All Forum Posts by: Account Closed

Thanks very much, @Charlie MacPherson.  I appreciate the recommendation of those areas you mentioned.  I will certainly take a look at those. 

I know the areas within 128 are super hot right now (and certainly if I look on the MLS the prices are practically untouchable). The one thing I keep wondering though, is whether there might be a method of finding off market properties within these super hot markets that might prove even slightly effective? I realize the hotter the market the more difficult it will be, but for a beginner like me I thought it would be worth asking the question.

Are folks in the Boston area finding off market properties in much the same ways we hear about on the BP podcasts and the rest of the forums?  Or is this area so hot it's not worth going that route?  Are there any methods I might not be considering?  Should I simply be networking with realtors in these super hot markets and trying to find a pocket listing?  Do mailers work in the Boston area?  Driving for dollars?  I'd love to hear what any successful investors may have done to find deals in and around Boston that might not necessarily be on market. 

Additionally, with respect to those markets you mentioned looking into, I don't have any pre-existing knowledge or familiarity with those areas either, so I'm hesitant to jump in there (at least for now).  What might people recommend for getting more comfortable with a particular area?  I don't know if simply driving around for a weekend would do the trick, but I'm open to any and all suggestions! 

I apologize for the loaded questions, and for rambling a bit.  But thanks again!

Hi everyone,

I know this is likely the overly-obvious, "goes without saying" question to ask around here, but I wanted to be bold and ask it anyways. 

What recommendations might any of you successful investors have for finding opportunities in the Boston area (or really anything inside 128)? 

I am a new real estate investor looking for buy and hold opportunities and targeting cash-flow.  I grew up in the Boston suburbs and the surrounding towns are areas I'm would be very comfortable buying in, geographically speaking. 

It's obvious that the prices on the market are red hot, which makes finding a good entry point difficult to begin with.  People will typically say that the C/C+ areas are where you get your best cash flow.  Around here, many times that translates to those areas in Central and Western Mass.  My difficulty though, is primarily that from being around the Boston suburbs, it's such a different world that I'm finding it difficult to really feel comfortable out in those areas.  I'd love to be able to target something in my area (since I feel like I know it best), but how can someone like me possibly hope to land a profitable property around here? 

I know everyone in my shoes is likely asking this question to themselves, but I wanted to see if there is anyone out there willing to work with me to help identify ways I can make some progress.  I'm a quick study very eager and hungry to learn and succeed.  I'm willing to do whatever it takes to progress, so anything those of you who have been successful in this area have in the way of advice or guidance is welcome. 

Thanks very much!  I hope everyone has a great week! 

@Steve Bracero - Thanks so much for your post.  I would love to be a part of the group if you are open to new members.  Thanks!

Thanks for your help, everyone.  I appreciate the advice.  I think I do need to spend some more time on the ground looking at all of these areas myself to get as comfortable as possible.  Thanks again!

Hi all, 

I've been considering getting my feet wet in real estate investing for years now, and only recently begun to consider myself financially (and mentally) ready to jump in with both feet.  

For my first purchase I'm targeting multi-family properties (2-4 units) for buy-and-hold (cash flow).  I'd also like to find something that doesn't need a whole lot of work up-front and would attract a more steady and reliable tenant base.  While anyone from Massachusetts will agree that inside 128 is great for long term appreciation, it seems like not only is it astronomical in price, but also not so good for cash flow.  

That being said, my research is showing that Worcester, Leominster, and Fitchburg all seem to have some quality multi-families that can potentially produce some good cash flow.  Even Springfield seems to have some promising opportunities.  My difficulty though, is that being born and raised in the Boston suburbs, I'm not familiar at all with those areas.  

I'm looking for anyone's advice on whether my thought process is sound, as well as welcoming any feedback from folks who may have gone down this road already (or are doing so currently). Is what I'm looking for even out there? I see lots of opportunities on MLS, but I'd hate to be leaving something off-market on the table. I'd love to connect with anyone looking to brainstorm or trade thoughts and ideas as well - and I'm always down for a cup of coffee, weeknight drink, or weekend lunch.

Thanks very much in advance!  Looking forward to your thoughts and advice

-Phil

@Robbie Reutzel - that makes sense, but on the marketing part of your comment, that's actually exactly the topic of another question I have been meaning to ask. 

What exactly would an investor be spending so much on "marketing" for?  I know this sounds like a terribly silly question, but how exactly would you be spending that much to find a property?  My understanding to this point is that to find a motivated seller, you basically have to network your butt off to connect with folks that have an ear on the ground.  What types of strategies are investors (both in the Boston area and outside) using to market their "service" to distressed sellers?

Thanks very much!

Interesting - thanks Dev. 

I guess what's tripping me up is that in the Boston area, there's almost zero reason for someone not to just list the home, even if they're in a hurry for cash.  I've seen absolute DUMPS of a property get picked up in a weekend after being put on the market, so even if those sellers were in a hurry... they probably got an all-cash offer, or at least one not contingent on an inspection (and sometimes not even contingent on financing). 

So what you're saying totally makes sense - I think I just need to mentally step out of the bubble of the New England area, where putting a home on the market tends to mean you will get 10 offers in a weekend. 

Thanks again!

I've learned a bunch over the course of the past few months, both by reading whatever I can get my hands on, as well as some of the great posts on this site.  For someone like me who is just starting out in real estate investing, the overwhelming majority of material I've read suggests that finding motivated sellers so you can get a great price on a property. 

I understand that things happen in life.  People need money, or they miss some mortgage payments, and maybe they're going to be foreclosed on.  My big question is... even if someone is about to be foreclosed on... why wouldn't they just sell their home and get fair market value for it?  This is the part that just doesn't make sense to me.  Even if they're under water on their mortgage... why would you take an extremely low offer from an investor, over just putting it on the market and getting way more? 

Is there something I'm missing?

I have thought about venturing into Worcester and Springfield as well, Cecelia.  It's tough to think that sort of thing through, as someone who has lived in Metro-boston their whole life. 

I know that closer to boston means better chance at great tenants and lower risk of vacancies due to the high availability of jobs in the area, and I'm obviously aware that the further west you go, the less that could be the case.  I think being from the Bostno area has "spoiled" my outlook on what makes a "good" property to invest in, which is where most of my hesitation comes from. 

I'm beginning to think that you can get the best of both worlds (an investment property with low vacancies and great tenants due to jobs in the area while also having a lower price-point than we see in this area) by looking out of state, but obviously as a rookie, it's daunting to think about (which is why I so much appreciate all of the great responses and feedback!)

If you find anyone who has more insight into that area, please let me know!

Cheers,

Phil

Thank you all for your incredible feedback.  I really appreciate all of the kind responses!  

I'll definitely be looking at some of the threads on the topic, and listening to the podcast as well.  

Again, thanks so much for the feedback!  It really makes me feel a whole lot more confident!  

Cheers,

Phil