Boston area multi-families and the beginning investor

[Alex Markle]

Hi everyone:

I'm brand new to the forums and to real estate investing.

I'm interested in buying and holding multi-families but they are very expensive where I live (just north of Boston, MA in Woburn). It looks like when they come on the market they're in the $500k+ range. For my first purchase, I'd like it to be in the $150k - $200k range, but they are located very far from my house. How important is it to purchase properties close to where you live? I'm afraid I wouldn't know the area very well if I strayed too far from where I live.

I'd love any advice especially if you know the Boston market. Thanks!

[Mike Hurney]

@Alex Markle Welcome to BP.

I'd stake out an area in Massachusetts and become an expert there.

Previous recession I had a member of our Investors Association with property in Chelsea, Framingham and Fall River. First mistake he made, as margins got thin, was to take over his Property Management....