First Time Home Buyer - Finally moving out of the sidelines

[Rehan Uddin]

Hey Everyone,

So, this is my first post in the BiggerPockets forum, and I want to start off by thanking you all for all of the insightful conversations in the forum. I have been looking buy my first home (Househack) for over a year and now I'm finally forced to pull the trigger because my job is requiring me to move, and I don't want to pay rent. So, I'm looking in the Worcester, MA area to buy a single family or multifamily home. Ideally, I'd love to do an FHA loan, but I know how tough it is with all of the inspections you have to pass to get that loan through. I can also afford to do a 10% conventional loan (for a single-family home) which is what I'll most likely do. I would love to speak with someone with some experience and mentor me throughout this process. Currently, I'm going at this with a friend who also does not have any experience and it's all a bit overwhelming. Also, it'd be great to speak with someone who lives in the MA area who can provide some insight into the Worchester area. Thank you all in advance and any conversation would be helpful.

[Andrew Freed]

@Rehan Uddin - Congratulations on getting started! I disagree with @Greg R. sentiment, as long as you buy right with fixed debt, who care's what interest rates are? Interest rates are just one variable in the equation, as long as the COC is good and you plan on holding for 5-10 years, it is a great time to buy. I am buying right now and I love this market. The buyer has way more negotiation power to ask for seller credits, concessions etc.

Additionally, I invest in Worcester myself, I'm a multi-family investor and househacker. Closing on my 18th unit today! Happy to jump on a call and see if I can help you on your journey.