Triplex in Attleboro, MA

[Kenneth Yuen]

Hi BP members,

I'm new to real estate and BP. I'm looking to invest in a triplex for an owner occupied BRRRR. I've searched Eastern MA for an affordable location and a city/town that is closest to Canton, MA. The neighboring towns are too pricy while the affordable ones are too far. So, I landed on Attleboro, MA.

My preferences are:

- to BUY the house as an owner occupied, REMODEL, RENT, REFINANCE, and REPEAT (BRRRR)

- Triplex, preferably with good exterior, good appliances and B to C grade interior for remodeling.

- About 3000 sq ft

- Around $250000 to $300000

- Off street parking

Is this obtainable? Is this a sound investment? If anyone from around the area can chime in, that would be very helpful and appreciated.

Thanks you,

- Kenny Yuen

[Ann Bellamy]

@Kenneth Yuen, you generally can't get a hard money loan for an owner occupied property.  You need a licensed residential lender for that because of lending laws.  I know of only one in MA, I'll connect you if you PM me with your email address. 

Personally, for my first transaction, I would find a multi in livable but dated condition, get conventional residential financing, and renovate as you have vacancies.  You will get the best financing possible, learn way more than you ever expected, and gain cash flow and equity slowly.  Or you can wait for the inevitable market correction and buy then.  (But who knows when that will finally happen?  After 2020, I expect.)