What are my options for a first time home buyer?

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What are my options for a first time home buyer?

Daniel Marshall
Real Estate Agent · 01913 · Member since 2023 · 10 posts · 3 votes

Hello Everyone,

I have been looking for an investment property to house hack in the North of Boston area for about 6 months now. At this point, I am struggling with patience because of the lack of inventory and how expensive the multifamily market is in Massachusetts. 

What are some unorthodox ways you all would suggest I can buy a property? I have looked into buying (pre) foreclosed homes, underwriting houses that have been on the market for over 45 days, and other methods because I cannot sleep without thinking of a plan to buy my first property. I am running low on ideas so anything will help.

I appreciate you all for helping me on this journey and I can't wait to hear all of your advice.

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  • Daniel McDonald
    Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes
    1y

    Hey @Daniel Marshall I'm a 2x house hacker and Agent in Beverly, MA. Is a traditional loan out of the question for you? Trust me I totallllyyy feel your pain. I bought my first duplex in 2020 and second in 2022. Thought I was way overpaying then and would never make it back, but if you're planning on living in it for awhile I'm always for the house-hacking option. Happy to connect. 

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  • Daniel Marshall
    OP
    Real Estate Agent · 01913 · Member since 2023 · 10 posts · 3 votes
    1y

    Hi Daniel,

    I am using the Mass one plus loan hopefully for my first house. That’s the best I can get with about 7.5% down or maybe more depending on the timing of my first purchase. 
    I am happy to connect I would love to learn about any experiences and knowledge you may have to enlighten me to the investing world! 


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  • Daniel McDonald
    Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes
    1y
    Quote from @Daniel Marshall:

    Hi Daniel,

    I am using the Mass one plus loan hopefully for my first house. That’s the best I can get with about 7.5% down or maybe more depending on the timing of my first purchase. 
    I am happy to connect I would love to learn about any experiences and knowledge you may have to enlighten me to the investing world! 



     Feel free to shoot me a DM

    0Reply
  • Tre DeBragaPro Member
    Real Estate Agent · Worcester, MA · Member since 2022 · 107 posts · 48 votes
    1y

    whats up Daniel, I would maybe look into 203k or homestyle loans.. Find something that needs some work and wrap the mortgage together so that you can add some equity into it from the jump. I would also maybe start looking in other markets outside of that expensive Boston market if thats something you would be willing to trade off. Also try to get on some off market lists.. talk to wholesalers and get on their list, Fb groups, anything along those lines. Feel free to message me.

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  • Daniel Marshall
    OP
    Real Estate Agent · 01913 · Member since 2023 · 10 posts · 3 votes
    1y

    @Tre DeBraga thank you for the reply. Are there any wholesalers I should look at specifically? I have heard on the rookie podcast to look up “need to sell my house fast” to find big/local wholesalers. Anything you can provide I would love to connect and start building my network. 

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    What's up @Daniel Marshall - I highly suggest doing a FHA 203k renovation loan or homestyle renovation loan.

    The key will be getting the right team onboard that has done these many times before and understands the hurdles that come with them. Your core team for these types of renovation loans needs to be your lender, General contractor, HUD consultant, and agent.

    I wish we could help you in Boston, but we are currently only operating out of Chicago.

    [email protected]
    Quality Builders4.966 Reviews
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  • Kristyn Lavonne-Sullivan Edwards
    Member since 2023 · 3 posts · 0 votes
    1y
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  • Daniel Marshall
    OP
    Real Estate Agent · 01913 · Member since 2023 · 10 posts · 3 votes
    1y

    @Jonathan Klemm I appreciate that.i will start building my team this weekend. I will reach out to all my contacts. I appreciate your time! 

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  • Jonathan KlemmBusiness Member
    Moderator
    Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
    1y

    Love it @Daniel Marshall!  

    Ask All parties - When building your team make sure to ask them how many recent 203k or homestyle renovation loans they have completed.  Ask them if they understand the difference between the two poducts.

    If you are talking to your lender about whether they service the loan during renovation or if the servicing gets sold off,

    Your general contractor will be most important; ask them how long it will take to get an estimate and what information is needed.  Also, ask if they understand and are okay with the draw payment process with these renovation loans.

    Honestly, I think it's best to walk with your HUD consultant and GC simultaneously so that they are on the same page regarding the scope of work.

    Your agent is probably the least important, but a good agent who has done these types of deals knows how long they can take and will be the pusher to get all the information from all the parties.

    Experience is your best friend here...

    [email protected]
    Quality Builders4.966 Reviews
    WebsiteView Page
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  • Ben FernandezBusiness Member
    Realtor · Lancaster, PA · Member since 2025 · 169 posts · 97 votes
    1y

    You're targeting the right aspect to increase your affordability, based upon considering properties that have current rental income. House hacking is a great method.

    What I would recommend is that you also target homes that may require some renovations and pursue a 203k or HomeStyle loan product. These loans will allow you to couple the purchase and the renovation in one swope.

    You should also be aware of any down payment assistance program you may be able to use as well.

    Considering homes that need renovations, will open up a whole new avenue for you. You may want to partner with a few investment firms near you or wholesalers as well being that a lot of these opportunities may be off market deals.

    Keep at it! You'll find something! I love that you're already being creative. Keep up the good work.

    [email protected]717-945-7040
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