Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Hello all who read!

Lesson two: The Polytech area has a lot of potential but requires careful planning for the scope of work.

Such a nice post to read after some of the others today, Lol.  

I will be very careful with my first investment if I were you, unless you have a rich father or uncle who is willing to finance your mistake.

Quote from @Brandon Weis: We have historically had in our leases that renter's insurance is required, but we had been lax on enforcing it because owners didn't really care and not all tenants had it.

A PMC is the ONLY one that will deal daily with your property.Here's some copy & paste advice on hwo to screen PMCs:Recommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.

I hadn't read the Baltimore story before...wow.Hi Sathiya, some thoughts: - attend in person meet ups in the Boston area to talk to other investors who buy locally and out of state to get their feedback and maybe consider looking within a 2 to 3 hour drive. - cash flow is difficult now with long term rentals even if you pick markets that have lower purchase prices than Boston.

Marketing, screening, collecting rent, unpaid rent, maintenance, capex, insurance, lawn care, vacancies, turnover costs, inspections, and so much more. 

I've read about this before.