All Forum Posts by: Jim Sestito

@Ade Tuyo Welcome.... I have been looking into an FHA Loan to purchase a multi-family in MA.  There is PMI involved but you only have to put down 3.5%

@Brooke Spaulding @Georges Arnaout - What were some of the major qualifications for  approval on a MassHousing loan?

@Kyle Cabral Thanks for the welcome.  Quick #'s on the property I am after now; Three 1 bed units and one two bed unit.  3100 total rent (conservative estimate as only one unit is currently rented). Estimated mortgage 1450; this gives me a cash flow of $100 per the 50% rule.  It also gets a 1.4% rent/paid price which is actually good for my search area (Mansfield, North Attleboro, Attleboro). I also currently need a place to live and consider this to be a great way to 'house-hack' as well as build equity.

- Are you investing anywhere other than the North Shore?

@Matt Lefebvre Hey Matt,  NH looks like it has some solid areas to invest in.  Also it seems a little more landlord friendly than down here in the commonwealth.

- I saw in your bio your only 17 -wow! -  These sure weren't the type of websites I was on at that age, good for you keep that motivation.

Hello Everyone,

New blood here by way of Foxboro, Massachusetts (Go Pats). I first grew interest in real estate back in college (PSU, New Hampshire class of 10’ ). I remember handing my landlord $2,600 cash per semester (and watching my 2 roommates do the same) for a bedroom in an old creaky house which had probably been paid off for at least 20 years.

I have now been out of school and in the rat race for a few years now and religiously saving my funds to invest in real estate. My goal is to acquire (through buy and hold) enough units and cash flow to equal my current income. Not necessarily to quit my job but to have the peace of mind and financial freedom of knowing I could.

My real estate experience lies in the three properties I have made offers on. I have been ousted twice by cash buyers and am currently still in the running on a current offer for a 4 family down here in Southeast Massachusetts. Interesting process so far I may have to start a new thread on this houses situation.

I have started my search for cash flowing buy and holds here in my backyard but would travel anywhere for a deal.

The forums, literature, and podcasts have been a great form of information but now I feel it time to take advantage of the other aspect of biggerpockets which is the interaction with likeminded investors.