My name is Dan, I've checked out this forum in the past, but I've never really been a member of it. I currently live on the New Hampshire seacoast, but my fiancee and I are looking to purchase a 2-4 unit house in Haverhill, MA. This will be the first property we have ever purchased, so it's a very exciting/anxious time for the two of us. (We're both 24)
We just got pre approved for a loan a few days ago and I have started reaching out to realtors to hopefully find one that knows multi-family properties as well as the Haverhill area. I'm hoping to utilize the tools and the people on this forum to hopefully create a long lasting and beneficial real estate empire! (aren't we all?)
I look forward to being an active member of the community and I love meeting people with the same ideas/interests as me that might be in the MA/NH area.
See you around the forums!
Good luck! If you have any questions or run into any snags on the mortgage end, let me know. I bought my first duplex in West Hartford CT at 24- biggest regret was that I put 20% down ($60K) instead of FHA 3.5% down. If you have future plans to build a portfolio or even just a second property in the next few years, you might want want to tie up a ton of equity in this. Just my two cents.
Thanks @Ryan Gillette - We are looking at an FHA right now. I was thinking the same thing, I want to purchase a house, but I definitely don't want to tie up all of my money in the first one.
Hi @Dan Smith , welcome to BiggerPockets! I'm a Realtor over in Bedford NH, although I'm not licensed in MA or I'd love to show you multis in Haverhill.
Although @Ryan Gillette mentioned about using an FHA 3.5 versus a conventional loan, be careful and check with your lender. Unless you are owner occupying the property, you can put a minimum of 15% down if its a single family house (being used as an investment and NOT a vacation/second home) and a minimum of 25% down if its a 2-4 unit multifamily being used as an investment. This can really affect your purchasing power so be careful when considering.
As for finding a real estate agent in Mass, I'd be more than happy to recommend one who deals with multifamily/investment properties. Its much better to use someone that deals with it as their primary business rather than never having done it before.
Best of luck and if I can help you out at all, let me know!
@Matt Lefebvre, I forgot to mention that we are planning on an owner-occupied scenario! But thanks for the tips:) I do currently have some phone calls out to a few realtors so that I can see which one I am most comfortable with. But I will certainly keep you in mind.
@Dan Smith Oh okay! That certainly makes it easier for you. I'd definitely recommend something with more units (four families are the way to go!) as you'll have better cash flow if you occupy 1/4 of the units versus 1/2 of the units.
If I can ever be of any assistance, let me know. I'm not licensed to practice in Mass so I'd be more than happy to refer someone to you!
@Dan Smith Welcome to BP! You have certainly come to the right place for real estate that's for sure.
So my wife is a licensed real estate agent with Keller Williams out of North Andover. We own rental property in haverhill and she actually just helped someone find a 3 family for owner occupancy with a place on washington st.
I will shoot you a message with her info incase your still interviewing for agents.
Don't go FHA. I just purchased 3 Multis this year and one of which is FHA. I can get you an owner occupied 5% down no PMI (7/1 ARM). I closed on my North Andover 2 family a few months ago with an FHA loan and I'm refinancing out as we speak. Please feel free to shoot me a message and I'll pass along the credit union contact info to you.
Welcome to Bigger Pockets. It is great to see you hear.
@Dan Smith welcome to BP. Definitely go owner occupied for your first multi if you can handle moving from the Seacoast to Haverhill. I would look at the CU that Jeffrey Borstell mentioned rather than FHA. Any time you can use a credit union or a small local bank you will have much more flexibility. Not to mention not going through the hell of complying with FHA regulations.
@Dan Smith Welcome to the site. I'm currently house hacking in Haverhill with a duplex.
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Wishing you the best!
You have a great resource right in Haverhill. It's Christian Doherty of Doherty Properties based out of Lowell. He lives in Haverhill and knows the market well. He's represented me on a number of deals. Very knowledgable and honest.
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