As a newbie, I have read Robert G. Allen, Robert Shemin, Mike Summey and Roger Dawson, Robert J. Hill, Gary W. Eldred, etc. and Brian Tracy. Also, I have listened to several tele-conferences. I’m eager to get started. I plan to purchase some properties from desperate sellers and sell them to raise quick cash combined with long-term rental purchases.
New to this also. Read a few books and spoken to friend in “the biz”. Looking to build wealth, and have fun making this a hobby. Live in Western 'burbs. Trying to narrow my focus to develop a solid business plan that can be repeated many times. I am all over the board now, but need to jump in. Have considered pre-construction, and leaning toward multi-family long term rental. Not settled on anything yet.
Hello guys, I’m a newbie as well. As a matter of fact, I just found this site today.
I also live in northern MA and am a currently licensed MASS Realtor.
I’ve been interested in REI for some time, but I’m just starting to take the steps needed to make it a reality.
That makes four of us. Hey Evilrich, how long have you had your RE license? Did you get it for the purposes of investing or as a profession (or both)? What type of stuff are you looking at doing?
A little about me: I am a 35 year old family man in the burb’s and really want to learn more about this game (hobby and $$). This is a part-time gig, as I have a demanding job and travel. I am dying to jump in, but want to do so with little finanicial risk initially. This way, I can learn, make mistakes…but laugh about them. I am thinking that a multi-family in SoBos, or EaBos might make sense. I know they are tough to find today, but some still have good numbers. I like the idea of picking one up that may need a little work, and that has gotten passed over. I would like to invest somewhere that I am not afread to drive into, and that has some respectable tenents.
I am really trying to narrow my focus, or I will continue to sit on the sidelines.
I’m also looking at multifamilies in the No / So Boston area…one trait that makes our area so unique I’m finding, are that it’s quite difficult to find even a rehab investment multi-unit for under $350K.
To reply to CMP’s post, the least $ obligation I’m finding (though have not actually done yet) is the contractual assignments, essentially finding a good deal, and signing your rights to another buyer for a fee. NO money comes out of your pocket. I’m now looking into hard money lenders to help me fund a few distressed properties in my area, but that’s proving more difficult than I hoped.
If anyone finds a good way of finding good deals for income properties in the Boston area, it seems an awful lot of people would appreciate it…I just don’t have the capital right now with my other ventures. I also need to focus my investing on one area, whether it be distressed properties or income properties, I don’t know quite yet.
Well, to tell you the truth, I actually got my license 2 years ago because wanted to earn some extra cash to help pay for my wedding, and have the inside track on purchasing my own home.
I’ve worked in the software industry for about 10 years and just wanted to keep a foot in real estate for the future. Unfortunately I was laid off for the second time this past January.
Now, I’m working as a full time realtor on the north shore and trying to learn as much as I can about RE investing so that I can get into the game myself.
I’ve had some interest in multi-family homes, but the prices are just crazy around here. Good for commissions, but not so good for investing. I’m sure there are deals out there to be found, but it seems on the surface that you’ll never make your rents back on the purchase price.
I am also new to REI and I live in MA. I am thinking about investing in NH and ME, MA is just way to expensive… Are any of you guys still reading this forum? I just found this thread I have been reading off of this forum for about a month a two and finally found someone in MA area… We start a group, I have a friend who is also looking into investing…
I am also a newbie and am in Maine. I think there are many opportunities here, but my problem is no money and bad credit due to unforeseen circumstances when my income stopped suddenly. Prior to that mycredit was excellent.In the past I have done very well in mobile homes and have done well in my personal life with real estate. So I am hoping to do some flips (providing I can get financing) so I can get some income which I need.
I am a mortgage and real estate (currently inactive as real estate agent) broker in MA also. I am just now starting to really go after it full time myself. Hey you guys should check out this link this website has every bank that is holding foreclosures like Bank Of America and more but at no charge or sign up.
There are great REI investment clubs in Mass. that are great for networking! Also, I have learned that many mortgage companies are offering 100% financing for investment loans, but the rates are higher (ex: over 7% for 80% and over 12% for the remaining 20%). It is challenging to find properties with numbers that work in northern Mass. and southern NH for positive cash flow for buy and holds. However, my understanding is that there are cities in the US where it can still be done more easily. Anyone know where those cities are located?!
That is pretty much the case but what I do for my clients is help them find owners willing to finance. Then I provide the other 80% which is a low combined blended rate. The owners are very flexible. Right now I have investors willing to take seconds on 2 duplexes and 1 triplex for as little as 3% with a 3 year ballon if possible.
I’m definately interested in learning more. Is there any interest in possibly setting up an informal meeting, or perhaps we should all coordinate with one of the local existing REI clubs and all attend a meeting.
Been a while since I realized there were replies to this thread. I’m currently a member of the NEREIA in Lowell mtgs, did anyone end up going this past Wed? I was not able to make it, but as a plug, they are probably one of the best, most helpful clubs in our area (and the price is right, too!).
After my class ended a month ago, now looking at multis in Lowell Area, and always looking for that preforeclosure deal…
And KDasilva, owner financing is always a plus! Tell me, do you work in FL at all, or just in this area?
My PC is not too reliable, so hopefully will be keeping more up to date with this…