North Shore MA house hacking

[Joseph DeCola]

Hello Everyone,

I wanted to see if there was anyone in MA on the north shore who is currently house hacking or thinking about buying a property to rent out other rooms/ units. If you have more than 1 property, I’m curious of the trajectory you took. I’m currently in my first 4 bedroom with 3 rooms rented and I’m making some improvements to the property as I go. I am in Malden and put 20% down on the property. My sights are on my next property and I’m starting to look at ways to move this forward and explore my options.

Hope to meet up with some of you like minded people at some point.

Thank you and happy holidays!

Joe DeCola

[Joseph DeCola]

@Anthony Huntley Thanks for reaching out! Thats awesome that you got into a 3-family to start. I have not yet got into my second deal yet but I am in the process of trying to find one.  From a year ago til now, I've made additional improvements to the house and refinanced twice so I am now in a spot where this single family can cashflow if fully rented.  I've also been saving a down payment and putting reserves aside.  I have been direct mail marketing and networking to see what I can find in Malden / Everett.  In hindsight with what I know now, I should've just put less down on a multi but I just need to keep moving with what I got.  My goals haven't changed but I may be adjusting my ways of achieving them.  I now have a basement with a bedroom, common room, and full bath with a separate entrance for which I was going to Airbnb but Covid put a damper on that.  

How is your experience so far? Are you looking to get into a second property in Peabody after your first year there?

As @Dan Weber mentioned, I am now in a better place to do a HELOC play. My forced and natural appreciation has also contributed greatly to my equity.

I appreciate the input on this!

thanks

Joe