All Forum Posts by: Michael Rinaldi

Hi @Denisha M. ! Welcome to Bigger Pockets, lots of good resources on here. I am a newbie from Boston as well. Seems like there are a lot of people from the Boston area and Mass in general on the site. I look forward to hearing more about your journey!

@Alex Bowen

I'm in a similar situation as you being young and looking for a first time purchase. I think if you have a good, steady job that can pay the mortgage, it is a no-brianer going with the FHA. This way you can afford to have some money ICE and to cushion yourself. If you wanted to rehab, you could also take out a 203k loan, which has similar requirements to the FHA and includes fix-up costs.

If you are planning on buying a multi-family that you live in and rent out, the money you save on the down payment can be your fund in case of vacancy or other major unforseen expenses. Good luck and let us know what you do!

@Rick Miranda

The Homepath mortgages are a pretty good option, but unfortunately there are not many homes available in the Boston area. I did a quick search and it came up with just six properties available in all of greater Boston.

@Matthew Catanzariti

I'm in a similar boat that you are. I'm 21 and looking to owner-occupy a multifamily in about a year and a half using an FHA loan. In the meantime, saving money and getting educated. This is just a gut call but I think that $12k sounds like a small amount of money to have going into RE in Mass. I'm worried about something going wrong and then you can't pay the mortgage because you have no wiggle room. I think the info so far on this thread has been helpful though.

Hey @Steven J.

Interesting dilemma. I think its clear your big problem is not being able to cover the down payment. If you are trying to go the FHA route you need only 3.5% of the purchase price down plus closing costs etc. I can't imagine a bank pre-approving a loan without that down payment at least in your back pocket.

If I were you, I'd save up for that down payment and then some so that you can afford to make the purchase and get started on your investing career.

Good luck and keep us posted

@Justin Silverio I work in the partnership group of the tax department. Thanks for the advice and I'll definitely stay active and get out to some events.

Thanks for reaching out everyone and welcoming me to BP. I look forward to working with you all.

Thanks for your note @Georges A. I have noticed how high property values are here as well. I will definitely do my homework and learn all I can before making a purchase.

In what capacity are you operating in Boston right now? Or are you a new investor as well?

Hi BiggerPockets community!

I stumbled upon this website reading about multi-family investing and I haven't gone anywhere else since! What a wealth of information available here.

My name is Mike Rinaldi and I am a 21 year-old undergraduate student at Northeastern University. I currently work as an intern at Ernst & Young, LLP and get my real estate crave from my mother, who is a realtor back home in Connecticut. I am currently enrolled at a local real estate school with the hopes of getting my license by the summer.

My goal is to eventually (5-7 years) own a portfolio of multi-family homes in the Boston area. To start, I want to use a FHA loan in order to move into a multi-family home (preferably 3-4 units) that I can live in as well as rent out by the end of next summer.

I look forward to interacting with all of you, and thank you for your hospitality. If any of you are in the Boston area, I'd love to interact!