Research and Networking for a rookie REI - North Shore MA

[Taylor Grabus]

Hi Bigger Pockets community,

My name is Taylor and I grew up in Central MA but currently reside on the North Shore. I'm completely new to real estate investing and I am doing some preliminary research on REI through books, BP podcast and of course this forum.

I have not made my first deal yet, but I plan on taking the leap within 12 months. I have a general plan of using an FHA loan (potentially 203k) to acquire my first investment. I do not have a specific location in mind but am hopeful to find a place in and or around Boston, since I will need to be my primary residence for at least a year due to FHA restrictions.

I am truly committed to understanding and researching how to be successful with my first investment. For example I spent last night applying the 50% rule to all listed multi family units in Salem MA to the best of my ability. I used the 4.2% 2014 FHS flat interest rate with a 30 year repayment. Unfortunately I had to estimate what comps for rent are for specific units by using craigslist and other sources. After only finding one MF in that area that initially passed with the 50% rule I began to run the numbers through the BP rental calculator. Again I did my best at getting a general idea as to what certain costs were ( water and trash etc.) When it was all said and done it seemed like I would be seeing around 1000 cash flow for this particular 4 unit. Now I am sure the numbers may be slightly skewed due to my estimates but that brings me to my next point. 

I would love to meet people like you! From what I have read and from my personal life experience networking is one of the most powerful tools. So I am interested in interacting, joining meet ups and engaging in conversations with successful or other starting investors in the Essex county area. I do not have my heart set on any specific area to invest and am willing to investigate any area (as long as the the ROI is there!) .

I look forward to hearing from everyone,

Taylor