Just got Preapproved! $700k quadplex in MA

[Greg Doyle]

Hey Guys,

My name is Greg and I'm new here. I'm looking to buy in Massachusetts, within 10miles of my business. I just got preapproved today :) $700k with 3 tenant incomes. I'm looking to buy a live in Quadplex with 3.5% down FHA loan.

Let me know if you guys have any tips! 

Thanks!

[Shiv Choythani]

Welcome to BP Greg Doyle !

[Sean Lunny]

Hey Greg Doyle

Welcome aboard! Congrats on getting pre-approved! I would start by joining a REIA local to you to find about any off market deals that may be present if you're not already.

[Jeremy Hunter]

Congrats on the quad! Start getting things into place for the next deal!

[Paul Donoghue]

@Greg Doyle

Cities like Lowell, Lawrence or Haverhill.

look on redfin.com or realtor.com

Welcome aboard. Their are REIA in chelmsford they meet 1st Wednesday of every month.

[Andrew Diisso]

Haverhill is a good option to look into! Welcome and good luck! 

[Keith Hamel]

@Greg Doyle I am a Realtor who works with investors in the lowell area, contact me if you need help finding a good investment property

[Troy Zimmerman]

Welcome to BP!

[Luis Capriles]

I have a 6 bedroom 3 bathroom n lynn for 350,000

[Aaron Cayabyab]

Greg Doyle hey Greg, that's awesome. I'm planning on going through the same route as you with a quad-plex using the FHA 3.5% down. How did you get pre-approved? Did you go to your local bank? Thanks in advance and best of luck to you on your search!

[Account Closed]

@Aaron Cayabyab I am currently doing the same. Under contract on a 4-plex currently that I plan on owner occupying. Your first step needs to be going to a local lender. If you stay at 4 or less units you will qualify for an FHA loan provided you have decent DTI. The lender will be able to tell you what amount you qualify for. After you find a lender you're comfortable with their processing team and your agent will take care of the rest of the work for you. The hard part is finding the deal. After you're under contract it gets much easier.

[Samantha Magina]

Best of luck! I'm also working on finding quadplex in MA but south of Boston. I'm pre-approved up to 500k, so it'll be a little tight in this market but I'm actively searching and trying to add to my savings as every bit of down payment will boost the possible purchase price.

[Steve Bracero]

@Greg Doyle

Keep in mind you ask the seller to pay closing costs or they will add to your initial out of pocket costs. 

What areas are you looking in? 

@Samantha Magina Is finding a fourplex near boston difficult for 500k? 

[Samantha Magina]

It depends what you are looking for in a quadplex I suppose, I have 2 kids and my husband works remotely , while I still work in Boston. So our needs make it so our minimum is 2 bed/1 bath and relatively close to a commuter rail (which I prefer anyway for investing purposes) and I certainly don't want to be living in the biggest/nicest unit on the property and eating up rental revenue. So yeah, an 8 bed/4 bath could cost 500k in the lower cost areas south of Boston.

[Judas Taylor]

Sorry for re-opening an old thread. @Samantha Magina did you end up finding a quadplex at that price? If so, if you don't mind me asking, what town?