All Forum Posts by: Richard McGaughey

@Mason Hickman I hadn't bought of this idea. Are there specific websites you recommend in finding For Rent by Owner apartment listings?

@Lee Ripma Regarding my loan, I have asked Envision and Navy Federal about conventional loans for multi family homes at 5% down, but both consider would not consider a multi family home unless I had the 20% to put down or used FHA. What lenders would you recommend for a 5% conventional for a multi family home?

@Philip Ganz thank you for the recommendation! That being said, I am happily committed to an agent who has tons of experience in the Boston market as well as the multi family space.

@Mark Mahoney That would be really cool! I'll shoot you a PM now.

Hi everyone!

Since I entered the buying market in January for my first deal, I found that the MLS may not be the greatest source of finding deals. For this reason, I am planning my first direct mail marketing campaign.

I am 25 years old and I currently live at home with my parents in order to save as much money as I can. I have been pre approved for an FHA loan for a multi family home for up to around 570K. If I wanted to use a conventional loan, I would have to save for at least one more year to come up with the 20% down payment. I work in Boston, so my house search ranges North, South, and West suburbs of the city, placing a premium on homes closer to a commuter rail station.

My goal is to find a property that will cash flow positively once I move out after at least a year of living there. I understand that this is a tall task considering the competitiveness of the Boston market and my utilization of an FHA loan, but this what what brings me to Direct Mail Marketing.I couldn't find many forums that answered questions specific to my situation, so I figured I would start my own.

1. What value can I pitch to a seller? I can't offer a cash offer and quick close due to my FHA financing, so I am looking for other ways to pitch myself as an attractive buyer.My initial though was to attach a picture of myself with my dog and pushing the "we are looking for our first home together" pitch for an emotional appeal.

2. Are there any recommendations regarding which towns to target? I have been planning to looking into neighboring towns like Holbrook, Abington, Braintree, and Weymouth, but I am open to suggestions on both the North and South Shore.

3. What is you favorite method of direct method of direct mail marketing? I have seen people mention postcards, hand written letters, and so forth, but I want to know what has been effective for the BP community, especially in my area.

Thank you all for your time and I look forward to reading the responses!

Ricky

@DJ Richmond

Hi DJ!

Thanks for responding! I have spoken to one Loan Officer officially and one family friend who works with mortgages. The Loan officer said that if I get my pay up to 36,000, I may be able to afford a duplex in Pawtucket worth 289,000 if one were to become available.

Hi all!

Looking to House Hack in the South Shore in Massachusetts! I make $33,000 a year and have 17,000 saved up. Loan Officers have told me I cannot afford it. How can I afford it?