All Forum Posts by: Brooke Spaulding

Thanks everyone! I really appreciate the input. The couple of lenders I've spoken to have said I qualify for the no MI option from MassHousing which I would greatly prefer but it requires 5% down on a multi as well as needing about 6 months worth of cash reserves (vs. just 2 months if not multi). It does seem that East Boston has a much lower amount of single families so I have also been looking into condos. My lender did suggest the option of having the seller pay the closing costs and just raising the sale price if needed (this is a great solution I'm planning on utilizing). I think if I can buy smart and save money (otherwise spent on rent paid to someone else) I could save more cash for a multi to be my second purchase. At that point if I were to purchase a condo (right now as first property) at a good price it could be rented providing a good cash flow. How do you guys see the difference being for rentals in that area of single family vs. condos? Thanks everyone!

Hi everyone!

I previously was planning on purchasing my first property in Maine but that has now changed and I am looking to purchase in East Boston. I am preapproved for a MassHousing loan (and others but this is most appealing right now). Does anyone have any suggestions for this area? I had originally planned on purchasing a duplex but I have found it doubles the amount I need at closing and I want to start soon. This made me change my focus on a single family I could live in, fix up, and then rent or sell in the future.

Thanks for any thoughts,

Brooke

Thanks for the suggestions and information everyone- I'm really excited to become a part of this community.

@Joel Owens - my boyfriend is actually from Chelmsford as well, what a small world

@Geoff S. it'd be great to have contacts- I'll be in touch

@Adam Carbone @Ann Bellamy @Shaun Reilly I will definitely make sure to attend a meeting soon in Maine. I am looking to relocate once I find the right property (multifamily I could live in). I personally like the area (originally from Maine) and the numbers are much more reasonable for starting out than in Boston.

Hi Everyone!

I've been on this site and listening to almost all of the podcast over the past 6 months or so and decided it was time to introduce myself. About a year ago I decide I wanted to figure out what to purchase as my first home. I stumbled on Brandon Turner's old website and loved the ideas he shared about buying your first home (a multifamily). That website led me to here and I love reading all the great articles and listening to everyone featured on the podcast- it's great!

I currently work and rent an apartment in Boston but have recently decided to look at investing in Portland, Maine. If anyone has any suggestions on real estate agents or mortgage companies in that area I'd be very grateful as I begin this search. Thanks and hi again!

Brooke