All Forum Posts by: Daniel McDonald

Oh man, thats a HUGE question right now. I am/was in a similar boat. Have experienced crazy appreciation at my first house hack. I only took out a 50K heloc though when I was living there cause I didn't want to be tempted. I used that 50k to house hack the second one and been slowly paying it off. Some days I am like this was 1000% worth it and others I am like how are people so comfortable with this!? My rate has jumped from 4% to 10% so it's hard to find something better than 10% to make it worth it. But I want to tap into the equity to and not lose my interest rate. 

If you’re just graduating college go the house hacking route. That’s what I have been doing north of Boston and I think it’s the best strategy to start off. Especially around here with the prices. 

Yes appreciation is a big play these days. Cash flow is becoming less and less available especially if you’re a house hacked because you’re likely only putting a small amount down. But I think what you said is huge, be in a similar spot now in terms of paying a mortgage or rent and get nothing out of it. I think the biggest question these days is how long are you planning to hold this? Forever it’s an easy yea in my eyes. A year or two? Probably not worth it. 

@Avery Heilbron may be able to help you here. He's in that area and actually started his journey house hacking in MA so could be a good person to talk to! 

I am going to second the house-hacking situation. That should take away some of the fear of just jumping in. Because at the end of the day you'd be benefiting from paying your own mortgage vs. your parents. That means equity. 

Happy to connect you with some lenders I recommend in MA. I own two duplexes just north of Boston and always looking to connect with other investors in the area. 

This is great man. Took a very similar approach myself. Relied a lot on meetups to build out my team. Always recommend that to people even if it's not totally your thing. 

Happy to connect! I am a house hacker in Beverly, MA. I own two duplexes and run a meetup here. Trying to get one on the books for April. Would love to expand my network. 

I didn't experience interest rates like this but when I bought my first house hack a few years ago I got an amazing interest rate but thought this has to be the highest this house will every be worth. I thought for sure I was overspending by thousands even hundreds of thousands. But I didn't wait and now that house is worth 200k more. Glad I didn't wait.

I bought house hack #2 when everyone started panicking about rates, I was spoiled with 3% and bought down a 4% IR. Now rates are 6-7. I'm glad I didn't wait.

My point? Don't wait to buy real estate, buy real estate and wait. 

I bought both my house hacks in Beverly, just north of the city using an FHA. I just needed to refi out of the 1st one to be able to use the second. I haven't heard of getting out of PMI and would be cautious what fees would make up for it on the back end. Sounds to good to be true but I think the new 5% conventional route is solid!