All Forum Posts by: Jeffrey Allen

@Zeke Liston

In the Boston area I hunt for value add multi families in B/C+ areas. I’m from the Midwest and I know it’s not a huge 3+ family area. Singles and doubles.

Id like to look at duplexes in B/C+ areas.

Does that help?

@Remington Lyman

I’m in Boston but want to begin looking at Columbus. I know almost nothing about the area other than OSU is there.

What areas make the most sense to look at? Do you have a core 4 recos?

Is there anyone familiar with the Masshousing loans?  If so:

1. Are the income limits based on gross or net?

2. Is income W2 verified or Pay slip verified?

3. What are the loan limits for Boston, Waltham, Salem? Just Boston is also fine.

4. Has anyone done the online classes?

@Jason Bee

What are the limits to the 5% conventional first time home buyer for a3 or 4 family unit?

@Jon McCarron

How did you fund your house hack?

@Brian Gerlach

Thanks you read my mind. I would certainly rent out bedrooms to get the cash flow up. The good thing of Boston is that property appreciation is 4-6% or more so I’m trying to get in without tying up a lot of cash.

@Stephanie P.

Is that true even if I can prove that my own income would is enough to pay for the mortgage?

@Nick Riccio

Hi Nick!

Thanks for the fast reply.  I have a number  of questions:

What are the limits in Massachusetts for the FHA loan for a 2 or 3 family unit?

Which lenders have you found easiest to work with in the Greater Boston area? 

Are you finding that the Home Hack is offsetting the full mortgage or just sizeable enough portion to make it make sense?

I am in the process of creating my financing plan.  I look to house hack in the Cambridge, Somerville, Newton area as it fits best with my family's working and schooling needs.  Anything multi-family in this area immediately gets me into a jumbo loan situation.  From what I have seen so far, any loan would require 20-25% down payment.  While I can personally finance that, it would leave me pretty cash strapped for at least a year.  

I am wondering, what have others done to get jumbo loan financing without having to put down 20%+ of a down payment?

Greetings All,

I am also new to REI and found this thread to be incredibly useful.

I'm looking to house hack for as it makes sense for my family living situation.  We need to stay in and around the Cambridge/Somerville/newton area for jobs.  

The main investment plan is for cash flow from multifamily units.  I am still researching the best areas to find the best deals.

What are the reasonable expectation of a "deal" in the greater Boston and Worcester markets?  What are the monthly cash flows people seeing per door? I am trying to build out my financial modeling.