All Forum Posts by: Michael H.

Following

Hi Kyle,

What I tell my friends and clients who are looking to house hack in MA is you should have about $50K in the bank. $25K for the downpayment and $25K for reserves/closing costs. Lowell especially is very competitive right now and you are going to be hard pressed to find a good duplex for less than $400K and a good 3 family for less than $525K. If you work for off market leads, you may get better traction. Keep me in the loop if you wholesale and find any opportunities. I looked in Lowell for several months before finding a househack 3 Family in Worcester that has worked well for me.  Happy to chat more if you want. 

Thank you,

Michael 

Worcester is a fantastic growth market right now. Happy to have the conversation if you want to learn more about the city. Realtor.com identified it as one of the top 10 markets in the country.

https://www.masslive.com/worce...

I am and agent and investor here and can help you get started! 

Following. 

Congrats! Following

@Musa Elsir Hi Musa, I work for a mid sized commercial developer in the area. Shoot me a message and we can take a look at the site to see if it might work for us.

Interesting strategy, haven't seen too many lease to owns around here but I don't spend too much time looking at rental listings. Do you want to have a value-add component on the purchase? I've always heard stacking single families is a great way to build equity. 

My investment is a house-hack, so I'm here now, hence the 5% loan and will seek to do another next year and so forth. Similar strategy, real estate is a snow ball effect, build slow but effectively. I saw a couple of duplexes available on the market right now that could work for you. Feel free to shoot me a message if you need an agent and want to check out some places sometime. 

Hi Wendell,

Congrats on your first deal! I think something in that price range is attainable, but will be difficult, and will definitely have some issues / require work. With the proceeds from your sale, your salary, and the benefits of a 0% down VA loan, you may want to consider going after something bigger. I got a 3 family in Worcester at ~440 with just 5% down, seller covered the closing costs, and with roommates and the in-place tenants, I am cash flow positive. I had a hard time justifying a duplex, much better off with a 3 or 4 in my opinion.

Good luck,

Mike 

Classic strategy, buy wholesale and sell retail. Congrats on the successful deal! 

Congrats on your successful deal! Just bought in Worcester as well, great city. Happy to connect with anyone in the area. Young professional with a W2 at a CRE developer