Hello all. I am a new investor in MA and I was wondering what a good price point is for a multi-family. I will owner occupy for the FHA loan or "house hack", I think i used that right haha! I am in the 01843 area and have a good amount of surrounding areas to look. If there is anyone here familiar with the area I would love to buy you a cup of coffee! I will also be attending the black diamond event in Waltham that is coming up and would love to learn as much as I can. I have been reading and listing to podcast on BP for that last 5hrs!
Have a great day hope to meet some of you soon!!
Samuel, I can't advise you on Lawrence, but one thing you might do is set up a keyword for "Lawrence", and "Massachusetts" so that when people talk about those topics, you'll be notified. Keyword alerts are in the upper right hand corner of this page. Also, when you post, if you use the word Lawrence instead of 01843, that will trigger others who have it set up in their keywords to join the conversation. While you might know where 01843 is, almost everyone else will have to look it up.
I love the idea of moving into your first multi, but advising you as to price point is difficult. There will be a big difference in condition, neighborhood, and whether you are looking at 2 units, 3 or 4. Have you checked with a mortgage person to see what you qualify for?
Thanks for responding! Yes I have seen what I qualify for. I would like a 4 family but the most common in this area is 3 family's. I am aware of area and renting when we move out so we get positive cash flow. I just am not sure if I should max use what I qualify for to get me in a slightly better area or find the best price point in a lower area. I guess if i can rent out the other apts for more in the better area then it would not set me back to use all I can get?
Join the Largest Real Estate Investing Community
Basic membership is free, forever.