All Forum Posts by: Keith Pentz

And gotta Google the contact. He is the state multifamily director

Hey Jeremy! Hope all is awesome! Best bet is to contact USDA direct in Baltimore. They have funds right now and can "possibly" cover this. Lots of variables so don't think I'm brushing ya off :) 

Start with Jeff Willis and he can point you to the correct local office

Good luck!

KP

Hey Luke!

A few thoughts

1. FHA will only go up to 4 units and is for Owner Occupied properties only. If you wanted to buy it as a straight investment then you are looking at a Conventional Loan and putting 25% down as opposed to 3.5% down with an FHA Owner Occupied.

2. FHA only requires that you plan on living in the home for 1 year, so a great route to go is to buy your 3/4 family owner occupied, live there for a year and gain invaluable landlord experience, then move out/rent that unit and buy a single family (if you like!) for 5% down using a conventional loan. Now you are looking at cash flow from the multi/appreciation/tax benefits as well as having your single family home you are living in paid for or at least supplemented.

Let me know if this makes sense and any other questions.

KP

Hi ALL!

This Saturday the City of Worcester will being having their first annual Landlord Summit from 8:30AM-Noon at the DCU CENTER WORCESTER. Topics covered will include the $2Million + Grant from HUD earmarked for Lead Removal at extremely low cost to landlords. I'll be posting more details on the program soon, but for now, here is the agenda:

2016 Worcester Landlord Summit Agenda

And free tickets are available through Eventbrite here:

2016 Worcester Landlord Summit Tickets

Looking forward to seeing you there!

KP

Hey Kyle!

Thank you for your service Sir!!

I'm a Realtor in Worcester and have been in Real Estate and Financing here for the past 15+ years. Feel free to hit me up with any questions or assistance!

KP

We can't have that boss! Give me a call tomorrow am and ill walk ya through it. Hittin the gym but ill post the guidelines here later tonight as well.

No, No and No. There can be no income producing attributes to the home for USDA Guarantee or Direct (from a lender or straight from USDA). USDA will not even allow an official "in-law" apartment in a single family.

FHA or MASSHOUSING for an owner occupied multi family is the way you are gonna have to go (3% down or 3.5%).

Welcome!  Hit up the webinars. Great stuff and will answer many of your initial questions. The community here is AWESOME as well! Feel free to ask away!

@Navya Rajput The assessed value is established by the town and is used for tax purposes. Every town has a different calculation and there is no correlation between asked (listed/sold) price and assessed value. 

1. For your initial analysis Zillow's tax numbers should be fine. They are relatively accurate and at most will  have the previous year's taxes. Might change your numbers $30-$50 a month at most (in general) 

2. You can go to the town assessor's office and ask for a "field card" for the property that will list the most up to date tax info

3. Many towns have the tax info available online. Here is Worcester's http://www.worcesterma.gov/e-services/search-publi...

4. Feel free to PM me. I'm happy to let you know the public records on individual properties. 

Hope this helps and good luck!

Hey Jeff!  PMing you my Contractor's Info