All Forum Posts by: Justin Hammerle

@Anthony Power:

1. Find ways to improve DTI - if it means using cash to pay off toxic debt such as credit cards I would do so; 20% interest is going to kill you.

2. Increase Income

3. Continue to increase savings

4. House hack a multi-family property - when you've comfortably navigated the prior steps to a reasonable level, I would look to get approved for a loan to house hack a MFH.

@Mitra Afsharkhah - as long as you are in roughly a 30-day window, credit bureaus will count it as one hard query against your credit regardless of how many lenders run your credit.

@Ola Owoyemi - I've always been a proponent of using other peoples money to the extent that you can taking into consideration your investment hurdle rates.

@Svetlana Kazantseva - Welcome to BP and best of luck on your investing journey!

@Account Closed - explore finance options, ask realtor for mortgage broker referrals.

You can run a title on any property you'd like at anytime; you can pay for it and review it yourself but its best to have a professional like an attorney review to identify any issues.  

@Amanda Copeland - if your not priced right you will find out fairly quickly based on the interest for your unit.  You can always list is it and see if your get your number, if not then make a decision if selling is in your interest.

@Jessica Lohr - if your looking for value relative to rental income, I would explore the towns around the I-95 corridor heading south towards RI stopping at I-495; Route 24 around Brockton; Route 9 from Framingham to Worcester.  If you want to stay close to the city I would focus in on Chelsea, Everett, and Revere.

@Chelsa Analei Seawolf - I would think the subdivision wouldn't be as difficult as permitting a new structure on one of the parcels.  It should just be a simple admin subdivision if you are dividing one lot into two.  It would be really difficult to get sound advice without consulting a civil engineer in depth about both the subdivision and permitting a new building on the land, they could run you through the process and costs with some level of accuracy. I would reach out to a few that have experience in the area.

@Stephanie N. - has there been any discussion with owner on price they are willing to let the property go at?  To me that is going to dictate what you could do here.