First House Hack in Boston MA

[Brandon Roberts]

Hello BiggerPockets! I live in Boston and I’m about to do my first house hack along with my family.
What is your opinion on buying a fourplex and doing BRRRR while house hacking? Also, I have the idea that small deals take as much time as big deals so I am looking at a $700k home plus rehab costs. Let me know what you think and if there is someone from Boston who would like to meet for coffee count me in.
I would love if you have some references of a real estate agent, lenders and contractors in Boston. 

[Todd Wheatley]

Hi @Brandon Roberts

Fellow Boston house hacker, real estate investor, and investor-agent here! I like the way you're thinking by going as big as possible for a residential play (4-family) and trying to combine renovations (BRRRR) into a house hack. It's this type of creative thinking that is getting good deals done in Boston right now. My wife and I are wrapping up a similar project in Waltham. It's a 4 family (w/ an ADU) that we purchased in April, moved into 1 of the units, renovated 2 of the others, put renters in place, and are in the process of refinancing right now.

This type of project certainly takes some strategic planning but the rewards can be significant. If you're planning to use a low-downpayment, owner-occupied loan you need to make sure the subject property has a vacant unit for you to occupy. Since you are planning to BRRRR that implies renovations which can mean vacant units for several months - you need to account for that lack of rental income in the short term.

Long story short - if you're committed to this type of project and are as prepared as possible when the right property comes up I think you could crush it!

I'm more than happy to jump on a phone call or meet up for coffee if you want to talk - zero pressure.

Happy Investing!

-Todd