Looking To Learn About Investing in Multifamilies

[Alberto De jesus]

Hello,

I am looking to buy and hold several multifamily houses in the Massachusetts. The goal would be to supplement my retirement and make additional income.

I'm a full time employed individual with very little cash, great credit and own a two family that has equity. The two family has a FHA loan.

I plan to at least make an additional multifamily purchase this year after I become more educated and build a bit more cash up. Not sure if that purchase will be funded with an equity loan or cash loan.

I'm looking for ways to serve the Bigger Pocket community but not quite sure how yet.

[Shaun Reilly]

Hi Alberto, welcome to BP.

This is a great place to learn and meet people. Sounds like you have some experience and a plan so that is great. Look though the articles on the main blog and these discussion threads to find information on strategies to help you build out your portfolio.

Also make sure to check out some of the many great investor events in our area. Some easy ones for you is the Black Diamond event in Waltham (2nd location in Worcester as well) and the Boston Area REIA in Medford. Lots of other stuff north and south of Boston as well, and a very good landlord group (NWCLA) that meets in Fitchburg that could be helpful in coming up with local multifamily strategies.

Depending on what your living situation is my first thought for you was to refinance the current FHA loan with the equity you have in the place and make FHA financing an option for the new purchase. You would need to live in the new place for at least a year but you would be able to get in for 3.5% and have other advantages of being an owner occupant when you get into it. Also assuming you are living in the other multi still you will be able to get better refi rates while you still live in it.