All Forum Posts by: Sean Maiden

What is everybody's thoughts on investing in S/MFR versus condo/ townhome/large home with multiple independent units? The Boston area seems to have a lot of old Victorian homes divided into multiple units. I would't consider this to be a traditional HOA as you have a fairly sizable stake, though you will probably have more restrictions than a S/MFR that you own fully. Is owning one of a small number of independent multi units worth considering or do HOA type requirements typically make it too much of a hassle?

@Nick Foundas I have yet to speak to a bank regarding pre-approval though based on my income, assets and credit, I 'd assume I could get up to 400k for a single family or perhaps more for a multi-family. My current budget is more determined by the amount I want to leverage and invest in real estate versus other asset classes (among other complications I won't get into). How long are pre-approvals typically valid for? I assume a pre-approval is essentially what a seller wants to see in terms of "proof of funds"? Cash flow is my main goal so I want to avoid buying a property with negative cash flow , relying on appreciation and leverage to profit. I'll have to look more into Marlborough and Framingham. Thanks for the reply.

@Matt Lefebvre, What are your thoughts on Nashua NH? Thanks.

@Charlie MacPherson, I'll have to look into Mass Housing to see if I qualify . I don't mind spending over 200k for a SFR though I would like it to have higher rents allowing it to cashflow. Thanks.

@Lisa Kattenhorn, I've seen a lot of references to Section 8 Housing in areas of RI. I understand this is some type of federal government assistance program for low income areas. How much of a consideration should this be? I understand RI rents are typically lower than MA though I would reason having rent paid to you by the federal government would be more stable than directly from somebody with a low income (apologies if my limited understanding of Section 8 is wrong). Thanks.

@May Emery Am I correct to assume home values are based on tax assessment or local averages? Your data seems to support the fact that there is very little available locally within my price range. Thanks.

Frank Patalano, 

Is that true for all/most foreclosures? I thought you could see inside bank owned properties already in their possession. I do agree that I don't have the capital nor the risk tolerance to buy with property interior sight unseen, nor do I want to inherit a very unhappy tenant. Is it just the excitement of an auction that gets prices above market? Thanks for your insight.

Anthony Thompson, 

Thank you for your detailed response. Although I really don't want that long of commute and am somewhat concerned how much it may increase in winter, I really don't see much in my price range locally that I could cash flow. I would be financing around 80%. 

It seems prices have increased farily significantly in Waltham since I moved here mid 2016. Very little seems to remain in my price range. I would also like to avoid any HOAs if possible.

What are your thoughts on forclosure/auctions to obtain investment properties? Thanks again, SM

Hi all,

I am currently considering investing in either a single family (3bdr+, house hacking with roommates), or up to a 3 unit multi-family (living in one of the units). I moved to MA a couple years ago and I'm still not too sure which areas are good or bad places to live though from what I've gathered crossing the wrong street can quickly take you from a decent to bad area. Some areas I've been looking at include: Nashua NH, Lowell/Worcester MA and Pawtucket/ Providence RI among others. All seemingly have their good and bad.

Questions:

1) Recommended locations to invest based on criteria below?

2) Being a noob with no real connections, how does one get started connecting with wholesalers or otherwise getting access to properties not listed to the public? Based on my analysis, most properties for sale on Zillow cashflow only a few percent for multis and barely at all for single families.

3) Considering I invest elsewhere and can wait as long as needed for a good deal to come around, should I engage a relator now or wait until I am able to find good deals? I don't want to be wasting a relator's time window shopping.

Considerations/Criteria:

- Budget: Approx. 200k for single family, 300k for multi-family. 350k absolute max.

- Class B property. I understand I can't afford anything fancy though I want to avoid sketchy.

- Work full-time in Waltham and would like < 1h commute.

- Mid 20's professional.

- Move-in ready, allowing repairs over next 5+ years.

- Positive cashflow property located in area on the rise.

- House-hack a new property after a year or so and rent previous house-hack property fully.

Any suggestions would be greatly appreciated.

Thanks, SM