All Forum Posts by: Colin Alsheimer

In my market, I see a lot of listings requesting cash only offers. Does this mean they're looking for buyers who don't need financing? With properties retailing from 400k-800k, I can't imagine that's the case, but maybe I'm wrong. As a FHA 203k buyer, should I even bother with these listings?

Good luck @Anthony Simboli! My wife and I are looking at doing the exact same thing, buying a multi and living in it, in the Boston area. We're seeing so far it's a tough market! Most properties in the neighborhoods we're looking at (Dorchester, Quincy) don't come close to cash flowing or even meeting the 1% rule unless you've got at least 3 units, and all are updated. It's been a fun adventure so far, and we've barely started! 

Thanks Steve. We're fairly early in the process. Shopping, but making sure we understand all our options before pulling the trigger. 

Total loan and rehab would be $740k on a 3 unit property.

As for PMI, that's what we're hoping to cut out by refinancing. Didn't know about early term, but will definitely consider.

I'll see if I can find a better way to describe...

Basically - trying to understand what I would need to achieve in terms of value creation during the renovation process while under the 203k to be able to seamlessly refinance into a conventional product when everything is finished. 

I understand broadly how the process works, but what I'm missing are the finer details that would help me to evaluate potential deals. 

Hey there - looking into my first investment - a MF property in the Boston area. We're planning on getting this with 3.5% down under an FHA 203k loan, and putting 50k-100k into repair and upgrade costs.

We know that the ideal scenario is that we get this property, do the repairs, and then get it re-appraised and somehow at the appraisal process we're able to refinance into a conventional loan product and do away with the PMI payments.

My question is - how exactly do the numbers work on this flow? Hypothetically, we're looking at a 740k loan package which includes closing costs and 100k in repair costs. 26k would be the down payment. 

Looking at purchasing a multi-family (2-4 unit) property with an FHA 203k loan, then fixing up and renting to professionals while living in one.

My wife and I have been pre-approved for a good sum, but how do I figure out what the monthly mortgage cost will be at various price points? Not seeing any good online calculators like where would be with single family units. 

@Ben Rutkevitz - that's the idea! 

@Shaun Reilly thanks for the tips! 

Hey everyone! Recently discovered the BP community and have quickly immersed myself. Loving all the great info that's here!

I'm originally from MA, but have spent the last decade+ in upstate NY (school) and Dallas, TX. My wife and I just moved back to the area to be closer to family, start a brewery, and start investing in real estate. 

Our current plan is to find a residential MF property to purchase, and live in one unit while renting out the rest. Would love to buy multiple properties over the next few years and focus on a buy & hold strategy. 

Looking forward to getting more involved in the community! 

@Josh Parra thanks! think we're going to be looking hard at dorchester and east boston after meeting with an agent last night. what do you think about everett / chelsea ?