New Englander here!

[O S]

A newcomer from New England here:

Motivation: I want to live in an area of the country that tends to be expensive and not rent or be house-poor. Ideally, I would like at least a decent stream of additional income on top of that, but I’ll settle for covering the costs of primary residence as a start. Getting rich would be great, but at the moment I just want to stop paying rent as soon as I can, never pay it again, and provide a nice home for my family to be.

Situation:

-36, about to be married.

-Currently rent in the Boston area, want to stay here and eventually own a single family house close to Boston, which is not really feasible with my current salary.

Current goals:

Short term - Become owner occupier of a 3-6 unit bldg in this area with rental income that will cover most, if not all, the mortgage, ins, and taxes. Within 3 years purchase at least a second multi-unit (possibly more), and in 5 years use those properties and the income generation from them to help finance and cover the mortgage costs on a nice single family home for a primary residence.

Longer term - purchasing and selling additional properties as the opportunities arise. My idea is to hold on to the properties for a while with an eye towards keeping one or two for additional income while in retirement...unless I make enough money between now and then, that I don’t have to worry about it! :-)

Resources:
-Have a good amount of money in my 401K that I could use towards a first home purchase, but I’d rather not.
-Potential for one or two good mentors/advisors who know a bit about acquiring property and land lording in the area.
-Real Estate appraiser in the extended family, who has agreed to help find a good property, though licensed in a neighboring state.

What I think I need:

-More education about finding a good deal, and leveraging the resources I have in order to purchase with as little money down as possible. I want to know how to maximize my options.

-I also don't want to get stuck in analysis-paralysis. When do you know enough?

I feel like I have a decent start. I see joining the forum as a way to further my education. I’m looking forward to learning a lot here!