New Member, read all the books, looking to hack in Boston

[Account Closed]

Anybody have experience house hacking in Boston communities? Haven't met with an agent yet, but browsing zillow sales and foreclosures very few seem to be panning out numbers wise.

[Matt Leonard]

@Account Closed I house hacked a 2-family in Somerville.  It has worked out amazing, but I bought in 2011 and the house would now sell for at least double what I paid.  Finding a place that would work based on he market is going to be tough, but don't give up, there is always a way.  I had a friend who bought a 3-bed condo in Southie, rented out all 3 rooms to friends, and fitted out the large hall closet with a raised twin bed and closet hangers for his "room".  Probably against building code and less than luxurious living conditions, but he made a killing and bought another house in a couple years.  You might find a 2 or 3 family that you could rent out one side and live in the other and rent the bedrooms in you unit as Airbnb private rooms.  Sleep in the basement or crash at a friends place on nights that you can rent your room.  

Go to every open house you can get to, even if you know you can't afford it.  I probably went to over 100 open houses before I put in an offer.  Seeing as many properties as possible will allow you to tell the dogs from the deals.

Look into the first time homebuyer program through Mass Housing. You need to meet some criteria and jump through some hoops, but if you qualify, you will be able to get a 30-yr fixed mortgage at a killer rate with only 3% down and no PMI. I believe you can do it through any Bank in MA that does home mortgages. I'd recommend finding a small local bank or credit union, building that relationship is priceless in the long run.