Saugus, MA · Member since 2014 · 38 posts · 9 votes
Thanks in advance for any replies.
I'm 23 and I currently live in Massachusetts on the north shore (generally an expensive area). I have about 30k that I'd like to invest into a multi family property. Ideally I would like to owner occupy a minimum of a 3 family. Is there any way with this amount of money? Everything I see is generally 500k+ and I don't see the as something I could handle.. Do I wait and save more money or could I make it work?!
This is a great place to get your questions answered. I would suggest starting with the Ultimate Beginner's Guide and the No Money Down book. You should also listen to the podcasts.
You should also attend two REIAs regularly. Mike Hurney runs one you can also attend Black Diamond in Waltham and/or the NEREIA in Chelmsford.
As far as 3 families for less than $500K they can definitely be found but it depends on where you are willing to owner-occupy. Places like Lowell and Methuen have many options and you can also find them in Lynn, Revere, Everett and Malden.
I am a broker in Winchester and have helped several clients do the same thing you are trying to do. I have access to deals on and off the MLS.
PM me when you are ready to see some options. I am happy to show them to you.
This is a great place to get your questions answered. I would suggest starting with the Ultimate Beginner's Guide and the No Money Down book. You should also listen to the podcasts.
You should also attend two REIAs regularly. Mike Hurney runs one you can also attend Black Diamond in Waltham and/or the NEREIA in Chelmsford.
As far as 3 families for less than $500K they can definitely be found but it depends on where you are willing to owner-occupy. Places like Lowell and Methuen have many options and you can also find them in Lynn, Revere, Everett and Malden.
I am a broker in Winchester and have helped several clients do the same thing you are trying to do. I have access to deals on and off the MLS.
PM me when you are ready to see some options. I am happy to show them to you.
It never hurts to save more money, but if you figure out a set plan with a few exit strategies it's doable now. You could owner occupy with as little as 3.5% down..so your at $17,500 down on a $500k property plus closing. What is your plan in 1-2 years?
Hey there! Way to start young I love it! Couple of things to consider (and I say this because we don't know how soon you get your first property, could be next week could be in 2 years!).
- Strongly suggest filling your mind with more knowledge and information about this world. You're in the right place! I love the books Millionaire Real Estate Agent, Hold, and Cash Flow Quadrant. Watch many of the BP podcasts and read the blogs as well.
- Focus on saving and growing your income! Do you have a 9-5 job? Find a sales gig or something to do on the side to supplement it. Start a small low capital business on the side to make more money. Don't spend on needless expenses focus on saving and once you have many multi family properties it will be worth it. Imagine retiring on passive rental income in your early thirties?
- Eyes on the prize and stick to your goal!
Good luck my friend!!!
@Matthew Catanzariti good for you! I would recommend talking to a lender first to figure out exactly where you stand financially. I have a few good recommendations if you want to PM me I will forward them along. I am a Realtor based out of the north shore as well--if you ever want to chat Id be happy to share some insight.