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Updated over 7 years ago,
Boston, MA Rental property questions
Hi BP,
Recently moved to Boston MA, so my questions are really only relevant to Eastern Mass/Boston. I am new to investing in real estate so I appreciate the help. I am interested in creating passive income through a portfolio of rental propertries which I continue to buy as soon as cash flow allows for next down payment. With my current income and current cash flow, in an ideal market, I am interested in SFR/MFRs that cost between $100-250k which I can rent out with little rehab. Not re-inventing the wheel here. Problem is, I simply cannot seem to find a market that offers this in all of Eastern Mass. WIth my current income, I simply cannot purchase and stack rental properties that cost $400k each+, of which there are plenty available in Eastern MA. My strategy to to acquire as many as possible, as quickly as possible, and even though a $400k property would yield the same if not more as a property in my price range, it will simply take longer for me to get each down payment.
For investors experienced with Boston / Eastern Mass market, Am i completely priced out of this market? Or am i just focusing on the wrong strategy completely (rental income) with my level of income/cash flow?
I currently reside in the Dover/Wellsley suburbs of Boston, which the media price of home is around $1.2million. Should I be somehow capitalizing off of this?
Or do I simply need to change my strategy, or invest 4-5 hours drive away or even out of state? Or should I solely focus on off the market properties in this environment?
I have always believed there is an opportunity in every market, but the Boston area seems difficult to buy into.
Appreciate the help!
Kyle