New to REI (looking to buy my first property in 2027)

Member since 2019 · 1 post · 3 votes

Hello BP community!

I'm new to real estate investing and hoping to purchase my first property in 2027.

I'm currently based in Boston but open to opportunities across MA, NH, ME, CT, and NY. Ideally, I'd love to find a 2–3 unit property where I could live in one unit and rent out the others.

I'm self-employed (6 years), have strong credit (800+), and am starting to explore financing options and potential markets.

For those who've been in my shoes, I'd love to hear any recommendations for lenders experienced with self-employed borrowers and multifamily properties?

Appreciate any advice or connections!

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Redgy Saint-Germain

Developer · Boston, MA · Member since 2017 · 258 posts · 136 votes

Nicholas, nice spot to be in with that credit and track record. Derek and Melissa covered the tax return piece, so I'll add a few Mass specific things.

Talk to a couple of local credit unions. A lot of them keep their own loans in house, so they can be more flexible with self employed income than a big bank, and they know the 2 and 3 family stock around Boston. Also ask any lender you interview whether they offer MassHousing loans. MassHousing is a state agency with programs for owner occupied 1 to 4 unit homes, and it can be a good fit for a first house hack.

When you run numbers, ask the lender how much of the other units' rent they'll count toward your income. It's usually a portion of the lease or the appraiser's rent estimate, not the full amount, and it can make a big difference in what you qualify for.

One more Mass thing. Most of the 2 and 3 families here were built before 1978, and under our lead law, if a child under 6 lives in a unit, the owner has to delead it. Get a lead inspection priced into any offer on an older place.

Redgy

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Derek BrickleyBusiness Member
Lender · Ann Arbor, MI · Member since 2021 · 699 posts · 237 votes
1d
Hey Nicholas!
Love that you're planning this out a year ahead, that's going to help a lot. With 6 years self employed and 800+ credit you're in a really strong spot. On a 2 or 3 unit you live in, you can get in with 5% down conventional or 3.5% down FHA. The one thing I'd start thinking about now is your taxes: for self employed buyers, qualifying income usually comes from your last two years of returns after write offs, so the 2026 return you file this spring matters a lot. Way too often we see business owners with great income write off so much that it doesn't show on paper. Both of my househacks I did the 5% conventional route. Feel free to reach out, happy to go through those options with you if you'd like!
[email protected]734-645-7722
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Melissa HartvigsenBusiness Member
Real Estate Agent · Beaverton, OR · Member since 2020 · 192 posts · 159 votes
1d
@Nicholas Cotter

Congrats on taking the first step to acquire your first property! You are doing the right thing by doing your homework now.

You have plenty of time on the books as a self-employed person to get a loan. Most lenders look back at the last 2 tax returns, and a handful have programs where they can look at the last tax return. I have had self-employed clients that write off a lot of expenses which can limit the purchase price if they are trying for a Conventional loan with 5% down, or FHA loan 3.5% down. Most of my self-employed clients purchased by using alternative loans like Bank-Statement or DSCR loans (these come with higher interest rates). You should connect with a lender now instead of waiting until 2027. That way they can review your income and help you decide which loan type is best for you.

BP has a "Lender Finder" that can help you connect with lenders in your market who work with investors. Interview a couple to find the best fit for you. I have a list of questions that may help with that.
What kind of loans do you offer?
What states can you lend in?
Do you work with investors that want to owner-occupy a multifamily property and rent out the other units?
Do you have real estate investments of your own?
What advice do you have for me as a new investor/first time buyer?
If I get a competitive rate and fee quote when I am ready to buy, would you match someone else's offer to earn my business?
If I want to write an offer with my agent on a weekend, are you available to run numbers or give a preapproval letter then?

I have a client in ME, and they have a couple of multifamily properties there. If you decide to buy in the Augusta area, send me a DM. I can ping him and get a recommendation for his realtor who was great at helping him land the right plex for his house hack.

