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Updated over 9 years ago on . Most recent reply
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Choosing a Market to Invest "Near" Boston
Hi All,
I'm just getting started on my real estate investing journey and i'm trying to figure out where to start looking. I'd like to employ a multi-family buy and hold strategy and I don't have a lot of cash to invest right now (i know there are ways around this). In my area, near Boston, the majority of properties are more than I'd like to pay for my first place so i'm trying to develop a plan to narrow down my search. How do i become an expert in a market if there are so many markets out there, which one(s) do I choose?
I've started looking at MLS and checking where multi-families are below $150k in MA, NH and RI. Is this a good starting point or does anyone have any suggestions on how they did it?
Thanks
Most Popular Reply
Hi Josh -
I've been looking at multi-families around certain areas of Boston (southern Boston neighborhoods that are up and coming) and in the burbs a little south of Boston (my requirement was train accessible) for about one year now. In those areas that I've looked, it's highly unlikely to find a multi-family for <$150k.
I'm not sure what your income is and what your case reserve is, though you could try to use a FHA loan (it allows for minimum of 3.5% downpayment).
I'm not sure about NH or RI and if <$150k is a possible number. Perhaps some investors in REIAs in those areas would be more knowledgable on the numbers in those areas.
I just recently closed on my first income property (will be house hacking and got an FHA loan). My strategy was to find a real estate agent who was also an investor in the specific neighborhoods I was interested in. I decided that since I'm starting out, I should look for an income property in my "backyard". It's an area I know and should something happen, it's close enough for me to travel to the location.