All Forum Posts by: Donald SaintVal

If you are not going to live there, cannot LEGALLY claim residence. The only way around this is if you partner with someone on the loan and they themselves are a primary resident 

I love Melrose, but I doubt you’ll find much of a rental market there. It’s mostly middle-upper class families that are settled in. I lived in Malden and I’m pretty sure Medford would be the best bet of the 3 mentioned. With Tufts nearby and the up coming expansion of the T, that’s where the focus should be. parking is not at all an issue, Massachusetts that’s a luxury 

The idea of section 8 is what originally got us interested in real estate investing. There really is no difference between section 8  and any other housing besides where the money originates from. You may want to be even more picky with who your tenants are since people tend to treat property a little worse if it’s not their money paying for it, but the good thing is it’s guaranteed income since the government does not miss a payment 

Honestly, it doesn’t matter where you get the money from, if it’s a good investment, it’ll be paid back. There are personal loans lenders like lending tree that wont even beat you up about what you’re going to use the money for. 

Same goes for the hard money lender. It may be difficult, but if it’s a good deal and you can show you have a solid plan, there’s hard money lenders willing to work with a first time flipper 

You mentioned conventional loan but also first time home owner loan, which is a an FHA. Legally there is no way to use a FHA or conventional loan for the type of property you are looking into. It all depends on your lender but for sure FHA. Is out of the question since it requires you to be a primary occupant

Any suggestions @Justin 

@Justin Windhamundefined

Karina I also recently looked into this and did my fare share of vetting. IRA financial group came out on top. Funny enough they are based out of Miami.

Sounds like a good plan but I would be sure to get it all in writing, a formal contract. We tend to get a little wishy washy when it comes to family. Sis might change her mind and decide she doesn’t want to sell her half. 

Looks like @Marc Winter has you covered 

Yep, a rent roll is what it is referred to. Most Any owner will be willing to provide. Part of doing business