Multifamily not enough cash down first time home buyer

Multi-Family and Apartment Investing
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Multifamily not enough cash down first time home buyer

Jonathan Perry
Member since 2019 · 2 posts · 3 votes

Hello,

My name is Jonathan and I'm from Massachusetts this is my first post on BP. I have been on the hunt for a 3-4 unit house in Marlborough, MA. I have found a few and put in offers but keep getting out bid as I am a first time home buyer trying to put 3.5 - 5% down. It's a little frustrating but I am grinding it out and I wont give up. My goal is to have a lot of multi families all over, to reach financial freedom. But it starts with the first one. If there is anyone that has some good advice for me or can connect me with someone in the Massachusetts area already doing well for themselves I would greatly appreciate it.

Thanks,

Jonathan

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Taylor L.
Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
6y

Keep going. If you're still open to having roommates, perhaps consider a single family renting out rooms.

It's much worse to overpay for a deal just for the sake of winning than it is to lose offers at a price you can handle. The first rule: don't lose money!

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  • Taylor L.
    Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y

    Keep going. If you're still open to having roommates, perhaps consider a single family renting out rooms.

    It's much worse to overpay for a deal just for the sake of winning than it is to lose offers at a price you can handle. The first rule: don't lose money!

    1Reply
  • Michael Reilman
    Rental Property Investor · Cleveland, OH · Member since 2019 · 67 posts · 37 votes
    6y
    Originally posted by @Jonathan Perry:

    Hello,

    My name is Jonathan and I'm from Massachusetts this is my first post on BP. I have been on the hunt for a 3-4 unit house in Marlborough, MA. I have found a few and put in offers but keep getting out bid as I am a first time home buyer trying to put 3.5 - 5% down. It's a little frustrating but I am grinding it out and I wont give up. My goal is to have a lot of multi families all over, to reach financial freedom. But it starts with the first one. If there is anyone that has some good advice for me or can connect me with someone in the Massachusetts area already doing well for themselves I would greatly appreciate it.

    Thanks,

    Jonathan

    Have you considered going to a local REIA meeting and connect with someone there?

    0Reply
  • Steve Bracero
    Real Estate Agent · Westboro, MA · Member since 2016 · 1k+ posts · 471 votes
    6y

    @Jonathan Perry

    Welcome to bp! Marlborough is really competitive and i was in your spot a few years ago. 

    Its difficult to get started with a lower down payment but its not impossible! 

    You want to stay patient... but also know when the property hits the market and you know its a good deal to act quickly. 

    Consider looking at surrounding areas or properties that have been on market for a long time... you may see opportunity where others are not looking 

    0Reply
  • Howard HerringtonPro Member
    Realtor · Boston, MA · Member since 2014 · 159 posts · 75 votes
    6y

    Jonathan, welcome to BP.  Do you have an agent?  Your agent should be able to write up a stellar offer or should be able to guide and coach you so that you know how to win the offer even in a tough market.  Are you looking at new listings that come on the market right away?  If so, you should move on them quickly.  

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  • Lien VuongBusiness Member
    Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
    6y

    I know it can be pretty frustrating but keep at it and you will find something that fits! Open your network to other investors in the area or start a mailing campaign. I know in Marlboro and I really love the community here. 

    [email protected]
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  • Mary M.
    Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
    6y

    I would double check that you have realistic expectations regarding price. This is not 2012. Things are not cheap anymore. 

    Also be sure you have your pre-approval letter to submit with offers  


    study what similar properties are selling for and figure out if you can afford that  if not you may need to modify your criteria  - 


    Good luck! 

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