Cheers and happy investing!
Melissa
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Redgy Saint-Germain
Developer · Boston, MA · Member since 2017 · 258 posts · 136 votes
1d
Nicholas, nice spot to be in with that credit and track record. Derek and Melissa covered the tax return piece, so I'll add a few Mass specific things.
Talk to a couple of local credit unions. A lot of them keep their own loans in house, so they can be more flexible with self employed income than a big bank, and they know the 2 and 3 family stock around Boston. Also ask any lender you interview whether they offer MassHousing loans. MassHousing is a state agency with programs for owner occupied 1 to 4 unit homes, and it can be a good fit for a first house hack.
When you run numbers, ask the lender how much of the other units' rent they'll count toward your income. It's usually a portion of the lease or the appraiser's rent estimate, not the full amount, and it can make a big difference in what you qualify for.
One more Mass thing. Most of the 2 and 3 families here were built before 1978, and under our lead law, if a child under 6 lives in a unit, the owner has to delead it. Get a lead inspection priced into any offer on an older place.
Redgy
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Marc MoraPro Member
Investor · Fort Lauderdale, FL · Member since 2026 · 227 posts · 37 votes
1d
@Nicholas Cotter, a year of runway is a real advantage, and most people never use it. I'd spend it settling the strategy first, because that decides which towns and which loans make sense. Are you leaning toward living in your first property? What strategies are on your list so far? I'd be open to talking it through along the way if that's useful. Been there, done that!
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Nyisha Walton
Lender · Houston, TX · Member since 2026 · 133 posts · 40 votes
1d
Self-employed with 800+ credit is a strong place to start, Nicholas. Send me a message, we'd love to help you plan for that 2 to 3 unit.
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Ryan BakerBusiness Member
Lender · Strongsville / Cleveland, OH · Member since 2026 · 158 posts · 39 votes
1d
One financing item to pin down before you narrow markets: get a preapproval specifically for an owner-occupied 2–3 unit property, not just a single-family estimate. Ask the lender to run a sample layout with projected rent from the units you won't occupy; programs may use lease or appraiser-supported market rent with an adjustment, while room-by-room or short-stay income can be treated differently. Confirm the property's legal unit count, occupancy requirements, and how much reserve cash you'll need after closing. Since you're self-employed, have the lender explain how they determine qualifying income from your documents before you're under contract. It may also help to compare local bank/portfolio policies with standard programs. If you'd like a checklist for those lender conversations, call me; my contact info is in my signature.
– Ryan
[email protected]330-548-3340
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Ryan SpathBusiness Member
Real Estate Agent · Boise, ID · Member since 2017 · 605 posts · 386 votes
1d
Nicholas,
It sounds like you are in a good spot. Prior to being licensed I owned businesses for 17 years. The lender you work with absolutely matters. Some just look at one number others know how to add things back in read the different schedules and can help qualify you for more. Personally, I have had better luck with mortgage brokers when it comes to this type of scenario. They can shop the different lenders and find one that will lend to your scenario. I’m happy to make an introduction if you need one, send me a DM
[email protected]208-600-2814
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Brandon CormierBusiness Member
Rental Property Investor · Clinton, MA · Member since 2018 · 39 posts · 27 votes
22h
@Nicholas Cotter welcome,
Youre definitely in the right spot!. Feel free to shoot me a DM as well if you need any recommendations on lenders for the area, that work mainly investment multifamily. We have a few killer people that we work with.
My team throws many real estate meetups in the area as well. Its a fantastic place to meet everyone from contractors, lenders, attorneys etc.
[email protected]978-333-1195
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Divin KanyamaBusiness Member
Accountant · Seattle, WA · Member since 2025 · 700 posts · 295 votes
18h
Welcome @Nicholas Cotter, and great plan! I can't point you to one specific lender, but I'd look for a local broker, credit union or community bank that does lots of owner-occupied multifamily loans, and ask how many self-employed borrowers they close each year. Lenders usually go by your tax returns, so your net income after write-offs matters most. Talk to your CPA and a lender well before 2027. Owner-occupied 2 to 4 unit loans often need a lower down payment than investor loans, and lenders may count part of the rent, so ask each one how they calculate it. Compare at least three lenders, and check each state's first-time buyer programs.
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Nguyen Ba
New to Real Estate · CA · Member since 2026 · 7 posts · 2 votes
11h
Welcome to BP!
As a self-employed person, I think it's especially important to understand how lenders evaluate income. Even with an excellent credit score, your tax returns, business income, and debt-to-income ratio can have a significant impact on loan approval.
Before narrowing down your home search, it might be worth reaching out to a few lenders who regularly work with owner-occupied multifamily property loans to get an idea of your options.
Wishing you the best of luck finding your first property in 2027!
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Inder Singh
Real Estate Agent · Boston, MA · Member since 2025 · 107 posts · 28 votes
54m
Nicholas — you're in a good spot starting this in 2027 instead of rushing it. I did my first house hack in Revere in 2020, and the two things I'd focus on in your position are the financing and the unit count. On the self-employed side, start talking to lenders now, not when you find a deal. Most will want two years of returns, and how your income is structured on paper matters more than your credit score — yours is strong, so that's not the constraint. Ask specifically about how they treat projected rents on a 2–3 unit, because that varies a lot lender to lender. On the property, I'd lean 3-unit over 2 if the numbers work. The extra door covers more of your payment when a unit turns, and it's the same landlord work either way. Just make sure you're buying the rents that are actually in place, not the ones a listing promises. Happy to connect — my DMs are open.
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