All Forum Posts by: Audra De Falco

Is there any place in the northeast where someone like me could purchase a multi-unit row home and make (even modest) cash flow? It's just always been my dream to purchase one...

Here are some links:

http://home.kingoftheroost.com/idx/details/listing...

http://home.kingoftheroost.com/idx/details/listing...

http://home.kingoftheroost.com/idx/details/listing...

http://home.kingoftheroost.com/idx/details/listing/a004/BA9625005/2804-SAINT-PAUL-ST

These are the types of properties I am interested in. 

Thanks guys! I do know that FHA loans are for owner occupants, hence the multi-family question.

I've done some googling and have found some really, really nice MFHs in (what seem to be) nice areas of Baltimore going for about 350k. Am I allowed to post links on here? 

Of course. That goes without saying for sure. I intend on taking many trips down. But for the purposes of this thread, I am talking money: could I realistically afford a multi-family home in an okay area of Baltimore?

Alright, so I am a New Yorker born and raised and I have always wanted to own a row home. Being that price in NYC are prohibitively expensive (let's not even go there... lol) I realize my dream of home ownership (as in my own brownstone or row home) will probably never happen here an that is okay.

Initially I was thinking about sub30k properties but I just don't want to put that much work in for a property I probably wouldn't keep for 30+ years.

So I've been looking at places to buy in the near future. Possible contenders were Philadelphia, Harrisburg (quickly x'ed out because I heard it's just not safe though I looooove the old housing stock), Albany, Buffalo, Troy, Rochester, Pittsburgh and Baltimore. I think my heart is set on Baltimore. It also seems to make sense financially: you can buy a 4-plex for under 400k, take out an FHA loan (probably not what I'd want to do--I'd want to put down 20%) and rent out all four units.

Am I crazy or is Baltimore a good market right now? If you guys know of any towns on the east coast with lots of row houses and a somewhat lively downtown, even if very small, let me know.

Let's say, hypothetically, I had 80k to use in savings, made 80k a year and had good credit (700+). Could I afford a 4-plex in a decent enough area of Baltimore to pay for my mortgage, build up equity, and put at least a thousand back into savings each month? Or is this a total pipe dream? Please smack me in the face with reality as hard as you want, guys!

I mean... people are giving actual, real world, first-hand positive experience. How can you refute something that is actually true?

I don't have either now! :) 

My plan is to save, save, save and put 20% down on a multifamily and then save for a few more years and maybe do an FHA on another multifamily and live in one unit. I doubt I will be able to save 20% in the few years between for the second home, especially in my local market.

Got it. So refinancing is the way to go. Thanks for clearing up that doubt!

Does anyone here have any real world examples of doing this?

Hi guys. I am a total baby investor still in the money saving stage. I realize that FHA loans might not be the best option so I am still not convinced on them. Ideally I would like to put down at least 10% on my first property.

But hypothetically, after I've closed on the first property and saved up 3.5% for another home, could I then apply for an FHA loan, move to the new house, stay for the required 2 years and then apply for an FHA loan for another home and continue this way?

Or is that a completely awful idea?

Thanks.

Why is the original poster even posting this thread? The constant negative remarks are... hard to swallow. It's painfully obvious he just wants to argue (why?).