Hello,
Fairly new to the site. Closing on my first MF in a few weeks , super excited!
A little bit of information about the property:
One Mortgage program. 3 % down payment. NO PMI
It's a MF, 1st unit is 2 bedroom, 1 bath its just me and my daughter; so 1st floor it's perfect for us, 2 unit has 6 bedrooms, 2 bathroom.. good tenants in place already. I'm planning on renewing existing lease with new terms. 2nd Floor rent covers Mortgage, so i am planning on saving to continue to buy MFs; i will probably have 5k left saved after the purchase :( , it's hard to save in Boston while paying almost 2k for rent; any advices on maximizing savings to continue investing without having to wait too long. also i would like to mention that my brother and wife offer to pay me $700 if i can rent the basement to them. but the basement is completely unfisnish. i was thinking of making it a legal 1 or 2bedroom apartment. if that plan doesnt work, maybe adding 2 more bedrooms and a bath to the basement to make both units a little even.
This is just me thinking aloud. what do you guys think
Thanks in advance!
