All Forum Posts by: DJ Richmond

Hi All, I'd like to try to plan an informal get together one night after the new years at the Fours in Quincy. This could be a good way for newbies and experienced investors to come together and discuss different investing strategies and learn from one another. I haven't come across many of these in the south shore and I think there are a lot of exciting things happening around here. If this is something that generates enough interest, we could plan something like this bi-weekly or monthly.

With the holidays and New Years on the horizon, a night between Jan 6-10th would likely be best.

Hey @Kyle Pallanck welcome to BP! You'll find a lot of great information and resources here.

I started the same way you did over 3 years ago by house hacking a multi family property just outside of Boston and it was one of the best decisions I could have made for my financial future. I'd be happy to share more of my experiences and challenges encountered if you'd like to know more!

Hey @Richard McGaughey welcome to BP! I see that you're from my home hometown.

How many different lenders/banks have you spoken with? Do you have any family or friends who could help with downpayments or partnering with you to make this happen? There may be other borrowing options out there, but they'd likely be expensive to borrow and probably outweigh any of the financial incentives to house hack in the first place.

@Ronald Julien

Hey Ronald, welcome to BiggerPockets. It’s great that you’ve found this site so early in your journey. There’s some incredible information out here.

As mentioned above, team up with the right real estate agent. Having the right agent working for you is invaluable. I have an agent in RI that I refer with and just closed on a friends first three family home last month. I’d be happy to set up an intro if you’d like.

@Gert Dervishaj Your Real Estate agent should be able to provide this information. Typically I provide my clients with a recommended offer price based on today's market value and then what the ARV would be after renovations. They should be able to pull you a list of comps to justify the price.

Hey @Judas Taylor Great choice going the renovation route! I did this over three years ago on my first property and couldn't be happier. The lender I used is one I still refer out clients to when seeking the same product. My loan officer specializes in renovation lending and I'd be happy to set up the introduction. 

@Jack Dalrymple where does this take place?

@John Kaspar

Hey John! I’m always looking to make connections. I haven’t been a part of many south shore groups but I’d be willing to try to start a meetup of our own.

@Andrew Easterling

Hey Andrew! It’s never easy starting out but the best thing you can do is start somewhere! You’re taking action though and that’s the right first step.

Buying a multi family for your first home is a smart first move. It generally won’t cash flow too well in Boston due to the high costs, but you’d be able to live very subsidized while building equity and learning a lot in the process. It can create a solid foundation and stepping stone. Have you thought about where you’d like to live?

@Jacob Briggs

Hi Jake, I started the same way you are expressing interest in starting. I bought my first fixer-upper multi family with the 203k renovation loan that I house-hacked. I’ve also worked with numerous others who have done/are doing the same.

There’s some great info out here on the forums and podcasts. Best advice would be to connect with locals in the market you want to tap into as all real estate is local. What works for one in Worcester county might be completely different than Suffolk county.

Please don’t hesitate to reach out if I can help in anyway!

DJ Richmond