All Forum Posts by: Jeremiah Damiron

@Ann Bellamy Wow, thank you, the Patriot Property website is great and easy to use.

I found the address of the initial property I was speaking about and the owner is a woman in fact and not a bank or trust. Now that I've gotten the correct address, I'm going to look up more information online for the property and see if I stop by where the land records are held here in Haverhill.

I appreciate the feedback, it has been a great pleasure!

@Albert Bui Thank you for the response!

Could you go into more depth with the "kiddy condo" strategy and how I could use it to my benefit if I owned property in mass and went to school in NY. Also, I'm not exactly sure what the abbreviations UW and LO meant? Other than that, that hard money part I understood perfectly and it makes great sense needing a big down payment such as 25%.

@Ralph Soles Thank you, that seems like extremely realistic advice that couldn't go wrong rather than throwing myself out in the real estate world vulnerable. In my head what I had pictured was getting ownership of a multi-unit property creatively, through seller financing, subject to, or even lease option, and again renting out the space i wasn't using and trying to break even or make little profit with the rent income on the mortgage payments. I realize this is an incredibly difficult ask once again since I have no real experience and getting ownership of a home is drastically more than just a strategy. If it were possible to pull this off while working with an agent, it would put me right where I want to be. Anyhow, I really appreciate the time you and everyone else has given me in order to see things less vague.

@Ralph Soles 

Thank you for the information.

While I was sure that they do check to see if the purchased property is owner occupied, I wouldn't be trying to beat the system anyway, I'd be glad to stay in the property. Do you know of any other way i'm going to be able to get access to buying a first investment property without the FHA loans because they are too complicated? It seemed appealing because I was interested in living in the property regardless and with a much lower down payment to my understanding it would be easier for a student like me to save the money for a reasonable down payment. I'm looking to get into a house and rent out other units and rooms and collect on the rents. If there is a better option for financing or a better strategy than buying with an FHA loan, I'd love to hear it.

Appreciate the feedback!

@Derek T. thank you, I appreciate the direct links. And the experience I initially posted was the first house that I seen that I knew was abandoned and vacant. I have seen other properties that are also distressed but I wanted more insight on what to do following finding the distressed properties. Those were the steps I was unclear of because I could drive around and search for vacant properties, but I need to connect the dots and relate the findings to generate any type of deals.

@Kenneth Huddleston Any specific reasons why NY may be harder to invest in?

@Paul Timmins Would getting ownership of a single family home and renting out each room be a better approach than getting ownership of a mutli-family or duplex property and collecting rent on the other units? I understand both strategies are effectively doing the same thing but not sure if either way was a better option when it comes to student housing.

@Ralph Soles Thank you for the information.

While I was sure that they do check to see if the purchased property is owner occupied, I wouldn't be trying to beat the system anyway, I'd be glad to stay in the property. Do you know of any other way i'm going to be able to get access to buying a first investment property without the FHA loans because they are too complicated? It seemed appealing because I was interested in living in the property regardless and with a much lower down payment to my understanding it would be easier for a student like me to save the money for a reasonable down payment. I'm looking to get into a house and rent out other units and rooms and collect on the rents. If there is a better option for financing or a better strategy than buying with an FHA loan, I'd love to hear it.

Appreciate the feedback!

I know that in real estate finding vacant, unlisted, damaged properties can be a good thing. In my local area of Haverhill, MA, i been looking into an eyesore of the community that is just off a main road. It is completely vacant, with an abandoned car sitting next to the property since 2008. Not exactly sure what happen to the owner but the front door is barred off shut. It is a multi family house with 2 units. It is along a row of nice quality homes across the street from a great view of the Merrimack River. I looked outside the house and spoke to neighbors to see if they knew anything about the house or owner. One man suggested that someone hasn't been living there for years and couldn't verify on the address of the property. This is property could use a great amount of work but it is truly an eyesore.

Now by discovering this property I know something can be done to fix the situation. I am still fresh off of learning and just getting my feet wet in real estate knowledge period, so I don't have the resources yet to know exactly what to do. It could possibly be a wholesale opportunity, so someone with the resources can do something grander with the property, but that is the only option I know.

If this in anyone could be a first potential deal, what steps should I be taking on this property. It seems like it could have amazing value if fixed properly and is in a nice area where other homes are currently being fixed and built.

Any input or guidance on how I can turn this discovery into something meaningful I would be glad to hear it.

Hello everyone,

Not sure if this has been previously posted or someone else is in a familiar situation but I have a question regarding FHA loans. Now I understand that the property must be a primary residence in order for me to qualify for one of these loans, but I am a college student from Syracuse, NY but I'm currently residing in Bradford, Massachusetts. I would like to be able to look into a property using a FHA loan, because I want my own place to live while I am back home from school. The question is I am leaving back to school 4 months down the road and no longer live in the state that the property is in, could I rent out where I was living previously or will that mess with the terms of the FHA loan?

My main take away from this post is I'm looking to get ownership of a house as a primary residence and rent out the other units. What is the most realistic way that I can be able to have a house down in Massachusetts that I can live in when I am not in school and still have ownership rights and possibably collect rent while I go back to school in Syracuse?

Any advice is considered, thank you!

Hello again,

I am getting more and more familiar with the website and it's getting better and better. I am looking for a quality mentor in the Boston area, more specifically Haverhill, that will help me get me running. Now I ask for a quality mentor because I am willing to devote a lot of my time, and I am very willing to learn and listen. We can split profits on any deals I close, and can negotiate all other terms. I have a good understanding of investing in general and have an idea of the market I want to target. If this sounds appealing to anyone reading, reach out to me as soon as possible.

Thank you for your time.

- Jeremiah