All Forum Posts by: Nick Noon

@Cory Damon

No problem.  I think you just needed to provide a little more information that is all.  You'll find that the more specific you get on questions, the better answers you will receive, and people on BP LOVEE getting into the minutia of deals! So, you'll find it very helpful. 

I was also thinking you were looking to immediately use the money to buy another property so it didn't make sense to me to put it into the house.

Could you not get a HELOC without putting the $30k into the house?

I am confused by the question.

Why would you take a loan on cash you just had in hand?  I mean you'd literally be taking the cash you have in your hand, giving it to a bank, then asking for it back a few days later....but be paying interest???  I don't get it.  I don't mean to come off as rude...I just may be missing something.

It's not like if you paid down your note by $30,000 your mortgage payment would go down...you would just be taking a couple years of the procurement of the loan. 

Maybe paying it down then doing a cash-out refinance would make sense if you had a bad interest rate?

It will indirectly affect me.  

I plan on pulling money out of my 401k to buy a property.  I have lost $1,000 in a few days from the market dip which converts to $33,333.33 less house buying power for a 3% down Mass Housing loan. 

So indirectly, it does affect me.

Couldn't agree with you more.  I have been doing construction my whole life and I rarely use sf numbers.  As the president of my company says, "Square foot numbers are for losers"  It's good for the "giggle check" of work in the same area or to get really rough numbers, but not good to base an estimate off of...and definitely don't use the $10, $20, $30 method from someone in a completely different state.

We just priced a job for a client based out of Virginia who used SF prices to price out building a shopping center in the middle of Boston (aka union).  They were $100/sf+ off.  They were sticker shocked.  A carpenter in Virginia probably makes $15/hr.  A union carpenter in Boston makes $122/hr. 

We have tons of cost data from previous jobs, but we use it as a guide.  Every job is unique and is in a different economy setting.  I rely on my relationship with subs who can get me quick ballpark numbers...and are usually pretty close.  

He has vacancy and maintenance under "Expenses"

@Steve Smith

@Shaun Reilly  Yea, that's exactly why I was looking at Framingham is because there are a couple different options to get to Newton.  I don't mind being in traffic...I'm used to it by now, but I don't want to be in it for 45 mins - 1hr.  However, if dealing with the traffic for another 5 years gets me to where I want to be financially and real estate wise, it's an easy decision.  Even the 10 minutes I save from Billerica would help honestly haha.

Yea I hear ya with the little ones.  I just had another ultrasound yesterday at 33 weeks and he is measuring at 35 weeks so the little guy is trying to make an escape early!  I'm probably looking at the beginning/middle of September.

@Mike Fitzpatrick I have been doing finish carpentry my whole life and I currently work for one of the biggest construction management firms in New England so I am definitely not afraid to get my hands dirty and rehab a house. I recently started looking at the Mass Housing loans; they also have a rehab loan available. They say the work has to be done by "licensed contractors". I am a licensed contractor, I am wondering if the same rules apply as FHA where I wouldn't be able to work on my own house.

Are you saying that the 12k I would have wouldn't be enough for a downpayment...or all together?  What is really making me nervous is the amount of money i need for closing and such.  I am going to try to make the seller eat the closing, but I'm sure I will need more money on hand.  I am ideally looking for 200-250k multi and put 35-50k into it for rehab.  I also have a roommate that currently lives with me now who said he would move into a house that I bought.  So the ideal scenario is living in one of the units, collecting rent from the other units, and ALSO collecting rent from the bedroom I am renting out to my buddy.  House hack-hacking I call it. Lol. 

@Robbie Reutzel  Thanks for the advice.  I am hoping the stars will align and as I'm ready to buy a house there will be more/better inventory.

@Charlie MacPherson  Thanks Charlie.  I will let you know if I end up trying to make the leap into the Norfolk county. 

@Shaun Reilly  Thank you for taking the time to respond.  You bring up quite a few valid/interesting points.  You are correct in saying that I am just getting tired of the commute, so I was looking to try to get a little closer to work.  I have come to terms with not being able to be in the "Newton Area".  My areas of concentration have been Billerica and Framingham as the price seems to be fair and I would be getting a little closer to work.  I have been looking at Waltham too, but that can get expensive.  I would be looking in Lowell (I grew up in Chelmsford/Lowell area) but I am having a baby in 2 months and the Mom doesn't want to live in Lowell....can't say I blame her.  Also parking is a big thing for me and Lowell doesn't offer much.  I would definitely entertain the idea of meeting up and picking your brain.  I work in Newton Lower Falls on Washington st. so after work is definitely a possibility.

@Alberto De jesus Finding cash flow properties on the MLS does look like a challenge. However, because this will be my primary residence, I am not looking for it to cashflow at the moment because simply not having a rent/mortgage payment is basically "cashflow" for me. The plan is to cash-out refinance after 5 years and buy some more properties.

Hey all Boston-based BP'ers. 

I was wondering if anyone has any idea of what the outlook on the market is in the Boston area.  I realize that is a broad question, so let me get more specific.

I am a first time home-buyer looking to buy a multi-family property I can house-hack.  I work in Newton so I am looking for a multi in the Middlesex county, or possibly the Norfolk county if there is a deal there and it's closer to Newton.  

I will have about $12,000 saved up around the 1st of the year and thats when I plan on buying a property....hopefully have a P&S signed by March. I have been preapproved for loan by my mortgage lender and am looking to do the FHA 203k loan. I have been tracking houses on the MLS in the Middlesex County, as well has homepath.com and homesteps.com for a few months now and I am really not seeing a lot of inventory out there.

Does anyone think that there will be more inventory in the March time frame?  Will interest rates stay the same?  I feel like right now everyone is overpaying for everything and it seems to be a heavy "seller's market".

Any insight would be much appreciated as it will help prepare myself for when I buy house early next year.  Once I buy that one I would be looking to Cash out refinance to buy another property.  

@Lucky Oldham

You still looking for someone?  I work in Newton on Washington St for a construction management firm, but have been doing finish carpentry most of my life.

@Joe Pham

Nice area in the South End.

I just finished building Ink Block over there - 315 residential apartments.  I'm getting ready to start putting up a couple more buildings over there as well!