All Forum Posts by: Sean Burke

I did not have a completely accurate locked in monthly mortgage payment calculated until a few days prior to closing. The MIP for the FHA loan is $500 a month which really digs into my cash flow. I am planning to refinance out of that soon. I also rushed the inspection process and did not request as much money off of the price for things that I needed to fix. I am handy and was able to do the repairs for cheap, but I should have valued my time more. My biggest mistake was telling my landlord I was moving out which put pressure on me to close the deal as fast as possible.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $709,000
Cash invested: $50,000

I bought a duplex in West Roxbury at the beginning of 2021. I did a cosmetic remodel in one unit and kept the existing tenants in the other unit.

What made you interested in investing in this type of deal?

I am required by my job to live within the city of Boston and I was interested in owning a multi family house.

How did you find this deal and how did you negotiate it?

I found this deal on the MLS.

How did you finance this deal?

FHA loan at 2.25%

How did you add value to the deal?

A minor cosmetic remodel.

What was the outcome?

My cash flow is not great but I am increasing rents annually.

Lessons learned? Challenges?

I wish I took my time on this deal. I ended my lease on my apartment when my offer was accepted. I was not as diligent with my numbers as I should have been. I was very excited to buy a house and rushed the deal. I still turned out in a good spot but I do wish I was a little more diligent.