All Forum Posts by: Shayne Mahoney

@Brian J Allen Thank you for the information, you’re definitely opening my eyes to different possibilities around MA that seem a lot more feasible and lucrative. With numbers like that I may have to broaden my horizons. I appreciate it, if something peaks my interest I’ll be sure to reach out to you. Thanks again !

Very true, sometimes I forget about those markets because I work in the city myself, and my first property will be a house hack so I’d still like my commute to be a reasonable ride. 

Valid point @Yevgeny Ioffe. Typically people who will be working in the city and want easy accessibility. I like your train of thought, thank you for the input. 

@Gualter Amarelo Thank you for the feedback, a lot of good information there. I'm also really glad to hear you're having success. 10% ROI that's awesome! I typically work in the city doing construction work, that's why I like the north shore to avoid the traffic but I may need to broaden my horizons, seeing as you're doing as well as you are. Again, I can't tell you enough how much I appreciate your time and knowledge.

Thank you,

Shayne 

Thank you @Raul Cesar cortes ! That’s exactly what my goal is, to use for a down payment and to house hack the duplex. I’m glad to hear you had success with this over the years. Best of luck to you and yours.

Shayne

@Lior Rozhansky thank you again for another incredibly helpful response. I think you’re absolutely right about putting the price of the multifamily versus the price of rent into consideration. I think that’s partly why I’m hesitant, you hear in biggerpockets these lower numbers like 100k etc. and think I’d never find that around here. I suppose it’s all relative. A good deal is a good deal. As far as Boston’s economy, I don’t have enough knowledge to make an educated guess but, having seen areas like Charlestown, Eastie and Southie gentrify. My feeling is, how long before these other areas follow suit? I could look outward to areas like Haverhill and Lowell to see how I’d cash flow there. I’m only focusing on cash flow now to replace my income so I can’t quit my job and focus on real estate investing. Again thank you for the input!

Thank you @Sam Shueh. Do you know if there’s an expected amount as far as reserves go? Ie. 6 months worth of payments

Hello there,

I was just looking for some opinions on borrowing against my annuity to invest in a duplex. I’d like to use a 203k loan so I can put 3.5% down. I know this means I will need reserves too. A follow up question is, how much is expected in reserves using this method?

Thank you,

Shayne

Hi @Mark MacDonald,  

I'm in a very similar situation being new and working full time as a construction worker, trying to get my finances in order and saving money. Any information I give you could be like the blind leading the blind. But it does sound like you're on the right path. I don't think it's ever too early to start going to REIA meetings or biggerpockets meet ups in your area. Don't feel "incompetent". If you're personable and motivated people will recognize that and want to teach you.

Best of luck,

Shayne

I'll be on my toes for sure hahaha. I can't thank you enough @Charlie MacPherson you've given me a lot of valuable information and I appreciate it.