New Investor, First Post, Hello

[Michael Guerra]

Hello BP family! Been on BP for a few months now and this is my first post in the forums. Wanted to say hello to everyone and sort of put out there my Real Estate goals for 2019 as a bit of motivation for myself as well as accountability from everyone on BP. I have been reading posts and listening to the podcasts and had attended some of the live seminars recently and it has really motivated me to look for my first property. That leads me into my goals for 2019: (1) Is to purchase a multi-family home that I can live in one of the units and rent out the other(s) (house hack), (2) wholesale 3 properties in my area (south of Boston), and (3) attend at least one live BiggerPockets Webinar each week. Thanks everyone looking forward to a great year.

[Charlie MacPherson]

@Michael Guerra Welcome! House hacking a multi family (MFR) is a good way to get started. You won't find many in Norwell though. There haven't been any sold there since 2015.

There are a few locations to focus on.  The towns where you're most likely to find reasonable prices with rents that are stronger are Plymouth, Brockton, Middleboro and possibly Kingston, Pembroke and Marshfield.

There are two Brocktons.  The center and east are rougher and houses tend to be more run down.  That's defined by zip code 02302.

West Brockton (02301) starting about 8 blocks east of RT 28 is really nice.  It's sort of "Brockton in name only".

You should know that when it comes to wholesaling, the way it's commonly practiced, it's illegal in Massachusetts.

Marketing a property that you don't already own - and that includes selling your equitable interest in a property - is a license-required activity.  People do it every day, but it's illegal.

I know someone's going to tell you that it's legal, so here's a link to the actual state law so you can read it for yourself:

https://malegislature.gov/Laws/GeneralLaws/PartI/T...

The other thing to consider in investing is fix & flips. There's a lot of good opportunity out there. In fact I had one last week - 3/1 in Plainville. $95K acquisition, $100K rehab, $320K ARV.

There was serious meat on the bone there, but it got snapped up faster than my investor could move.  

Let us all know how you're doing as you start the journey!