All Forum Posts by: Dionne Rodriguez

Looking for certified and experienced tax professionals to help me with my taxes. I currently own two rentals looking for someone to work with long term. Any recommendations also appreciated. 

Thanks

Hey BP peeps! I wanted to know if I’m able to co sign or co borrow on fha loan with my mother? I’ve seen a lot of mixed responses online but have seen that it is technically allowed if it’s a close relative and the co signer is not living in the property. Is this true ? 

Thanks! 

I live in eastern MA, 2O mins approx from Boston. Was on the phone with a lending officer and was telling him about my goal to buy my second house hack property. I currently own a 3 family I bought September of 2020 that has decent cash flow after moving out. I plan on refinancing to a conventional loan to take advantage of the fha loan again, but the lender told me I would need to put 20% down for the second fha loan. Is this accurate ? I thought down payments are usually 3.5% or 5%. Also willing to talk to any lender and share any specific details.

thanks!

Looking to find anyone who has had particular success house hacking in MA, any particular strategy you've found successful ? Single family, Multifamily model ? Rent by the room model ? What's your search criteria ? Does price matter when trying to house hack in this area? Looking to hear other people's experience and what they would recommend to someone looking to find their second house hack. I currently bought my first property in Lynn, and have since moved back with my mom. I am now at a positive cash flow after my PITI payments, but still not factoring in capex, and general maintenance. I would like to stay within 30 minutes from Boston at the most given thats where my job is located. I like Lynn because prices for multi families are still lower compared to other cities like Revere, Malden, Chelsea

The basement is currently used to service the washers and dryers for two of the units, I can expand the basement to make separate storage units and increase the rents for sure. I'd rather move out and buy another multi family in my area and keep house hacking, and thank you guys for all the suggestions!

@Lien Vuong currently if I were to move out and not renovate the basement and rent out the entire property, I'd be cash flowing around 9k/year, and have a rental income of $5500/month. The property value has gone up quite a bit since I've bought it a year ago and am installing new efficient tankless water heaters for all the units, do you think I'd be able to refinance into a conventional loan and be able to reuse FHA ?

Hello I live around the Boston area and bought my first triplex with a standard fha loan, it’s been one year with the property so I can move out of it. I was wondering if it made more sense to renovate the basement and turn it into a long term or short term rental. Or just purchase another multi family.I’m trying to stay in my backyard and I’m sticking to the house hacking strategy.

I’m also in the same boat as you. I own a 3 family in Lynn that I bought in September with 3.5% down. However I want to make sure that I’m set up for the next deal. I’m looking to refinance my mortgage to hopefully get a lower monthly payment. But not sure how this would affect my eligibility for another property or if it’s worth doing. Looking to house hack again to then hopefully maybe get a 203k loan to renovate the property to get some equity. Areas like Haverhill, Lawrence, Lowell, New Bedford, are promising because they cash flow but honestly looking for some advice to navigate the this tricky MA market. Would love to speak to an investor in the Boston area that I can speak to about my first rental property. Thanks :)