All Forum Posts by: Sarann K.

Hello everyone, 

I'm looking to purchase a detached condo, which is listed for sale as a condo. The entire area has three unit, one duplex and one detached which is the one I'm interested in. It is listed as condo where the owner is responsible for maintenance, so there is no condo fee or HOA rules or board in place, but it's formally listed as a 'condo'. Is there any lender especially in Massachusetts who is willing to give a loan to such property?

Thank you very much,

Sarann

@Joshua Poitras, 

I totally agree with you. I'm also glad to see you again. Is it challenging to manage your properties 30-40 mins drive from home? Or do you think it's not that bad?

Hi @Steve Bracero, 

Thank you very much for your great advice, I think I'll probably focus more in Fitchburg for now and will start the direct mailing in the meantime near my area. I'll plan to use conventional financing. Wish me luck!

Thanks, 
Sarann

Hi everyone, I've been looking on MLS for a multifamily in Lowell, MA where I live, unfortunately there are no deals around within my reach, specifically 2 family under 200K and 3 family under 250K. And I would like to ask if anyone has found any rental properties in Lowell aside from the MLS, such as absentee owner or free and clear through creative methods? Or should I just focus on different locations such as Fitchburg, MA (30-40 min from where I live) where the properties are more affordable? Any input would be greatly appreciated!

Thank you 

Sarann

@Shaun Weekes I'm still new to this, I'm looking for 3-4 unit if possible. I don't have much cash, and I'm really struggling with financing strategy. Hopefully, I will get more idea and be able to purchase one by early next year. 

Thanks everyone, 

Hello BP Army, 

I'm looking alternatives to fund a multifamily property, I've always seen these ads on the BP: arborloanexpress.com and assetavenue.com. Have anyone ever used one of these? Is it something you would recommend? What was your experience of using these? How is it different from the conventional loan?

Sorry if my question is vague. 

Thanks in advance, 

Sarann

Thank you for your clarification, really appreciate it. Thank you all so much.

Hi everyone, Could I ask it is okay to state that I do not accept section 8 voucher in the Ads in Massachusetts? Thank you,

Thank you very much, Josh, for your explanation. Sounds like I would need to pay 2 closing cost, one for re-financing, and another for the new property. I may need to look into home-equity loan and HELOC to see which path is better. Thanks again!

Sarann

Hello BP army,

How are you all? I have a question regarding refinancing process. Let’s say I put down 20% for my first home, and after a year or two can I re-finance to cash out that 20% to put on down payment for another property? Are there any drawbacks of doing this way? I tried to search online but somehow it’s not clear enough, so hopefully I can get some clarity from this question.

Thank you very much,

Sarann