Attempting first house hack outside Boston

[Alex Fredette]

I have been planning on house hacking with my wife in the Fall somewhere between Boston and Quincy. Looking at the properties available it seems like most are between 300-500k and on the low end are in pretty rough shape.

I am currently a grad student in Boston and will be taking classes in the summer, but will be working full time in the Fall. My wife works full time as well. We both currently pay about $1300 per month in rent and figured that it would be much better spent going towards a rental property, but I'm concerned a half million dollar house hack may be taking on too much risk for a first time investment. It looks almost impossible to find a property that even meets the 1% rule in this area. Is it feasible to house hack this area and has anyone had success that may be able to provide some advice?

[Matthew Perry]

Boston is one of the highest and toughest markets to do a house hack in let alone real estate investing. Your ear has to constantly tuned into hearing every little thing imaginable and continually be talking to everybody about what they know and what they might now about what is available in the area. I agree with @Account Closed as well that you need to be aggressive start small the area you mentioned from Quincy to Boston is a massive area and a very expensive area at that. I'd narrow that down to a small portion of Quincy (avoid Southie that is a circle of hell in the world of real estate investing) and market heck out of the place. Let people know what you are looking for and if they even are considering selling their first call should not be a local realtor they know but to you and you alone. Shout it from the rooftop if need be. Letters are great- personalize them make the first ones about you and your family and what you are looking for, and then keep pounding them and when your done with that pound again and harder than before. Nobody ever said this was going to be easier, but it is fun. If you are not having fun your doing it wrong. Always do not be afraid if you have any questions.