Massachusetts: getting my numbers/ short sales

[Fernando Antonio Rijo]

Hey BP, I have been currently on this site for about s month or so, I have been trying to research and figure out my numbers before seeing a house I plan on buying. I plan on house hacking a multi family home, this particular home is a short sale 3 unit home. What to look for/do in a short sale? What do I look for to calculate "the numbers" right, and how do I find out if the home is in a good location. Also will like to know how do I go threw the route of finding tenants with sec 8?

[Paul Timmins]

@Fernando Antonio Rijo

Go to IREM.org search for ARM certified property managers. Call 5 ask them what they see expenses running per category per unit. What do they see them selling for per unit, what is the market occupancy rate. What are the market rents? Ask them if they know anything coming up for sale. Great way to pick up some good info and possibly a deal.

You can also search NARPM.org for the RMP (Residential Management Professional) and MPM (Master Property Manager) certified.

Short sales can take a while and the bank can cancel at any point.

Your property has to be approved for Sec 8 they are more labor intensive get a PM experienced in Sec 8.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com @Mike Hurney and @Justin Silverio have good meetings near you

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Good luck

Paul