want to own my own home

12 Replies

hello investors i'am kenny from massachusetts. I am really very interested in being a real estate investor. I am 45 and have let so much time pass me by already due to overcoming hardships in life, but im as ready as i will ever be to get this career rolling! my question is im currently renting a beautiful 3 level townhouse for 1,200.00 a month. I made a promise to myself to raise my now 2 year old little boy in a safe and nice home. However i want to buy my very first home via first time buyer, i dont have money for a down payment and i dont want to make this decision effect me in my  real estate investing. I guess what im saying what is the best way to buy my first home?? should i buy a multi family home and live in that for a couple years or buy a single family home?? I know if i got a morgage i could live in my own home cheaper or what i am paying already. Is there a program out there that could help me without a down payment? honestly working my current job its unrealistic that i will ever have money for a down payment ( hence just one of the reasons why i want to make investing in real estate work) so i am able to better provide for my family!!  so any response would be very helpful and i would be very grateful for advice!! thanks so much!!!

@Kenny Bergeron  

Welcome. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

Consider checking out HUD homes for small multi's owner occupied gets first crack.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over


Good luck


thanks Paul Timmins for your quick response and advice as well !!! its appreciated!! I will definately use the materials you provided to me!!!  sincerely Kenny

@Kenny Bergeron I like Multi, live there, fix up a unit, move into another, fix it, etc. Then you've got something with more Equity and more Cash flow.

Also figure out what you and your spouse can do to max out your jobs (promotions, increases, CEUs, Courses in new technology, degrees. Ask your Bosses what you can do?) while you're learning RE Investing

Thank you mike hurney! Unfortunately I look forward to the day i leave the job i currently work!! I basically work at my job because i was layed off a year ago and took  the job to keep my family intact instead of possible homelessness. Its been mentioned to me about the possibility of multi"s.  thanks again for your input!!! Im thankful for it!!

Kenny, I've seen 3 family houses that were contingent on the new owner occupying the house. One broke my heart as it was beautiful, the renovation almost 100%, but somehow was bank owned. You are in a great position to snag such a house, and have the tenants pay the entire mortgage and then some. Good luck to you. 

Frank, thanks so much for your time and input!!! I really appreciate it! I really am leaning towards that option! thanks again!!

@Kenny Bergeron   try googling first time home buyer programs for your state. I met a real estate agent here in New York that told me she got her down payment for free from the government for her first place. I hear there's also government programs where you can put less than 20% down. There might be something there that can help you get started since you are an owner occupant and first time home buyer. 

Check the Mass State Housing Agency. NACA might be a good resource too. Best of luck.

@Kenny Bergeron  

Similar to what @Laura Williams  said above.

The best way to go for ownership of your own home as a first-time buyer is to get DPA—Down Payment Assistance.

Seek a good Realtor, who will have a list of organizations where you can attend a workshop, usually a full day on a Saturday. You will need a certificate to present to your lender (bank mortgage consultant).

Several things to bear in mind if you go this route, which could save you tens of thousands:

  • Attend a workshop that issues the certificate for free, unless you don't mind paying the $60 or so - the Realtor can organize this, as he'll want the business.
  • Make sure your mortgage consultant is certified to process DPA, not the bank, but the person! Your Realtor can ask whoever he suggests as a lender.
  • Ensure that the county you are homebuying in has not run out of funds for DPA, for the year! Again, your Realtor can find out.

There will be provisions for the DPA. Here, the State-issued monies must be repaid when you sell your home, but you get to keep the County-issued monies as long as you reside in the property for a certain number of years before selling. A Bond and a Grant, you see.

Thank you Laura! I absolutely will try gooling those programs. Your awesome for helping me out!! I will one day pass off my experience's to someone who needs advice. thank you!!

Thank you Joesph for that great info!!! I will seek out a Realtor asap! Grateful for your time!

Hi Kenny,

I have a great Realtor for you in your area (it's not me....it's a gal I've know for 15 years..) Message me if you would like her contact info :)

Carla Carvalho

Palo Alto, CA

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