All Forum Posts by: Tom Wagner

HI Krista - I am considering the same thing and it is definitely hard to make the numbers work. You could check out second-tier ski towns (Frisco, Silverthorne, Alma, Edwards, etc) or you could check out the edge of SLC near Alta / Snowbird. The numbers in Vermont and New Hampshire also make sense, and there will always be demand there given the size of Boston / NYC!

0 Votes

Wow, talk about liberal use of eminent domain.

0 Votes

Hi Antoinette - love the idea! First of all, I would make sure to consider an FHA loan -- great option for low down payment owner-occupied investment property.

Additionally, take a look at both HELOC and refinance options on your current residence. Rates are at all-time lows, so it could be a great time to pull out some equity. And you could potentially time it by doing the refinance while still owner-occupying (to get a better rate), then stay there for 3-12 months, then do the FHA.

1 Vote

I've heard good things about Zumper -- may be worth taking a look!

1 Vote

Are you talking multifamily as in 5+ units or multifamily as in 2-4 units? Totally different ball games depending on whether you are above or below 4 units!

1 Vote

Boston, Massachusetts

Looking forward to it!

0 Votes

Originally posted by @Joe Evans:

Thank you all for the discussion so far!

@Allen L. Good call, I'm definitely going to do some financial analysis to help clarify the decision.

@Jacob Pereira For a more productive conversation: I have $20k total. Say I'm pre-approved for a 5% downpayment, whether FHA or traditional, for a $300k property, that puts me at $15k already. Now, 3.5% of $250k would be just shy of $9k which is obviously a different story.

@Tom Wagner You're getting at my dilemma there! Are renting an apartment vs buying a primary residence equal liabilities, or is one liability better than the other because it has the possibility of being an asset?

@Antonio Cucciniello @Andrew Powers @Jordan Moorhead @Timothy Douglas @Tina TsyshMy "Why" is the desire to spend more time making music, amongst other benefits of financial freedom. I experienced what you'd call a life event last year that made that "Why" a lot more urgent. To put it short, I need a space where I can comfortably be loud and not be concerned with disturbing neighbors, or even worse, my tenants! I don't think I can put music on pause for the hopes of doing it in the future, because that future is not guaranteed.

Would love to hear your takes on the above!

For me, if you're buying a house that will rent for more than PITI + repairs + vacancy after you move out --> you are buying an asset! If not, you are buying a potential liability. In Austin, if you're breaking even on cash flow I'd even consider that an asset, given the direction of the city.

1 Vote

Following! Looking forward to getting my license in the next 6-9 months and wondering how I should start my journey.

0 Votes

Buy buy buy! 30-year fixed interest rates at all time lows. Just make sure you are buying an asset and not assuming a liability.

0 Votes

Originally posted by @Chelsea Owusu:

I am a new rental property investor looking to make connections in the state of Massachusetts. Don’t hesitate to reach out!

Hi Chelsea (and everyone else)! I am also a new* investor in Boston and trying to learn as much as I can about the market. Planning to try to take down a $1mm+ fourplex in the fall/winter. Happy to chat with anyone and look forward to learning more about the market!

*I'll be moving there in July

0 Votes

All Forum Posts by: Tom Wagner

Tom Wagner has started 34 posts and replied 324 times.

Post: Beach Vacation Rental Vs. Ski Chalet and Other Vacation Rentals

Post: Destin Government Approves Demolishing STR buildings

Post: How best to use residential equity

Post: Zillow screening tool? Pros and cons?

Post: Best loan options for multi

Post: Multifamily Investors of New England: Multifam vs. Single Fam

Post: Buy home + spend all savings OR rent apartment + keep savings?

Post: Real Estate License Courses

Post: Buy home + spend all savings OR rent apartment + keep savings?

Post: Property Investor in the Boston Area