Can I Afford a Multi Family in MA

[Chris Munichiello]

Hello Bigger Pockets I’m wondering if anyone could help me know if I can pull off buying a multi family property preferably a 2 family in south shore or even close to the Boston area. I’m 21 and have 35K saved to make a down payment and make 40K a year but I’m a union electrician and my salary will increase to 100k a year in 3 years. Will I still be able to pay the mortgage with two units being rented out making a limited amount of money at my full time job I know mass real estate prices are higher than normal.

[Charlie MacPherson]

@Chris Munichiello Maybe.

The lowest down payment loan available is Mass Housing. 3% down.  They have had grants for closing costs and down payment assistance up to $22,000.  I know they now have a program that lets you finance closing costs with a 1% 2nd mortgage.  

Here's one (not my listing) in Middleboro. 57 Everett St.  Duplex listed at $319,900.  Each 2 BR unit rents at $1,000.  Rents are well under market as the average for a 2 BR in Middleboro over the last 6 months was $1,379.  

The average rental was on the market for 29 days.  Not lightning fast turnover, but not bad either.

Middleboro is located at the intersection of RT 24 and I-495.  It also has commuter rail access to Boston, so it's a great place for commuters who are looking for a lower cost of living, lower crime rate and a quieter way of life.

So that's just one of many possibilities.