Hello! New Investor from Somerville, Massachusetts
Hello BP!
I have been lurking and increasing my REI education before diving in...
After months of consistently reading books/articles/guides/forums and listening to BP podcasts, I feel like I am beginning to get there! I wanted to gain a semi-solid (there is so much to learn!) education before introducing myself and moving forward. So here we are.
I have begun to formulate a plan for my first deal. By the end of 2017 I plan on purchasing a multifamily property with positive cash flow located near Boston, MA (ultimately, inside the 495 belt). I currently rent, so I will be using the multifamily property to house hack my way into my first property, most likely using an FHA loan. I am seeking a B-C property that needs a bit of cosmetic work, but nothing with substantial flipping or outrageous rehab costs, located in a B neighborhood. I plan on rehabbing the unit(s) as soon as I purchase the property, increase the equity and rent at a higher rate.
I am still trying to figure out my exit strategies but I am leaning toward refinancing the FHA after one year and using some cash reserves to house hack into a second property, again utilizing an FHA loan.
I already have a bunch of questions and hope the BP community can assist me as I continue to build out this plan and execute on my first deal in MA. I need the help!
-Dennis