All Forum Posts by: Thiago Gomes

Hi Everyone,

I Appreciate the time and tips in advance! 

I'm a realtor in the Boston, Massachusetts area and deal with investors, first time home buyers, and leasing properties in the Greater Boston Area. I'm lucky enough to be around it and see the value in buying an investment property or a few and holding onto them for 10 - 30 years, making a cash flow, watching prices go up, and being able to sell or re-finance to send a kid to college, or etc. Ive met so many property owners who bought condos in Fenway about 30 years ago for $50,000 and their condos are now worth $500,000 each or more. So many are still in their 50's - 60's bought 4-8 condos and now live of their monthly income and have properties fully paid off. Its definitely my goal but I fear Boston is at its peak and it won't double in price again in our lifetime. 

My wife and I are looking to buy our 1st investment home, a 3 family or more with a 25% downpayment. The homes we are looking at are about 45 minutes outside of Boston,  have universities and colleges, train stations, and are up and coming cities. But still aren't the most desired cities. (Lawrence, Lowell, Haverhill area) I've spoken with locals who say crime really isn't that bad, its like anywhere else - there are better parts and worst parts of town. But overall feedback is better than I expected. 

Buying a 3-Family house near Boston (15 minutes outside) start at about $850,000 for a decent home, renting them out at about $2000 each unit per month. While a solid investment, I can't believe that prices will increase much more.

Lowell and Lawrence are around $500,000 for a decent 3 family and rent at about $1500 each unit. 

My question is... Would it make sense to take our 25% downpayment and purchase 2 homes in another state rather than spend all of our equity on one home around the Boston area just because it is close? If another state, where should I begin researching?

thanks!

@Kevin Grinstead I've heard that Tennessee market is booming, I was able to visit 2 times last year and saw that there was a lot of new construction buildings, homes, plazas, and office happening, which is a good sign indeed. I would love to find out a little bit more about Tennesse investment properties. Maybe I'll make a comment on one of those forums, start reading up, and contact a local realtor!?

Thanks!

Hi @Troy Williams

What made you buy in Colorado? Are those your first investment properties? 

I am looking to buy my first investment property in the next 2-3 months, I live in the Boston area but the prices are so high! A solid 3 family in this area starts at $500,000. Im wondering if I can take my 25% downpayment and turn it into two multi-family homes in another state. All I know is Massachusetts though, I am still at the beginning of my research. I am comfortable in the towns/cities that I am researching in Mass, I just wonder if I can do similarly well in Florida, Colorado, Texas, but with half the cost!?

Thanks!