Updated over 8 years ago on . Most recent reply
New Member from Boston Area!
Hello All!
I am very new to REI and luckily stumbled upon BP and this community only recently! I've been in the corporate world for little over a decade, doing finance/banking, consulting, etc. While I do like what I do, now I am also ready to start my REI journey. Most importantly, I really hope to be in a situation where I can bring significant value to the people I work with in real estate -- tenants, partners, investors, brokers, Lenders, and so forth.
Although I have no experience investing directly (been renting all my adult life!), I have been educating myself for the past couple of months (BP forums, podcasts, books, etc) and have saved up a few bucks also, to get started on this path.
Specifically, I am leaning more toward starting with multifamily (may be 10+ or 20+ units), and would like to buy and hold for the medium-long term (ideally long term). I hope to learn more about partnering up, raising capital and finding deals from you all here at BP. And of course, I am looking to meet and connect with many of you going forward!
Most Popular Reply
@Kapil M. Welcome to BP!
As you've discovered, this is the place to find pretty much everything you'll need to be successful in this business.
A big multi family (MFR) is certainly one way to go. Just consider that as a first project, it might be a bit overwhelming. You will possibly also have a harder time getting investors on board until you have a few smaller deals under your belt.
I'd suggest aiming for a 3-plex or two.
Boston and towns close to it are extremely expensive and virtually never make a 1% rule. In fact, I saw a 3-plex in JP this morning at over $1.1M.
I suggest looking at the south shore, where properties are more affordable and you'll have a shot at 1% rule properties, or at least close to it.
Target towns include Plymouth, Whitman, Abington, Holbrook, Randolph, Brockton, Taunton, Fall River and New Bedford.
Feel free to reach out if I can help.