All Forum Posts by: Mike Yerardi

Hey Shaun, thanks for the breakdown. You certainly make some good points. I forgot to say that I'm looking to buy and hold instead of flip. Otherwise I might look at other sources of financing. I'm not having much success on CL, word of mouth, mls, etc... so thought I might send out a mailer to get some leads coming in. However, without being a cash buyer i'm not sure how attractive the mailer would be. 

Hello,

I'm looking at running my first round of postcards/mailers. I'm in Massachusetts and looking at a $200-250k price range. However, i'm not able to pay cash for the property and will have to get financing. I'm struggling with what write down b/c obvioulsy I'm not a "cash" buyer. Is there anything else I might be able to write down that may help?

Here's what I have so far for bullets on what I can do for them (I also have a write up on the process but just looking for help with what I can do for them):

Buy as-is (hoping that no major problems that would hold up financing)

Close quickly - I'm pre approved and ready to go

Handle all of the paperwork

Pay normal closing costs

Thanks!

Mike

Hi Taylor. Now that I think of it they came out with that 3% conventional loan product recently so you'd be able to get in for a little less. Living in the property 1-2 years and then moving to the next one is a great way to get started. I personally did the same thing and it worked out great. 

I do invest in Central MA. I try to stay in Hudson/Marlborough but also have a two family w/commercial space in Milford but I'm selling in the spring.

In order to get the 3.5% with FHA you must live in the home so you'd only be able to use that once (unless you move) but defiantly use it.

However, if you are planning on staying for a year and then moving onto the next you can get another FHA loan and your first loan will stay with the property. It all depends on how many properties you are looking at long term. If you're only planning on two multi's then maybe the 20% down makes more sense if you have the money..but if you're planning on acquiring more (not sure how many FHA allows), then maybe 3.5% down makes sense so you can acquire as many properties as possible. As long as you factor in PMI either way and you still cash flow then I wouldn't worry about it. You can refinance out down the road. The biggest thing in this market (in Boston anyway) is finding the deal first and then making it work.

and if it were me, and I know she's your fiancé but I'd personally want my name to be on the house if i'm not married. Heck even if I am.

Looking at a single family rental right outside of a school zone to buy as a rental. Elementary School (Grades 1-5) is basically across the street. Does anyone have rentals this close to a school. If what are the pluses and minuses you've seen of having a rental this close?

Hello! - My name is Mike, I’m fairly new to BP. Listened to about ½ of the podcasts so far and am on the site regularly. Currently have a two rentals in Central, MA and looking to acquire three more in the next three years, specifically in Hudson & Marlborough, MA. I’m going to try and locate a single family to rent for the next one. I’m pretty handy so do most of the work myself (even though I’d rather not), but it allows me to save more money for the next house in the meantime. Looking to connect with local like minded individuals so that we can help each other reach our goals! Message me if you’re in the area or even if you’re not!