All Forum Posts by: Alex Markle

@Georges A., @Mike Hurney, no I'm not looking for owner occupied. That's the problem for me. I'm trying to find a balance between the property being somewhat close to Boston, not costing more than $180k or so (so my 25% down payment would be $45k) and not being in a really bad neighborhood. Hard to find that balance.

Hi @Georges A.. What do you consider a "very large downpayment" for a MF in the Boston area? This is where I'm looking for my first multi-family (and first investment). Trying to get a lay of the land. Thanks.

Alex

Thank you so much for the advice, @Rick McCray, @Nicole A. and @Tom Meade! I especially like the idea of borrowing from my 401k or other mutual funds. I will investigate the implications of doing this (penalties, taxes, etc).

Hi @Rick McCray,

I could swing about $15 - $20k for a down payment. I'm still figuring out how much I can afford in carrying costs each month. Thanks!

Hi everyone:

I'm currently 1.5 years in on a 30 year fixed rate mortgage on my house that I live in. I'd like to find a duplex I can afford to rent out for my first investment but since it won't be owner occupied, lenders want 25% down. In the Boston area, that could mean $50,000 on a $200,000 duplex. Since I've only lived in my house for a year and a half, I don't have any equity to speak of. Does anyone have any suggestions as to how to come up with that kind of money? Or should I look farther away from my house for the sub-100k properties? Thanks for your advice!

Alex

Thanks guys. This is very helpful. It's really fun getting started and learning about different areas and techniques.

Hi everyone:

I'm brand new to the forums and to real estate investing.

I'm interested in buying and holding multi-families but they are very expensive where I live (just north of Boston, MA in Woburn). It looks like when they come on the market they're in the $500k+ range. For my first purchase, I'd like it to be in the $150k - $200k range, but they are located very far from my house. How important is it to purchase properties close to where you live? I'm afraid I wouldn't know the area very well if I strayed too far from where I live.

I'd love any advice especially if you know the Boston market. Thanks!