Quote: (08-30-2011 11:09 AM)Explorer2012 Wrote:
Quote: (08-29-2011 10:49 PM)BostonBMW Wrote:
So I am on the daily hustle, eyes on the prize: to make enough money to not have to work.
My field is real estate. Recently I have been scouring the listings and trying to do analyses to make the numbers work, Boston like the rest of the metropolitan Bos-Wash corridor is horrendous when it comes to positive cash flow...its like squeezing blood from a turnip.
The only possibilities I am seeing is some of the industrial/old mill cities of New England, they aren't ghetto per se, however definitely on the rough side. I am torn between:
Option A:
Buying a solid, well located property that barely breaks even, although may have some appreciation potential (if the US isn't bankrupted and the world doesn't end).
Option B:
Buying a cash cow that will give me some regular income, but forget about being able to enjoy any appreciation?
Option C:
Say F it and move out to the Midwest or the Rockies and start piling on investments out there. I am not looking for the big city excitement if it means putting my goals on hold. I figure if I am making like US 5K/month in net income, I can pretty much pull a Roosh.
I am making decent money out here, but I am not sleeping easy because 1. The economy goes to hell and I'm out of a job 2. I need to be locking down RE deals and I am not seeing the value opps.
Thoughts?
Buddy you don't need to move ,check out Buffalo New York state.Low price,high cashflow,multi unit properties with Govt paying your rent. Over the next few years you'll get modest or reasonable capital appreciation plus healthy reliable safe income.Get an agency and it can be hands off.
avg. property is only $30,000 and lower.If you can access cheap financing I would definately reccommend checking this place out.Your looking at yields of 20%
I am considering places like Buffalo, Pittsburgh. The issue is getting approved for financing. Right now, I'm making decent dollars so that I can continue to pay off the mortgage.
I am really wary of handing it off to a management company in Buffalo while I live in Boston because 1. NO ONE will have my best interests in mind 2. It won't be easy for me to drive out there and check up on the properties. 3. I would need to spend a lot of time researching neighborhoods, rental rates etc and its difficult to be taking weekend trips out there.
I don't mind the move option or staying in Boston while investing in the region. I'd like to be close to properties early on, theyre my ticket to freedom. Once I have sufficient units and a solid management team, I'll be happy to take off and do my thing.
Thanks for the suggestion -- hope my reasons make sense.