Emerging Buy+Hold Markets in Massachusetts

[Account Closed]

hello everyone,

I am about a year away from graduating school down in southern MA and am currently saving every dollar that I can to start my investing journey with a bang! 

My parents and I are investing in the Fall River area with success but I am looking to move somewhere closer to Boston after I graduate for  a number of reasons. Some of them being: commute times, wanting to get out home town and wanting to live somewhere nicer. Can anyone suggest a good market for buy and hold outside Boston? I will have around 20k saved up and a salary in the 70k range upon graduation if this is relevant.

Also looking to connect with investors in the area! tell me about what you have going on! I feel like investors are few and far in between in my neck of the woods.

thanks,

C

[Lior Rozhansky]

Clovis, I would voice some of the previous comments on here; if you are from the Fall River area, and you know the market and have some infrastructure there, you have a competitive advantage there. By moving to a brand new market, you essentially start from square one in terms of market knowledge and team etc. Not a end-all barrier, but something to consider. In terms of your situation and desire to invest in Boston market, I am in a similar situation as you (similar salary, through I've been working for a year and have a bit more saved up). I just got my first 3 fam in the Everett area, and I can tell you with your savings, you could technically afford a house like that if you would go down the FHA path, but you would be skim on reserves in the bank which would be worrisome. In terms of markets to consider, there is no "emerging" markets here, but as areas such as Somerville and Cambridge become too expensive, we may see areas such as Everett, Chelsea, East Boston, Revere, Quincy etc etc start gaining more and more traction. I would defintely suggest reading the economic landscape of each city to see the direction it is heading in (i.e business development---Everett, for example, will have a Wynn Casino soon. We'll how that impacts house values though). And nice part about those cities I mentioned is you are within 15 minutes of boston. Now, as I harshly found out, getting any deal here (on or off market) is so hard right now. Competition and hype is through the roof now, so be ready to submitting many, many offers (as I did before landing one). If you are looking for slightly "cheaper" markets, you could try to venture to the metrowest area (Natick, Framingham). Again, do your homework on your city! Good luck!