All Forum Posts by: Nick Riccio

@Andrew Duclos it can go both ways. I've used FHA a few times personally house hacking and many times as a lender.

On my last deal, the inspector had a few issues (chipped paint, holes in walls, missing handrails on stairs) and I got permission from the seller to fix them before closing to keep the deal alive.

Happy to help if you have any questions

@Brennan Doherty congrats on getting started! Sounds like your making all of the right decisions right now - and it’s going to set you up for success!

I started in a similar fashion - lived in my parents basement for a couple of years post-college, and now own 6 units in Boston all via house hacking.

There's been some good suggestions already, but I'd say the biggest advantage of owner occupying is leveraging low down payment options. There are many available and some depend on your personal finances, etc. so I wouldn't automatically settle on FHA even though it's a great way to get started.

On my last house hack I was able to refinance into conventional after 7 months by adding significant value to the property.

Happy to help with any questions you have!

@Darnell Kuykendall welcome! There are a lot of Boston based investors/agents/lenders here on BP. There also are a lot of great networking events in the city, although most have been on hold.

@Nicholas Lambert I just completely re-wired and upgraded service for a two family in Boston. ended up around $28k and all bids were in the $25k-$33k range.

Hi @Charles Murphy congrats on getting started! I started house hacking in Boston a few years ago and have successfully used this strategy to 6 units now. It is absolutely the best strategy to get started and I'm glad to hear you're working through it!

The neighborhoods you mention are great starting point - East Boston at this point will be very difficult, but that's not to say opportunity is not out there. I started there in 2017 and absolutely love the neighborhood.

My advice would be to identify your personal budget - and then start closing in on neighborhoods. Once you know a budget, you can really spend time learning the neighborhood.

Happy to help with any additional questions- again, congrats on getting started!

@Brendan Murphy it's absolutely your call, but I wouldn't touch this deal. Why put yourself in that situation when you already know what you're getting yourself into. Don't let the idea of paying rent force you into something you don't want to do. One more year of rent is not the end of the world. You can also use the year to get finances in order, get pre-approved (again), and really nail down your budget and desired neighborhoods. I think you made the right move and wouldn't feel pressure to buy just to avoid paying rent for another 12 months. 

@Mladen Krstin correct - for single family.

Hi Mladen - 

Here are the FHA loan limits for Suffolk county. If you can show a strong history with Uber you should be OK. Happy to help if you have any questions!

@Emmett Gorman as long as you're not currently in an FHA mortgage you should be OK.

@Kyle Abramov you can certainly finance the property with less than 20% down if you're going to occupy the property. If you're looking at an investment loan, you will not find options with less than 20% conventional. You might be able to find some private/hard money lenders that will allow that, but there holding costs will be much higher.