Just dreaming...Where would you buy an income property (Boston: real estate, apartment)

[Malishka]

Studio in Boston downtown? Small lake house in NH? Apartment in Florida? Something overseas?

[robr2]

Triple Decker in Somerville. If that's too pricey, then Everett or Chelsea which IMHO will be the next Somerville.

[Malishka]

Another point - would you buy strictly income apartment or something you can occasionally use (Florida apartment, NH winter house etc)?

[495neighbor]

Natick, the prices are climbing exponentially.

[massnative71]

Originally Posted by Malishka

Another point - would you buy strictly income apartment or something you can occasionally use (Florida apartment, NH winter house etc)?

I would buy something in Myrtle Beach or Florida. I want an occasional warm getaway spot anyway, might as well make some money off of it.

[Cape Cod Todd]

I'm a fan of Cape Cod but the rental season is really short and usually works around the school vacations. The shoulder seasons of Spring and Fall are a possibility but everyone wants the Cape in the Summer. Of course real estate carries a premium price here and anything close to the water is pricey.

A little spot in NH White Mountains ski country would be a good investment as long as you had the money that someone else could manage it and take care of it. They have a good solid 3 seasons up there.

Erosion is also a concern on Cape and your beach house might become a house boat within your life time depending on the storms.

[western mass and love it]

The Outer Banks of NC. Rental season is pretty long, real eastate is fairly inexpensive compared to Mass. and the beaches and weather are fantastic.

[chicagoliz]

So many contingencies, but if I had a chunk of money and I needed to use it to invest in property...

Strictly for rental income, I'd buy a 1 or 2 bedroom condo someplace not too far from where I live so I could get there if I needed to and keep a good eye on it, and be familiar with the local legal system, etc. in case of any issues. So, I'd buy something in Boston, Brookline, Newton, etc because there is a very strong rental market. I'd consider someplace like Natick, which is close enough to keep an eye on, and has a decent enough rental market.

If I wanted a vacation home where I could get away, I'd want a place with a strong rental market where I do want to go. I'd consider the Outer Banks of NC or some of the towns in the Jersey Shore, although those are places where I would go for the two weeks (per IRS code, as I last understood it), and wouldn't likely go other times of the year. I'd have to be certain that there was a good property management company who could take care of any issues that arose. Alternatively, I'd want a place that I could go to anytime I wanted -- often spur of the moment if it looks like the weather would be nice, so that would probably limit it to the Cape or other New England beach areas. In that case, I'd want to only rent it out to friends or family, or friends of friends, etc. So, while that would generate some income, I don't know that that would qualify as "income property."

[massnative71]

Originally Posted by chicagoliz

I'd consider the Outer Banks of NC or some of the towns in the Jersey Shore, although those are places where I would go for the two weeks (per IRS code, as I last understood it), and wouldn't likely go other times of the year.

How does that work exactly? Could one not classify it as investment property if they stay over 2 weeks? Sounds pretty stringent to me, I'm just beginning to look into this...

[Boston_Burbs]

For pure income and speculation: Revere walking distance to the blue line.

For an air bnb/vacation, a rustic cabin or yurt in the hill towns or Wendell