Greater Boston - Newbie Ready to Learn!

[Jocelyn Coo]

Hi,

My name is Jocelyn and I live just outside of Boston. I am looking to get started with fix and flips, but of course... I'm scared! I have always had an interest in real estate. I love the idea of finding an older home, getting creative and fixing it up. My current home was initially meant to be my first fix and flip, but I am still here 5 years later! And with all the DIY work I've done, I am a bit attached and ideally would keep this home while moving forward with flipping others. I'm at a point in my life where I am looking for a change, desiring more financial freedom and time freedom. 

I am excited to join this community, learn from the experts here, and develop an understanding of my options, creative funding sources, and learning more about the Greater Boston market and where I can fit in!

[Tyler Munroe]

Hi @Jocelyn Coo - welcome to BP! I'm very much involved in the Boston market and can tell you that flipping has gotten extremely competitive. Unless you find a deal off market directly, you're often up against seasoned investors with distinct advantages in funding and experience.

For newer investors, the live in flip may be the best way to gain an edge over pure flippers, as you can usually offer a bit more since you're looking at it from a longer term perspective (2+ years as opposed to flipping it ASAP).

I'd also recommend house hacking a 3-4 unit property and fixing up the units as they turn over. Properties in this range provide enough rental income to potentially cover your entire mortgage, and you can work towards a BRRR as you slowly renovate the units on your own time.

Happy to connect and talk about all your options!