In this paper we study the spectral efficiency (SE) of a point-to-point massive multiple-input multiple-output system (P2P-massive MIMO) with limited radio frequency (RF) chains, i.e., analog-to-digital/ digital-to-analog (D2A/A2D) modules, at the transceivers. The resulting architecture is known as hybrid beamforming, where the joint analog and digital beamforming optimization maximizes the SE. We analyze the SE of the system by keeping the number of RF-chains low, but placing analog amplifiers at different paths. Conventional hybrid beamforming architecture uses the amplifiers right after the D2A modules. However, placing them at the phase shifters or at the antennas can affect the SE of hybrid beamforming. We study the optimal placement of the analog amplifiers and pinpoint the amount of loss in case of misplaced amplifiers.