All Forum Posts by: Account Closed

Is it worth it to get an FHA loan and pay the premiums but have some cash flow for other investments?

Hi,

After considerable re-evaluation, I forfeited the idea of investing in a multi-family. It's really too much trouble for me at this stage. Somewhere down the road I will reconsider but at the mean time, the most paramount item to take care of is finding a place to live. Attached is a link to the property I'm interested in seriously buying:

http://www.redfin.com/MA/Revere/7-Arcadia-St-02151/home/9019320

It's really close to the subway that I use on the daily to commute to work. Living near the Wonderland Station is becoming a more trendy alternative to living in expensive Boston for students (at least, that's what I've been observing). I like the concept of bungalow - it's small and easy to maintain. The city of Revere is projected to rise 12.7% in home values in the next 5 years...for what it's worth. Is this a good deal, per the experts' analysis?

@Shaun Reilly

Yes, there's a college adjacent to the house, UMass Boston, I believe. In general, colleges are abundant around here. The idea is to rent out the second unit, so any suitable tenant is welcomed.
@Shaun Reilly

@Shaun Reilly

The property will have dual purposes - I will be living in one floor and rent out the other floor to get some cash flexibility. I know a family member that will provide renovation service for free; so my expense would only go on the materials. Since this house already is renovated, I think adding a kitchen and demarcation wall wouldn't be that expensive vs. renovating a complete mult-family unit.

Hi,

I am interested in a particular single house located in Boston, MA that has two floors with 7 bedrooms. For more info, here's the link:

http://www.redfin.com/MA/Dorchester-Center/61-Bowdoin-St-02124/home/9073768

Since the house has tremendous capacity, it would be a great candidate for expanding into a multi-family. What does this conversion process encompassed?

Thanks for the prompt and helpful tips guys, @Dominic Turner and @J Scott. Preliminary market analysis and written contract, all are noted. That was good confirmation, 10K was actually my targeted amount for negotiation. As for exit strategy, I haven't formulate an exit strategy per se; I thought you just give the conventional handshake after kicking the tires. No? This is still a tentative process for me, I haven't commit to a real estate yet.

Hi,

Stupid question for starter: What do I bring to a house showing in terms of giving an offer? Next pertinent question: Ideally, how much should I bargain the real estate down to?