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All Forum Posts by: Nico Dandini

Nico Dandini has started 3 posts and replied 30 times.

Post: New RE Investors Looking to House Hack Salem, MA

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

@Evan Ordway good luck! Highly recommend celebrating with a North Shore roast beef when you close ;D

Post: New RE Investors Looking to House Hack Salem, MA

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

@Jamie Derasmo awesome points. Could you explain why an FHA loan would fall to the bottom of list of offers? Why would a seller care where the money is coming from?

Thank you!

@Evan Ordway For what it's worth, I'm house hacking a 2 bed/1 bath condo in Danvers right now. I'm not positively cash flowing, but my living expenses are much lower than it would be without a roommate ($1100/mo with roommate; $2050/mo without roommate). It feels like I'm paying a normal rent rate. Plus, I'm getting nice appreciation, so that's a win in my book.

Good luck finding a spot in Salem! Market is still competitive. A few months ago, a three-family right next door to me went on sale, got over 15 offers, and went for $90K over asking. It was a few months ago, so maybe things have cooled down in the SMF space, but who knows? 

Post: Sell My Primary for a Larger House Hack in an Expensive Area?

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

@Danielle Jackson It's funny. I just found a decent one last night. Duplex, over $200/mo cashflow, 18% return.

However, before that, deals were more like -$500-1000+ for cashflow. So in some cases, my housing expenses would be less. Other times, it would be about the same as what I'm paying now, but there's be more equity.

Post: Sell My Primary for a Larger House Hack in an Expensive Area?

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

@Marc Starkman I've thought of keeping my condo and investing out-of-state, but I'd have to save more money before I can do that. I figured selling the condo, putting down 3.5%, and house hacking in my local area would be the next fastest step. I guess what I really want to know if the thought process above sounds like a dumb or too risky move.

Post: Sell My Primary for a Larger House Hack in an Expensive Area?

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

I live in an expensive area. Specifically, I'm house hacking a 2bed/1bath condo (living in one bedroom and renting out the other). I don't have enough cash to purchase a house hack without selling my condo. I have about $10K in savings, and if I sell my condo, I'll net about $30-40K. Average price for a SMF in this area is $500-600K. 

The part that scares me the most is if I sell my condo and my offer on a new SMF doesn't get accepted, I could be in limbo. Not to mention, not sure what I would do with my roommate if things didn't pan out. Also, if I do get a SMF, I won't be able to pay the mortgage on my own. I'd have to rely on tenants because I don't make enough to cover the mortgage on a SMF in this area.

My question is, would you take the chance of selling your primary to have enough funds to [hopefully] get an offer accepted and buy another property? 

Post: Boston Condo Conversion & Lessons learned

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

Very cool project. I love the detailed breakdown. Good luck and thank you for sharing!

Post: Combine HML with Conventional Loan to Purchase SMF?

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

Understood. Thank you.

Post: Combine HML with Conventional Loan to Purchase SMF?

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

Have you ever combined a hard money loan with a conventional loan to purchase a property? 

For added context, I'm thinking about house hacking a duplex in MA, but I don't have the cash to afford the 20% downpayment. I was thinking about using a hard money loan to fund the downpayment, then do a cash out refi the following year to pay back the hard money lender. 

I've crunched the numbers to house hack with a 3.5% FHA loan, but the numbers seem more favorable with a combined HML/Conventional loan.

Any advice or thoughts would be greatly appreciated. Thank you!

Post: Strategies for House Hacking in Eastern Massachusetts

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

Hey Dionne,

I bought a condo in Danvers last year (2 beds, 1 bath, 734 sq ft) right before the market went wild. I rent out one of the bedrooms for $950/mo while I live in the other. Doesn't cover all of the payments, but it almost cuts them in half. 

Post: Massachusetts House Hacking Meetup VI [Virtual Event]

Nico Dandini
Pro Member
Posted
  • Homeowner
  • Danvers, MA
  • Posts 30
  • Votes 18

Just registered. Currently house hacking a condo in the North Shore. Curious to see what other investors are doing in the Greater Boston area.