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Nicolas Lopez
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First Time Massachusetts

Nicolas Lopez
Posted Jul 11 2020, 19:52

Hello I was hoping someone could give me their opinion on my situation. I apologize for the long post.... My experience in real estate has been minimal to two purchases where I currently live and i used to live. The first house is out of state and is currently rented enough to pay for the current mortgage of that house. I have been reading but I do not have the experience of an investor and I’d like to be more informed before I reach out to someone for more help. 
My mother has received a decent amount of cash and she would like to invest it in real estate mainly to have some sort of steady income, she understand the risks of not being able to get an income because tenants are late or the property is not rented but we believe is the best way she will have some sort income. The amount she's getting is enough to put a down payment here in Massachusetts or buy a SFR out of state where she will get about 1200 of monthly rent which is what is an issue for her because is out of state. That being said the following is what we have considered but an important aspect of this is that she has no income as of right now which creates more problems.
 
First option is get a multifamily but we are not sure how viable is this since she has no credit at all and no income. 

Second option would be to buy a condo but what I'm very weary is dealing with an HOA and how well are managed. What are the other issues you could have by buying an condo just with the purpose of renting it?

Third option is to buy a SFR out of state and get about 1200 a month in rent and don't have a debt, down side of this is property taxes are expensive and is out of state making it hard to manage in your own.

Fourth option is to buy a multi family with an FHA loan but most likely won't meet requirements due to no income.

Fifth option, no idea what else we could do for her. What would you do? If there’s anyone in Massachusetts that understands the market, what’s your opinion?