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Updated almost 7 years ago on . Most recent reply

User Stats

38
Posts
12
Votes
Ryan Breen
  • Contractor
  • Holyoke, MA
12
Votes |
38
Posts

Ready to buy, finding my first deal

Ryan Breen
  • Contractor
  • Holyoke, MA
Posted

I have been saving and learning for a while now and I now have enough saved to move forward once my first deal is found. I recently got my pre approval for up to 200k. I am very excited to buy my first property and get started. My goal is to buy a multi family is the Holyoke, MA surrounding area, to house hack. I am finding the most difficult part right now is analyzing these deals and calculating expenses/repairs. I just came across a 3 family in South Hadley, MA. That needs tons of work for 99k. South Hadley is a nice town and good rentals would get high rents. Also tenants in this area would be easier to deal with than in Holyoke. How does everyone calculate what it would cost to get a place like this in good shape to rent? Talk to contractors? It is a 3 family each unit 2 bedroom and being super conservative would get at least 900 a mo for each unit (and I will be living in one unit)  I will attach the link to the property below any discussion/advice would be appreciated as I don’t have many people to discuss real estate with. Thanks

https://www.realtor.com/realestateandhomes-detail/55-57-Lamb-St_South-Hadley_MA_01075_M44205-53214?view=qv

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