All Forum Posts by: Stephen Roesler

@James Murphey I fully intend to invest as soon as I am in a position to financially. I am north of Boston so it is a very hot market and prices are challenging as a new investor. I agree the knowledge would be very helpful, specifically because my investment strategy at the moment will be in multi family.

Do you currently work as an agent? Any input on doing it outside of my day job?

Hey everyone,

I know this question has been asked over the years but I wanted to get a fresh perspective. I have been researching as much as I can about getting my license in MA. I currently work a 8-4 job on the credit side of CRE, so I would be using this around my day job. I have a passion for all aspects of real estate and have always wanted to try being an agent.

The goal is to see how I do in an entrepreneurial atmosphere, specifically real estate as well as bring in additional income. I think I would like to start with rentals to get some transactions done efficiently. I have read all about part time not being feasible but would love some input from those who have gone this route or anyone in general in the field - what worked, what didn't work, etc.

If anyone has any other thoughts real estate work I could do around my day job, I would love to hear.

Hi Tyler - congrats on going to Northeastern. I'm sure you are aware from research but Boston is a HCOL market, so your search is going to depend on your personal investment requirements (as with any market of course). Are you looking at properties in the immediate Northeastern area or have you searched in any surrounding immediate areas?

@Zac Ballin Where is your triplex located Zac? I have not yet purchased my first deal that I will house hack, but I am in the North Shore about 20 north of Boston.

@Ehsan Rishat thank you! It'll all be about keeping focused on what I want most - to be able to take action in my REI journey. Do you have any goals set for 2019?

Hey everyone,

I have seen a number of discussions relating to member goals for 2019. I have enjoyed reading many posts from people in various points of their REI journeys. As I am in my early 20's, I would love to hear some goals from the younger investors who are wanting to start, just starting, or have been investing for some time now. I just turned 24 and am a year out of college working full time. 2019 is the year that will lead to my first deal. I save majority of my income each month currently. I will also be working to increase my income as well to expedite saving cash. I will likely start my active search for a MFH this time next year that I will house hack with either an FHA or low down payment conventional loan (we'll figure that out later). MFH's are tough to find in my area for sale, so I will plan to source a potential deal through some sort of direct mail. I will use the next year to continue educating myself in all aspects of real estate and monitoring the market.

I look forward to hearing other young investors' goals and good luck to all!

Hey all, I know its been a little while since my introduction. I've been using this time to create my realistic goals for beginning my real estate journey. My 2019 plan is to increase my income and save aggressively. This time next year, I aim to have saved enough to actively look for my first multi to purchase (at least $20k). I have decided a condo is out of the question as it does not align with my REI goals. I am looking to stay in my surrounding towns (Reading, North Reading, Wakefield, Stoneham, Woburn, etc.), which means I will have to get creative with finding a deal. As talked about previously, prices are rather high and listings are minimal. Will likely look into a foreclosure-based sale to get something manageable as a house-hack. Will continue researching pre-forclusues/foreclosures/short sales.

As I take mental notes of properties in the area, there are several MFH, but essentially none listed. I was curious if anyone has mailed or contacted the owners to see if they would be interested in selling. Based on timeline, is this something I should do when I have the funds to buy? Would I try contacting before I am ready to at least plant the seed in their mind of a sale? Let me know any experiences you've had with this, or any other suggestions!

@Kevin Sack I completely agree about wants vs. needs. We would be perfectly fine in a condo in the short term, but long term wealth goal point toward a multi. FHA is a very realistic option, or some sort of conventional loan allowing 5-10% (need to educate myself more in this area). Another consideration has been a foreclosed multi, but again my knowledge is limited in this type of purchase and I absolutely need to read more about it.

@Charlie MacPherson It definitely is an expensive area for a suburban area. Our current situation, both immediate and near future realistically point towards staying north of Boston. If i could get something in that $300-$350k range, I think that would work well to start, add some sweat equity, and start the journey from there. Thanks for the insight on the South Shore!

@DJ Richmond That path is essentially the direction I am going at this point. Excited and eager, almost a little ready to move forward and progress as quickly as possible. Right now my goal for RE is to just save  and educate myself as much as I can. Then when the time comes to get serious about purchasing, I'll be in a position to work with some lenders.

@Adam Sankowski I definitely understand avioding condos. Really the only thing that has drawn me to them has been the affordability of a 1-2BR/1Bath, which is all we would need at this point. The real goal is to get a multi. I guess it has been challenging for this to seem realistic based on prices in my surrounding towns, but I need to remember that inventory will be different when the time comes to find that first deal. Somerville has boomed in the last couple of years, great decision with the Union Square 2 family. I plan to put down 3.5-5% so I can get in the RE investing game earlier rather than later. Super eager, just want to be smart and not get too over my head. You're right, the part that makes me most nervous is having enough excess cash for the loan payment and renovations. In hindsight, I'm sure this is how everyone feels purchasing their first property, whether it's with an investment mindset or simply their own home. Thanks so much for your details, greatly appreciated.

Thank you all for the welcomes. 

@Kevin SackThis certainly seems to be the case for my situation. There are multi's in mine and surrounding towns, just seems like they are priced high and/or not on the market at the moment. I'm not in a position to buy just yet, as I am still saving, but I was to be prepared when the time comes and know what would be a good purchase for both a living situation and investment opportunity. Not afraid to put the sweat equity in based on the potential reward. Do you have any advice for a market like this (average house price is around $500k, basic 1 or2 BR/1 Bath condos range from $170-250k)?

@Brandon L. Appreciate those blog posts. I feel like my biggest hurdle is wanting to start ASAP. I want to begin this journey an a smart way, however. One of my questions is just how much to have saved, in addition to just a down payment?

@Justin Johnson The same happened to me after reading it. Really changed my mindset about how to use money as a tool. I have no problem working a 9-5 job now, as the steady income is worth it, but I want my future to be free and allow for choices instead of feeling forced to stay in the rat race.

Thanks again everyone!

Hi everyone,

Long time lurker, first time posting. My name is Steve and I am in the north shore area of MA, about 20 mins north of Boston. I am just turning 24 and graduated with an undergraduate in Finance/Economics last December and have been working full time since March. Currently work in accounting, but I am taking a real estate program to pursue a career in the real estate industry. I'd like to start as RE investment analyst or something along those lines.

My current situation is that I am engaged, living at home and saving for a down payment. Would like to get a multi family to house hack to start my personal RE portfolio, but multi's and single families are very expensive in my surrounding towns. Job situation in the short term will not allow for my fiancee and I to move farther away. We are definitely ready to buy our own property asap, but to stay in our immediate area points towards buying a condo as the realistic option.

I am saving, investing, and researching as much as I can until the time comes when we are going to buy a property. Big into personal finance and love the financial independence mindset. Would love any advice or insight from the community on a condo to start. Any thoughts in general are appreciated and I am looking to continue learning from everyone and their experiences!