REAL ESTATE INVESTING
There are many investing opportunities on the North Shore. Urban cities like Salem and Lynn offer traditional investing opportunities with streets lined by multifamily properties. As people continue to migrate out of Boston, Salem has become a hot spot on the North Shore. This is appealing to investors who want to capitalize on increased rental income opportunity and a widening tenant pool.
Salem and Lynn are just the tip of the iceberg for real estate investing on the North Shore. Towns like Peabody, Danvers, Beverly, Ipswich, and Marblehead also present opportunities for investors who are patient and opportunistic. Whatever stage of investing you're at there are opportunities on the North Shore.
MAKE REAL ESTATE WORK FOR YOU
Real Estate is a great investment. It's reliable, stable and it should be part of everyones long term financial plan. The best part is it can be attainable for anyone.
Just Starting Out?
If Investing is new to you and you don't have a lot of money saved up, that's OK. I certainly didn't when I started out. Let me help you explore programs that will allow you put as little as 3.5% down on an owner occupied investment property.
If you've been saving for a while and have some capital that's great, let's make your money work for you. I'll help you put together an investment strategy that will help secure your financial future and generate revenue.
How I Got Started
Low Money Down
When I was just out of college I bought a multifamily home with a partner in Chelsea. We took advantage of MassHousing loans and put 3% down on an owner occupied 2 family. That worked out to just $4900 out of my pocket. We lived there for a bit, then moved on and continued to rent the property.
Repeat and Refinance
A few years later I bought another two family in Arlington with my wife, putting just 5% down. Taping into equity on this property with a HELOC I was able to put a downpayment on my family’s ‘forever home’ in Marblehead. A couple years later I bought a lake house in NH when I took a cash out refinance on my Marblehead home.
After an initial investment of just $4900 I have been able grow my real estate portfolio to 4 properties. 2 long term rentals, 1 short term vacation rental and my primary residence. It took some hard work and vision, but it’s attainable by anyone.
Below are my keys to successful real estate investing and my timeline. I hope this helps you realize that real estate investing can be achieved by anyone with the right mindset.
5 Keys to Successful Real Estate Investing
- Think long term and take risks
- Start early, buy owner occupied multi families
- Use other peoples (banks) money
- Buy properties that need some TLC and put in sweat equity
- Use financing to tap into equity in your property and use it to buy more
My Investment Timeline
Purchased a 2 family in Chelsea with a partner, putting 3% down at $330K (just $4900 out of my pocket)
Purchased a 2 family in Arlington putting 5% down on $440K
Took out a HELOC on Arlington to use for a down payment on new home
Purchased family "forever home" with 20% down in Marblehead
Sold Chelsea property through a 1031 exchange and purchased investment property in Salem
Took a cash out refinance on Marblehead home
Purchased lake house in Silver Lake, NH with 20% down
Became a licensed real estate agent to share my story and help others with their investing goals