Starting Out in Massachusetts

[Joseph Nore]

How's it going, 

I am a dentist working in Boston, MA with a decent amount of book knowledge in REI. I am starting to scan platforms like the MLS (given to me by a trickle through a real estate agent), zillow, etc. and crunch numbers. I am concerned about not having a team ready ahead of time since I am not handy (contractors, lenders, etc.). How important is it to have a list of team members before starting out---Should I just pull the trigger on a place and send an offer if it works financially and learn by trial and error?

While I am currently looking for multi-family duplex/triplex with an eye to use BRRRRR in the north shore area (north of Boston suburbs like Chelsea, Revere, Saugus, Swampscott, etc) class B/C properties, I am wondering whether this strategy in a "tenant-super friendly" state like Massachusetts's with current high interest rates (and therefore high construction/materials/contractor costs) is worthwhile at this time. While I understand the numbers have to fit my agenda, would it be best to look in another state since i live near the NH border?

If there are any associations/ meet ups for new investors on the North shore, I would be interested! Thank you in advance for any guidance

[RJ Reynolds]

Quote from @Joseph Nore:

How's it going, 

I am a dentist working in Boston, MA with a decent amount of book knowledge in REI. I am starting to scan platforms like the MLS (given to me by a trickle through a real estate agent), zillow, etc. and crunch numbers. I am concerned about not having a team ready ahead of time since I am not handy (contractors, lenders, etc.). How important is it to have a list of team members before starting out---Should I just pull the trigger on a place and send an offer if it works financially and learn by trial and error?

While I am currently looking for multi-family duplex/triplex with an eye to use BRRRRR in the north shore area (north of Boston suburbs like Chelsea, Revere, Saugus, Swampscott, etc) class B/C properties, I am wondering whether this strategy in a "tenant-super friendly" state like Massachusetts's with current high interest rates (and therefore high construction/materials/contractor costs) is worthwhile at this time. While I understand the numbers have to fit my agenda, would it be best to look in another state since i live near the NH border?

If there are any associations/ meet ups for new investors on the North shore, I would be interested! Thank you in advance for any guidance

Here in MA the key to the tenant friendly laws, courts, enforcement is to really look at prospective tenants closely AND have a knowledgeable attorney ready to help you out as needed. Do not allow deadlines to float... the minute someone is late, start with the legal requirements even if you like them and believe it's a temporary issue.  Let them know this is a business and as much as you might like them, you can not give them any leeway unless something is fully negotiated.. don't be a hard a** but be very clear in all communications be it verbal, text, email, whatsapp, telegram whatever.  Stay consistent in your messaging and TAKE CARE of those little things that tenants get annoyed by. 

So PICK the right tenant.

TREAT those tenants & the property RIGHT.

Consistently enforce ALL elements of the agreement which is of course in writing.

Have an attorney to consult with.

AS to is it the right time?  If the numbers work, they work. Doesn't matter if the cost is in interest rates, purchase price, maintenance or whatever.  You can't predict what will happen with interest rates so take care when considering your financing options that could result in higher costs down the road.

Yes, I believe NOW is a good time. Then again, I think that most of the time.  ONLY if the numbers work.