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Updated over 8 years ago, 06/01/2016
Newbie Investor from Boston
Hello all at BP!
My name is Ryan Drowne and I am new to the real estate investing industry, seeking to gain as much knowledge as possible in order to be successful. I currently reside in Boston doing sales in the e-commerce sector and have decided to take the plunge into real estate investing ever since I had the pleasure of reading "Rich Dad Poor Dad". My focus is on purchasing multi-family homes in the Boston area using a buy and hold strategy to develop continual passive income. I plan on purchasing my first duplex after my lease is up and using the house hacking strategy to get my feet wet. Thoughts on this? I stumbled upon BiggerPockets one day while looking for new information and couldn't be happier! I look forward to being a part of this awesome community and working together towards the goal of financial freedom.
@Ryan Drowne welcome to BP! I am a huge fan of this strategy. I acquired my first two multi family's using this process here in Boston. Best of luck and happy to connect
Hello @Ryan Drowne and welcome to BP. BP is a great place for real estate investors. At BP, not only can you network with other investors, you can watch and learn from the free online videos and courses offered on this site. You came to the right place and I wish you all the best.
Hi Ryan, welcome to BP.
This is a great place to learn. Make sure to listen to all the BP podcasts, read the articles on the main blog and be active in these forums to learn a ton very quickly about any topic in real estate you want to know more about.
This is also a great place to meet people that can be assets to your business. Lots of great connections all over but we also have a very strong and active contingent here in MA on here so make sure to find them (Set up some keyword alerts to find out about local topics) and get connected.
Besides doing that on here make sure to get out to some of the many local investor events we have. My favorite is the Black Diamond meeting in Waltham (alternates every other month with their Worcester location, next Waltham meeting is in July). Other ones in and around the city are The Boston Wealth Builders in the city, the Boston Area REIA in Medford and the Boston REIA in Dedham. Many other options north and south of the city as well.
@Ryan Drowne welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck!
@Ryan Drowne Welcome to BP! if you need any advice or feel free to reach out and I agree with @Shaun Reilly Network, Network, Network! Boston Wealth Builders is great.
#2 New Member Introductions Contributor
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- Rockland, MA
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#2 New Member Introductions Contributor
- Specialist
- Rockland, MA
Welcome.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com The paid Rockland meeting is the 2nd Thursday of the month at the Holiday Inn 6:30pm
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
Thank you to all for the great feedback and support! I'm excited to dive in
@Ryan Drowne I'm in the same boat as you! I'm looking to buy my first multifamily once my lease is up in April which will also give me some time to save some more money and educate myself some more. As always great advice from everyone!
I'm a big fan of books, and Rich Dad Poor Dad was next on my list. As @Paul Timmins mentioned The Book on Estimating Rehab Costs will really help new (and more experienced investors as well) investors get an idea of what repairs and renovations will cost. And since your strategy is buy & hold, which is my strategy as well, I recommend Brandon Turner's book "Rental Property Investing: How to create wealth and passive income through smart buy & hold real estate investing" and David Schumacher's "Buy and Hold forever".
Feel free to reach out anytime and maybe we can grab a cup of coffee and talk more.
Happy investing!
Farouk
@Mike Hurney Thanks! My lease is up at the end of August 2017, so I definitely have some time to go. During this period I plan on saving for a down payment on a duplex using an FHA loan and educating myself as much as I can. Any additional tips or suggestions on how to maximize this time-frame would be greatly appreciated.
Hi @Ryan Drowne
I have a very similar strategy- I plan on purchasing my first investment as a house hack with a fha loan.
To speed up the process you want to begin analyze deals daily so you can spot a good deal quickly. My goal is to analyze 3 a day or 150 a month. The daily repetition is key since with time you will get to know your target market as well as target renters. Knowing your demographic is key since you make money when you purchase.. not on appreciation-
feel free to reach out!
@Ryan Drowne welcome to BP. You have definitely come to the right place. You and probably more than half the people here have gotten in RE due to that book. The book also opened my eyes to RE and is why I'm here.
House hacking is an AWESOME strategy. Great place to start and get your feet wet. Read and listen to as much as you can get your hands on here on that topic, there's TONS here.
Good luck!!!
Miguel
Thats so cool that im also planning on the exact same ; saving to deposit on fha loan for a duplex and house hack like that till I can afford my next property. I love these forums because it makes you realize you aren't crazy for making these plans.
Hey @Ryan Drowne
Welcome to BiggerPockets!
Feel free to reach out if you ever find yourself considering the San Diego market.
Best of luck!
I am also a big fan of house hacking.
https://www.biggerpockets.com/forums/519/topics/30...
Here is a link to a pretty great house hacking forum. Lots of good back and forth and reasoning for which people would and would not want to house hack. I personally plan on doing it as a way to get started. But for me the benefits our weigh the risks and draw backs. Plus its a great way to get your feet wet as a landlord. The more experience we have with that the better. Best of luck and don't hesitate to reach out or bounce ideas off each other. The forums are always a good place to get feedback as you probably know by now.