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Updated about 1 year ago on . Most recent reply
New to REI and ready to move forward!
Hi all – I'm new to REI and just joined BP. I have a W2 job that pays well but consistently leaves me wiped out. I'm really drawn to REI so I can spend more time with my family (spouse and 2 kids), retire a little earlier, and decrease the constant stress from my current job.
I've owned my home together, with my husband, in Boston, MA (purchased Jan 2020) and also a STR in Ludlow, VT (purchased Apr 2018) near a ski resort. We owned our previous primary home that we purchased in 2013 (sold in 2020). We bought the VT house with the idea of renting it out only occasionally; however, when we saw how well it did, we rented it out year-round and it does very well. We renovated about half the house in 2021 and the other in 2023. Bought for $210k and recently appraised for $795k.
As I'm based in Boston, MA, I would love to invest in other rehab/flips, MFHs, and/or STRs. We worked closely with the builders and contractors for the VT rehab projects so we are confident we could continue down that route. We also love the idea of another STR but property is so expensive here (Boston) that it may not be worth it. Also looking in VT for other STR properties. I LOVE managing the STR and really strive to make sure my guests have a fantastic time so I'm really drawn to that aspect.
Additionally, I’m up for long distance investments but I would definitely need some mentoring there because it was hard enough managing the VT reno from Boston.
My current strategy would be to rehab/flip a few houses a year so I can leave my W2 job and also add some buy and hold rentals (MFH, STR). However, I've learned a lot from this site and the podcasts so far and my strategy will likely evolve. If anyone has some advice or guidance to get me started, I would be greatly appreciative. Cheers!
Most Popular Reply
Quote from @Eric Forsberg:
Hi all – I'm new to REI and just joined BP. I have a W2 job that pays well but consistently leaves me wiped out. I'm really drawn to REI so I can spend more time with my family (spouse and 2 kids), retire a little earlier, and decrease the constant stress from my current job.
I've owned my home together, with my husband, in Boston, MA (purchased Jan 2020) and also a STR in Ludlow, VT (purchased Apr 2018) near a ski resort. We owned our previous primary home that we purchased in 2013 (sold in 2020). We bought the VT house with the idea of renting it out only occasionally; however, when we saw how well it did, we rented it out year-round and it does very well. We renovated about half the house in 2021 and the other in 2023. Bought for $210k and recently appraised for $795k.
As I'm based in Boston, MA, I would love to invest in other rehab/flips, MFHs, and/or STRs. We worked closely with the builders and contractors for the VT rehab projects so we are confident we could continue down that route. We also love the idea of another STR but property is so expensive here (Boston) that it may not be worth it. Also looking in VT for other STR properties. I LOVE managing the STR and really strive to make sure my guests have a fantastic time so I'm really drawn to that aspect.
Additionally, I’m up for long distance investments but I would definitely need some mentoring there because it was hard enough managing the VT reno from Boston.
My current strategy would be to rehab/flip a few houses a year so I can leave my W2 job and also add some buy and hold rentals (MFH, STR). However, I've learned a lot from this site and the podcasts so far and my strategy will likely evolve. If anyone has some advice or guidance to get me started, I would be greatly appreciative. Cheers!