All Forum Posts by: Daniel McDonald

It’ll vary based on strategy. What are you trying to do? 

I've been house hacking in Beverly, MA the past few years, that's the only way i could afford to stay close. I do recommend it if that's an option. 

If not I STILL recommend buying close for that first investment. It's a peace of mind, easier, and dude it sounds like you have contractor connections which has honestly been the hardest part for me. 

I also run a STR co hosting company and let me tell you it is a wayyy different vibe. You'll have to be ready to commit hard to make any real money off it.

I’m sure you could off load it pretty easily! Where is it located? Are you willing to explore seller financing options? 

Could you house hack? That’s how I got my two duplexes in Beverly. It’s been a game changer for sure. Granted the rates were better then that doesn’t mean it could never work. 

MA is hard and cash flow is even harder, it’s definitely more of an appreciation move to be they close to Boston. But I think getting on base is what really matters vs. finding a home run right at the start. 

@George Post is my go-to guy! 

@Myoungsu Son I've been house hacking in Beverly, just north of the city, since 2020. It was the perfect investment for me and my family. I recommend house hacking through and through. My first duplex was solely focused on the numbers, the second, because I knew I was going to start a family in it, was more emotional. It's less of a stellar deal, but has given me a lot of different options and space to grow in. 

I would recommend the multi family route to begin with. A condo for that price will be more challenging and less likely to be in a stellar area, plus condo fees can be a killer and you won't experience the same appreciation as a multi. Happy to chat through my experiences. 

 I lived in the first duplex with my now wife (now it's fully rented) and still live in the second duplex with her and my toddler. We rent out the bottom unit. It has been great for us so far! Currently, my rate sits at 9% you'd def get an intro period with a lower rate, but I would still expect around a 6-7% for x months then up to whatever the current rate is. So I would definitely try to pay it down as soon as you can.  

I did essentially the same thing in the Northshore a few years ago. Used a heloc from my first duplex to buy the second. I used 60k for renos and a partial down payment. It's definitely doable, just more of a personal decision. What's your heloc rate? I agree, I wouldn't go much higher, but some people do. It's going to be more about how comfortable you are with debt. I go back and forth. Some days I am like I never want to use a heloc again and other days I'm like lets put it to work.  

 Totally agree with Jonathan. Don't waste money on a PM while you're living there. House hacking is honestly not a ton of work unless you accept terrible tenants and buy a terrible house. I don't even know you, but I am confident you will be able to handle managing one property, even after you move out to the next house hack!