Looking for advice on BRRRR

[Marietou P.]

I am somewhat new to real estate. I have been reading, researching, and trying things for a couple of years. I got lucky with some tax properties and bought a property that's currently being rented on my own. I then wanted to start doing rehab in Atlanta, but this was during the pandemic when it was very difficult to find something at a reasonable price and time.

Now, I am in Boston and looking into learning about BRRRR under someone who is well-experienced. Ideally, I would follow them to learn, then hopefully do my own.

Alternatively, rent is expensive in Boston, and I am looking to buy my own property to house hack. I would like to get a multifamily or large SFH with a basement. Ideally, the property would not need too much repair, buying at or below 400k with 200k or less repair. However, I am not sure how feasible it is. I am a little scared because I have seen people's rehab journey fail entirely because of issues with contractors. I have a lot of uncertainties/unknowns, and I hope to get some feedback and advice from the community. My target areas are Dorchester, Roxbury, and Chelsea.

I have seen a couple of listings in person, and I was worried that the repair cost would be astronomical. They were essentially complete gut jobs.

Do you think what I want to do is feasible in Boston at my price range? Do you have any advice?

[Jason Wray]

@Marietou P. Just remember FHA has a 100 Mile rule if trying to buy a second FHA home. You have to meet (2) of the requirements 100 miles and must be for a work relocation, Closer to School, Growing in Family numbers like new child, or divorce.

A Second home/Vacation does not have to be exactly 50 miles but is a guide line mention. The Second home cannot be a Multifamily only SFR, Condo, townhome. Usually its located in an amenity area like by the Ocean, Lake, River (Waterfront), In the Mountains on a Golf course Out of State.

Second Homes require 10% down.