do that and you are on your way to building wealth.

Good luck.

@Daniel Thomas

You have come to the right place!

BP is a great place to continue your education.  You're not a beginner but you should still start wth the Ultimate Beginner Guide.  Then listen to all the BP podcasts. 

You should set keyword alerts for topics and areas you are interested in. 

Finally, start attending REIAs and get out there to network. The only thing better than making a good investment is using OPM to do it and networking is a great place to meet other investors. 

Good luck!

Welcome @Justin Bioc 

You'll learn tons here.  Keep reading and listen to the podcasts.

Also, pick 2-3 REIAs and attend them regularly.  Networking is the most powerful thing you can do.

Thanks,

Rob

Hi @Chris Anderson,

The Black Diamond REIA is in Waltham and alternates monthly meetings between Waltham and Worcester. It is a very good group there and will help you to meet some investors in the area.

Off-market is a good idea but can be difficult for beginner's because those deals are generally found through direct mail and a lot of times will need considerable work. You can sometimes find deals on the MLS but you have to be quick.

Welcome @Chris McMahon

I think you will find that if you throw a rock you'll hit 10 realtors many of which invest.

Regardless this is a great place to learn and network.  You should start with the Ultimate Beginner's Guide, then listen to the BP podcasts. 

Finally, while BP is a good start, in my opinion it is much better to start attending local REIAs and getting face to face with other investors.

Good luck!

@Account Closed said, you need to be doing direct mail to get in front of the sellers themselves.  Considering most campaigns have a 1-2% response rate and you will need to mail to your list several times, you're looking at a minimum of ~$1000/month in marketing to have a good shot at getting deals and many wholesalers are spending 10-20x that/month.  

There are more inexpensive ways but they generally take much more time so either invest the $$$ or the minutes.  

Hi Phil,

It is a numbers game.  You are right that in a lot of areas around Boston you can put a house on the market in almost any condition and it well sell fast but even in those markets there are motivated sellers that are willing to sell to investors.  

My point is that everyone thinks their market is different than everywhere else.  I have been guilty of that myself.  Maybe in the midwest and south it will cost $1000 in marketing to get a deal and in Boston it will cost $3000.  It just means that there are fewer motivated sellers and/or more competition but they are still there.