Newbie - Southeastern Massachusetts (Cape Cod)

[Tom Colombo]

Hi everyone,

First post here on the BP forums. I am a newbie just getting started and currently reside in East Sandwich, MA (with family).

Like many others on here, I want to invest in real estate to achieve financial freedom and to generate long term wealth. I want to do this through a buy-and-hold approach. I have a decent paying job that I enjoy, very little debt and am currently in the learning/saving process. I do not own any real estate (yet).

Unfortunately, I am also in a bit of an "analysis paralysis" stage that I need to break by taking consistent action. I know that I want to start by investing in my local market, but with the high real estate prices in my area, I'm not sure what properties/ strategies will allow for a stable investment that will support itself after all expenses are accounted for (and preferably with at least 8% ROI). My idea of local is no more than 30 minutes, which would probably boil down to one of the following towns:

•Sandwich

•Barnstable

•Bourne

•Yarmouth

•Dennis

•Mashpee

I’d love to hear what any investors on/near Cape Cod are doing:

1. 1) What strategies do you find work best?
2. 2) Do you focus on year round rentals or vacation rentals? Why?
3. 3) Does anyone here rent by the room on Cape?
4. 4) Are there any Cape Cod meetups?
5. 5) Does anyone know any realtors who work with investors and/or invest in real estate?
6. 6) What are your favorite ways to find deals?

Feel free to answer whatever you can. Thank you everyone for your time and I look forward to the journey ahead!

Best Regards,

Tom Colombo

[Ned Carey]

@Tom Colombo Welcome to BP

I believe analysis paralysis is due to not having enough specific knowledge to be confident to move ahead. There are three types of knowledge you need in REI

1. The strategies, this is the easy fun part, you can learn that in depth here
2. How to evaluate deals, This too you can learn hear
3. Knowing your market. This is where most people fail. If you don't know your market you don't know what numbers to plug into the formulas. This requires looking at and evaluating many many deals. Look at all kinds of deals, listed properties, open houses, auctions (onsite not courthouse steps) wholesalers deals, and most importantly any deal of another investor. Pick their brain of how they found the deal and the numbers.
   

When you really know your market you become much more confident to pull off a deal. Good luck