All Forum Posts by: Anton Filiptsov
Anton Filiptsov has started 6 posts and replied 12 times.
Post: House Hack vs Out of state investment for First Home Investor.
- Investor
- Indianapolis
- Posts 13
- Votes 4
I want to purchase Multi Family property.
Initially i started to look for House hack.
Giving the prices in MA overall, there is no way how house hack can be profitable, i tried to calculate 1% rule, and none of the properties were able to make it.
Cheapest multi family and single family, in average areas is 500-590k$
I am pre approved for 600k loan.
My ideal loan is around 300-500k.
I can put approximately 20-40k down.
And now i am at the point where i can have 2 option:
1 - House hack - Look for Providence RI properties. (I haven't found any good options in NH for house hack).
I can use FHA loan and instead of 20% down, i can put 3-5% down, and it will increase my byuing power to 300-500k.
2 - Buy out of state property, for example in OH or MI, which will cost 100-140k and loose House hack ability.
And continue paying my rent in Waltham.
Because i can not use FHA out of state, i need to put 20% down, so my goal it so be within 160k range.
Do you have any suggestions or tips what i should do in this scenario?
Out of state looks way better on numbers, but i wont move there, and i will still need to pay my rent, that makes everything worse.
As well as prices for housing around me ( I Live in Waltham MA) are nonsense. House 25min away from Boston cant cost 800k.
And based on my search its either Providence or Worcester / Springfield. But i think Providence is way better.
Post: Midwest multi-family opportunities to look for ?
- Investor
- Indianapolis
- Posts 13
- Votes 4
Hey,
Initially i was looking for investing in multi family in Providence OR Boston area and do a "House Hack".
But after calculating the numbers, cash return is pretty minimal. Its not even close to 1%.
I started to look at Midwest, and there are quit a few properties for 100-150k range, which will bring way greater cash return.
Any suggestions which city i need to look at? I know some of the towns/areas have very high crime rate.
I am new to multi family investing, and looking to purchase 2-4 family property.
So far i started to look on Cleveland and St.Louis.
I also saw Detroit, but looks like a huge amount of properties are completely abandoned. And it's too risky to buy property there.
I am planning to work with real estate agent, but i am trying to see what State/city i should go with.
( I am ready to purchase property within 1-2 month period)
Any suggestions where and how to start?