First investment property

[Matthew Mello]

So, I’m new to the forum after listening to a couple podcasts it seems like an awesome network and I’m just looking for some advice.

I just graduated from college about 6 months ago and I have some money saved up and a lot more invested (mostly stocks, 401k, whole life insurance). I have enough to put down on a multi family house and still have some extra for minor repairs in cash. I don’t mind disclosing amounts if it helps me get advice but basically I would be comfortable dropping about $15k cash to get started between downpayment and minor repairs. Labor to me is at no cost due to my dad doing household improvements for his profession, just materials.

I am targeting the providence RI area due to colleges and the city starting to boom because Boston’s getting way to pricey (lives there for the past 4 years so I know it’s worth the commute in from Prov) but the taxes scare me a little bit so I wouldn’t mind grabbing units in the south eastern part of mass, like Fall River or Taunton.

What’s out there for advice? What should I be looking at for max budgets. My goal is to live in one of the units and have the other two pretty much cover the houses expenses if possible. I work full time in providence and have wayyyy to many student loans to pay back which will eat a bulk of my income that’s why I’m heading down the route of a multi family house.

Any and all advice welcome. Thank you

[Bud Gaffney]

@Matthew Mello Welcome Matt! Perfect opportunity to house hack. I own several multi's in Taunton, Fall River, New Bedford so I'd love to give insight if you have any questions. If I was you, I would buy a 3 or 4 family, live in 1 of the units and rent out the others. I would then get a HELOC and buy another. Repeat until you're as financially free as you'd like to be. Here if you need anything!