A frequently asked question on BP is about your first multi family purchase. Personally, I think you should move into it. Here is a write up on an event tomorrow. I am not the host, I am simply the speaker, but since it is such a common subject on BP, and since BP gave me the idea for the topic, I thought I'd post the event:
The least expensive financing you can get is bank financing when you owner occupy. But you want to eventually buy muli-family properties for a buy and hold investing strategy. So how do you combine the two? Make your first purchase a small multi, and move into it! You get the lowest rates, the smallest downpayment, and get to try landlording on for size!
We've brought two local resources together to help you decide if this is right for you. Ann Bellamy has been a multi-family investor since 1997 and will discuss screening the deals and evaluating the cash flow. Rob Benson with Gladewater National Bank will discuss the financing options available when you owner-occupy a multi-family, and the difference when you are a first time homebuyer. You'll be able to decide if this may be right for you, and the first steps to take down that path.
You will learn:
- What kind of expenses to factor in when evaluating the purchase
- Pros and cons of living in a property with a tenant
- Neighborhoods - buying for now or buying for the future
- What to do if the property needs work
- How to get a loan with the least amount down and the lowest interest rate
NEREIA's events are not free unless you are a member, but this particular REIA doesn't have selling speakers and attracts a good mix of seasoned and new investors. Join us and join in the conversation, Best Western is right off 495 at Rte 110 in Chelmsford Massachusetts. You are sure to meet some other BPers there!
Wish I was in Massachusets, that would be a great presentation.
Maybe you could post it here as a blog afterwards?
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