All Forum Posts by: Peter Carboni

@Jonathan R McLaughlin Thank you, that's a great heads up. Especially about gangs on the waterfront- ha!

Thank you for letting me know about the new stuff going on- that's incredibly useful to know. I guess my next task, as a first-timer, would be learning how to tell the quality people from the home depot slash and dashers. I'm sure my agent can help me there..

I have a couple of clarifying questions if it's okay to shoot you a private message?

Thanks again for the thought experiment and the practical advice on what to look for with older properties. Really appreciate your response. 

@Wayne Marques Thank you- I really appreciate your response. All of that is fantastic and very pragmatic advice.

I'll certainly be careful when choosing a location- I'm not the most familiar but can utilize my agent and crime data to get a clear idea. I appreciate your advice on the showing and how to present myself.

Lastly, I'm glad to hear what you said about landlords not wanting to sell. I don't know much about market specifics, but what I do know is that the city isn't what it was 10 years ago. I'm really optimistic that I can find a great deal here.

I really like the south end. So many properties down there can at least see the water. It's not a bad view!

Thanks again for your insightful advice, Wayne!

Hey all,

I'm a first-time investor looking to do my first house hack in New Bedford, MA. I'm looking to connect with investors with experience with the city.

Why New Bedford?

I know that taxes and tenants get tricky here, but overall I have many reasons to want to invest here. It's close to home, with many hospitals, burgeoning culture and arts scene, and commuter rail in the works. I believe in the city and have been overjoyed to see it prosper so much in recent years.

Here is roughly where I'm at when it comes to my first househack.

I know that everyone on here is busy, so I appreciate any responses from anyone who has invested in southcoast MA.

My main goal here is simply to connect with anyone who's invested in the city. This will be my first home purchase and I'd love to hear from as many investors who are familiar with the city. I'm also hoping to make local friends and find meetups to attend.

What I do know:

I have an agent and a lender.

I'm looking for a triplex. 

How to find properties off of the MLS

I'm partial to the south end of the city.

How to use the deal calculator on this site. 

What I know I don't know:

How to inspect a property in-person

How to act/ what to wear to the showing

Which streets and neighborhoods to avoid

Which streets and neighborhoods might meet my goals 

How old is too old (some of these buildings are verrrry old)

Tenant laws to watch out for

And last but not least, I don't know what I don't know. I'm expecting the unexpected and hopefully have saved enough to cushion me against any major disaster. 

I realize I've posed a bunch of specific of questions- I don't expect to cover it all here. I assume that the more people I meet and connect with the less of a mystery this will all become.

All that is to say that I would appreciate any and all advice about the New Bedford market. I'm happy to chat privately as well. 

Thank you!

Hey all, this thread is getting me super pumped. I'm looking to begin my investor journey by househacking here. Spoke with a lender and getting ready to make some offers closer to November when I get home from my current contract (I work on a cruise ship). 

If anyone in this thread is open to letting a newbie pick your brain about multifamily buy and holds in this area I would be eternally grateful.

I grew up in Wareham and have always loved this city. I believe it's got insane potential. The new restaurant scene, arts, festivals, hospitals, and rail trail are just fuel to that fire in my eyes.

Thank you @Jon McCarron! Congrats on all of that good stuff.

I've heard great things about Salem and Beverly from others in this forum. I think they're a bit out of my price range for now. 

My search is underway. I'll be buying through my Aunt who is an agent with decades of experience in the areas I'm looking at and I spoke with a mortgage broker my family has used many times and I'm currently saving for the down payment... I work on a cruise ship so it's quite easy to save (no expenses). Going to pull the trigger when I get back on land in November.

Thanks again for your thoughts!

@Andrew Freed Will certainly be taking you up on that- thank you!

@Andrew Freed

Thank you so much- I really appreciate those suggestions. My broker had mentioned the conventional loans as the way to go for sure. I didn't realize you could get locked out if you went the FHA route. Thank you!!

This is awesome. I just spoke with my mortgage broker about my first house hack and how I'm going to fund it and was surprised to learn about some state programs that make purchasing my first multifamily waaaay more manageable than I thought. 

@Todd Wheatley

Thanks for your insight, Todd- Lots to consider there.

I actually work as a singer on a cruise ship- it's put me in a position to live with almost 0 expenses and save up for a down payment. Not to mention paying off all my student debt over 2 contracts. Ideally would also rent out my unit out to a traveling nurse or go for some other medium-term rental while I'm gone. 

Taking into account everything you've mentioned, Worcester and Greenfield might be the spot for me. Also, I never thought about the in-law and single-family route. Sounds cool- with my job I'm usually away for months at a time and don't need much space anyway.