Hi first of great forum and friendly people I really like this place…
I am 25 years old, male ,I live in Chicopee, Massachusetts, Greek ethnicity… and I love POKER!!!
I was downsized in 2002 and have been floating from sales job to sales job ever since…( by the way also if you know anyone who wants a hard working, diligent worker let me know i’m always looking for new opportunity. :biggrin)
I support both my GF and my mom and dad and have maybe $5,000 in the bank. my credit score is between 740 and 780 :beer
I can’t really afford to take to many chances at all because i have so many people depending on me. All the properties around me are either in a horrible area or i would have to put money into each month just to own it… i was primarily looking at 2 and 3 families. i found some forclosures through a friend that works as a realtor but they all seem to need work which sucks…
I really want to get into real estate and from what i see rentals seems to be the way to do it…
some people on here seem to think that renting single family’s would work. if anyone could help me shed some light that would be great…
Also does anyone know where the closest rei club is i would like to join and meet some of you and learn… thanks alot anyhelp would be great…
by the way sorry for the horrible spelling and grammar i am trying to type this quick before work…
Unfortunately Massachusetts is a VERY expensive place to start investing in real estate. I’m in Rhode Island so I know first hand. The problem we have right now is a HUGE run up in the price of homes, followed by a slow down in sales. The thing that’s a little different this time is a lot of people are not lowering the prices on their properties, instead they are renting them. (or trying to) The Providence Journal just did a great article on the rental rates in Southern New England, they are actually FALLING. Tons of inventory and little demand mean renters are looking at properties and literally making offers to the owners for what THEY want to pay in rent.
My advice is save some money (I know it’s hard) and be patient. But also be looking everyday and make offers on anything that looks good. And I mean low ball offers, run the numbers on everything, it’s a numbers game, the more offers you make the more chance of a score.
It will be discouraging intially, but stay with it. They are out there you just have to stay in the hunt. Also, As this market works it’s way out I believe you WILL see further price drops in the future. Right now people don’t want to admit things have changed. BUT THEY HAVE!
should i look into some single families or should i look into flipping some properties? do i even have the correct financial means to flip? also is there any good surrounding areas… like maybe Connecticut? thanks in advance guys
It doesn’t matter if it’s a multi family or a single. The multi’s around here are renting for about $900 per floor for a 3 decker/ 3 family so do the math… $350,000 purchase minus your down payment and go from there. Not much is cash flowing around here now. People who bought 5 or 10 years ago are OK but you won’t with those numbers.
Sometimes single family homes are easier to deal with, but it’s the same thing. Your purchase price will determine the quality of the deal. Good luck.
I am from Long Island NY so I know exactly what everyone is talking about. I started out wholesaling first to learn the market and build up some capital. Then next step for me was rehabbing properties after I had a decent track record from wholesaling.
I don’t use my money for the deals, but investors and anyone who has cash that they would like to invest in the deal.
Perhaps you might look into the same path that I took.
Look under Investor Resources and you will see Real Estate Clubs. Just click on that and you will see a section for mass, where you will then pick the club that it is closest to you.
You sound like me a couple years ago. Overwhelmed with info and can’t find a deal. I live in Agawam and invest in the area. There are TONS of deals right now, you just have to find them. Work the streets, meet people, our local group is rhags.org, read all the mls listings, run numbers on everything, visit as many properties as you can, make offers even if they are low, etc, etc.
With money in the bank and those credit scores you should have a pre approval in your hand right now for 100% financing for up to a 4 unit. There is over 400 multifamilies on the market in Springfield MA alone, a good amount are cash flowing generously!
When I first started I got the Carlton Sheets course, I blew through it in 2 days (have re-read it several times since). I read everything I could, ebooks, forums, newsletters from every guru etc etc. I just couldn’t find a deal if you handed me one. Then I took what I had read, and applied it by touring properties and making offers. Then is was like night and day, the change was drastic! Deals were everywhere, and they STILL ARE!