Cape Cod Massachusetts Newbie Buy and Hold rentals

[Alexander Wardell]

Hello everyone!

My name is Alex Wardell and I live in Sandwich, Massachusetts. I am very new to real estate and the only experience I have is from buying my primary residence back in 2014. I am currently a state employee for the state prison system and I am looking forward to adding that to the list of previous work experience rather than current.

Prior to living in Massachusetts I lived on the New Jersey coast until I enlisted in the United States Marine Corps in 2008. After five years of active duty I deiced a change of scenery was a good idea, which lead me to Cape Cod.

My goals in real estate are buy and hold rental properties, mainly multifamily. I am looking forward to learning from others in the business as I start this path to the ever so elusive financial freedom!

Thank you all

[Charlie MacPherson]

@Alexander Wardell  First thing you should do is to familiarize yourself with MA landlord/tenant laws - which are biased WILDLY in favor of tenants.

Next, learn about Fair Housing.  There are 7 federally protected classes.  In MA there at 15.  There are also "testers" sent out by the state to entrap you into saying or doing something that they can call discriminatory.  They will prosecute you and the courts have already held that "entrapment" is not an allowable defense.

Once you have that all figured out, it's time to move forward.

I have long been a fan of Plymouth and Bristol counties as the places where an MFR buy can still make sense. The key is to watch what comes on the market very closely. When a target property surfaces, be prepared to act on it within HOURS not days.

Be prepared to show a solid proof of funds (not a print-it-yourself POF from a hard money site) and to submit a reasonable offer (most likely 97%+ of asking price).

And if you have a good agent, you'll get that property under contract and start you due diligence.  From there, the flip games begin!