All Forum Posts by: Alex Fredette

@Chris Mason I can manage the 5% I'm just trying to avoid the 20-25%. Thanks, I'll definitely check that out!

@Stephanie P. Thanks for the reference. The FHA site did not specify units in the article I found.

Hello,

I recently met with a mortgage lender who prequalified me for a $250,000 FHA with 3.5 % down for an SFR. If I were to try and purchase a multi however they told me that they would want 20 % down. I would be living on the property, but I do have my father has a co-borrower non occupant. Doing some research on the FHA site it looks like a non occupant co-borrower would only allow 75 % loan to value, but there's an exception to having a family co-borrower, which would permit the maximum financing. Is this something that is up to the lender's discretion and is something that most lenders are going to offer? Or should I find another lender and if so does anyone have any recommendations in the greater Boston area?

I have been planning on house hacking with my wife in the Fall somewhere between Boston and Quincy. Looking at the properties available it seems like most are between 300-500k and on the low end are in pretty rough shape.

I am currently a grad student in Boston and will be taking classes in the summer, but will be working full time in the Fall. My wife works full time as well. We both currently pay about $1300 per month in rent and figured that it would be much better spent going towards a rental property, but I'm concerned a half million dollar house hack may be taking on too much risk for a first time investment. It looks almost impossible to find a property that even meets the 1% rule in this area. Is it feasible to house hack this area and has anyone had success that may be able to provide some advice?

Hello BP, My name is Alex, I'm 24 years old and moved down to Somerville last September. I have a bachelors in biology and am currently pursuing a pharmacy degree. I'm mostly invested in stocks, but I hope to acquire a single or multi family home in NH or MA this year. I've been reading all the information I can get my hands on and welcome any suggestions. A couple ideas I've been contemplating are pursuing a real estate license and potentially going the FHA route on a multi family as my first investment. If I do decide to get licensed I was hoping to get some real estate agent experience, however I'm unsure of the feasibility of that with my upcoming Summer schedule of early morning/afternoon classes with Fridays free. Outside of investing, I'm pretty obsessed with golf and would be up for catching a round with anyone interested in the Boston area as the spring time rolls around.