Advice On Investing In An Expensive Market
Hello BP team! I am a young investor just starting out my investment journey with my wife/family. I live in the Northshore area of Massachusetts (North of Boston close to NH). My market is one of the most expensive in the country and I wanted to ask the BP community any advice you have with investing in a market where prices tend to be on the higher side (Ex: most multifamilies are north of 700,000 -1.5 million). My wife is in college but works almost full time and I am a full time banker. Our goal is to house hack our way to grow our investment portfolio.
Any advice is appreciated and I want to thank everyone that takes there time out of there day to respond! I'm excited to grow as an investor and learn from such a driven community!
#2 New Member Introductions Contributor
- Lender
- Charlotte, NC
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#2 New Member Introductions Contributor
- Lender
- Charlotte, NC
Hi Wyatt, welcome to BP!
I am from Newburyport which seems like it might be close to where you're at if you're near the NH border. Anyway, happy to chat about the market up there. It really depends on what you are looking to do in terms of property type/strategy (turnkey, BRRRR, flip, etc).
Would love to connect!
Quote from @River Sava:Newburyport is exactly where I am at actually! I didn't think people would know where that is! We are looking to do BRRRR's and eventually flips! As you know it is quite the expensive area but we are looking at southern NH and Northshore MA! I would love to connect as well! Thank you so much!
Hi Wyatt, welcome to BP!
I am from Newburyport which seems like it might be close to where you're at if you're near the NH border. Anyway, happy to chat about the market up there. It really depends on what you are looking to do in terms of property type/strategy (turnkey, BRRRR, flip, etc).
Would love to connect!
#3 Starting Out Contributor
- Real Estate Agent
- Nevada
A house has is a great way to get started. Take a look at edge areas near the main places where people want to be. Are there revitalization plans for neighborhoods in areas where you can get a property? Check with the city on where they are install new sidewalks, outdoor eating areas, walking and biking areas. You can also look for slightly distressed properties and reach out to them. Networking events will be another great place to find a property.
Quote from @Bradley Buxton:
A house has is a great way to get started. Take a look at edge areas near the main places where people want to be. Are there revitalization plans for neighborhoods in areas where you can get a property? Check with the city on where they are install new sidewalks, outdoor eating areas, walking and biking areas. You can also look for slightly distressed properties and reach out to them. Networking events will be another great place to find a property.
Hello Bradley!
Thank you for you advice! I hadn't heard of revitalization plans! I will look into them!
I am a 2x house hacker myself in Beverly. Right next door! Always happy to chat about my Experience. Especially cause I feel your pain. House hacking is definitely the best way around here.
Quote from @Daniel McDonald:Hello Neighbor!
I am a 2x house hacker myself in Beverly. Right next door! Always happy to chat about my Experience. Especially cause I feel your pain. House hacking is definitely the best way around here.
That is awesome to hear that someone local is doing the same thing that I am trying to accomplish! I don't think I could afford to do any other strategy until I get a few properties under my belt with the prices here. I would love to connect!