All Forum Posts by: Andrew D.

Jacob,

Also, do you have any suggestions on realtors who specialize in investment properties? I used a good realtor when I purchased my current home, but I do not think he specializes in investment type properties.

Thanks,

Andrew

Jacob,

Thanks for the advice. What are your thoughts on Lowell or Everett? I would certainly like to raise some cash from the property, as well as a long term wealth creator. 

I just started reading Brandon Turner's "The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Intelligent Buy & Hold Real Estate Investing" book, so I am in the process of learning how to do the investment analysis.

Thanks again for your advice,

Andrew

Stephen,

Thanks for the advice. I am not sure if that is possible, because I currently own a single family in Wilmington that I live in, and I was not planning on moving. 

Thanks

Andrew

Jacob,

Thanks for getting back to me. I will start looking into the Peabody/Salem markets as well. Is there a strong rental market in those areas?

I do not want to sound ignorant, but yes, crime/more likely to deal with tough tenants, is what is drawing me away from those areas. I feel as the rental market in areas such as Medford, Malden, Somerville, Woburn, Stoneham, Wakefield, Melrose area's will command a much higher rental rate, and attract a higher caliber tenant. Please correct me if I am wrong.

I am new to the site, and I was wondering if anyone could provide me with some advice on my situation. I currently live in Massachusetts, and I would like to start investing in multifamily units, and renting them out. I am at the early research stages, so forgive me if I ask some not so smart questions.

I currently have around 80K-90K to get started for a down payment. I have been looking at properties in the Medford, Malden, Somerville, Woburn, Stoneham, Wakefield, Melrose area. All of these properties cost between 500K-800K+. I reached out to my bank in regards to obtaining a mortgage, and I was told that I would need to have a 25% down payment to get a mortgage on a multifamily investment property. That means I would need to have at least 125K- 200K for a down payment to purchase one of these properties.

• 1.Does anyone have any suggestions on how I could receive a mortgage on one of these properties without having a 25% down payment

• 2.Alternatively, does anyone know of any other decent cities/towns in MA where I could find multi family units for under 400k? I know areas like Lowell, Lawrence, Lynn, and Worcester have plenty of these properties available, but I don’t know how I feel about investing in properties in those areas.

Thanks in advance for your help!