House Hacking North Shore MA

[Joseph DeCola]

Hello Everyone,

I wanted to see if there was anyone in MA on the north shore who is currently house hacking or thinking about buying a property to rent out other rooms/ units. If you have more than 1 property, I’m curious of the trajectory you took. I’m currently in my first 4 bedroom with 3 rooms rented and I’m making some improvements to the property as I go. I am in Malden and put 20% down on the property. My sights are on my next property and I’m starting to look at ways to move this forward and explore my options for financing it.

Hope to meet up with some of you like minded people at some point.

Thank you and happy holidays!

Joe DeCola

[Jonathan Bombaci]

Hi Joe I’m hosting a meetup in Salem (1/16) and lowell (1/9) next month. You can find both under the events section on this site. We help many househacker in the area and have many people doing the same thing.bit might make sense to attend and talk to people who have done it in MA in person. In fact we have a group member give a 30 min presentation last month and tell the group about how he is on his 4th househack since 2016 . He will have 14 units when he closes on his next one, a 4 family in lowell, in January. It’s impressive how things can snowball and grow so quickly. 

I did 2 househacks as well. my first was in CT then my 2nd one in MA. I bought the first with FHA and the 2nd with a 5% down conventional loan through a credit union. If you want to do FHA again you need to refinance out of your first loan. You can only have 1 fha loan at a time, but if you have good credit and a good job a 5% down conventional loan is a no brained in my opinion. The MI is only until you get to 20% equity vs with fha the PMI is for the life of the loan.

I’d recommend talking to a lender though to get more info. We specialize in multis in MA so if you need a lender that “gets it” Message me and I’ll introduce you. We built a pretty strong team that understands what us BP members are trying to accomplish. 

congrats on your first househack! its great that you’re looking to do your 2nd one.

Jon