Closing on my first MF... would like to contiune investing

Closing on my first MF... would like to contiune investing

Boston, MA · Member since 2017 · 3 posts · 1 vote

Hello,

Fairly new to the site. Closing on my first MF in a few weeks , super excited!

A little bit of information about the property:

One Mortgage program. 3 % down payment. NO PMI

It's a MF, 1st unit is 2 bedroom, 1 bath  its just me and my daughter; so 1st floor it's perfect for us,  2 unit has 6 bedrooms, 2 bathroom.. good tenants in place already. I'm planning on renewing existing lease with new terms.  2nd Floor rent covers Mortgage, so i am planning on saving to continue to buy MFs; i will probably have 5k left saved after the purchase :( , it's hard to save in Boston while paying almost 2k for rent; any advices on maximizing savings to continue investing without having to wait too long. also i would like to mention that my brother and wife offer to pay me $700 if i can rent the basement to them.  but the basement is completely unfisnish. i was thinking of making it a legal 1 or  2bedroom apartment. if  that plan doesnt work, maybe adding 2 more bedrooms and a bath to the basement to make both units  a little even. 

This is just me thinking aloud. what do you guys think

Thanks in advance!

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  • Investor · Patchogue, NY · Member since 2017 · 69 posts · 11 votes
    9y
    Scott Trench book set for life is a good book to read on how to live a frugal life and maximize savings.
  • China, ME · Member since 2014 · 3k+ posts · 4k+ votes
    9y

    @Luz Gonzalez Sounds like you have a nice multi - congrats!

    I'd suggest one possibility is to look at fix & flips.  You can make some relatively quick cash that can be used to finance your next buy & hold.

    I strongly favor the south shore because you get so much more for your money here.  Brockton is a good place to look for flips as are Taunton, Kingston, Pembroke and Plymouth.  

    None of these towns are hyper-hot like Cambridge, Somerville, South and East Boston.  But they have been appreciating at a good rate.

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