Is the Greater Boston Area Too Hot for a First Time Investor?!?
Greeting BP,
Today I come to you with a question and a problem: Is the Greater Boston Area Too Hot for a First Time Investor?!?
I ask this because my wife and I live in the Greater Boston area and are looking to purchase our first investment property. However, the number just don't seem to work.
As a young couple, our plan is to House Hack while using an FHA Loan on a 2 to 3 unit property. We have been told that to get an FHA to work, it's better to go with a 2 unit, which are between $600,000 and $800,000 on average. Yet, even with us acting as a tenant and paying rent, the Cap Rate is around 2% and we still have extra overhead to pay.
Thus, is the Greater Boston Area just not a good place to start? Are there any other investors in the area that have had better luck and have some advice for us.