All Forum Posts by: Spencer R.

Thanks @Steve Bracero for the input. The insurance and tax calculator were automatically generated on Zillow.. not sure how reliable that is. And I guess I am assuming I would be rented by the 2 units, not by the bedrooms. 

Hi, I attempted my first model for buying a 6 bedroom in Worcester MA.  Pricing and rent prices are based on what I could gauge based on the current market there.  This theoretical 6-bedroom would be a 2-family home that is in solid shape but may benefit from a few one time renovations.  

Any feedback is much appreciated! Thanks in advance

Hi,

When does it make more sense to do a 15 year mortgage on a rental property vs. a traditional 30 year mortgage?

Thank you in advance

Thank you everyone for the helpful advice. 

I agree with everything said, including that I will need to learn some basic repairing skills through resources like YouTube, etc. which I am more than willing to do. I will probably also need a go-to handyman that is reliable for bigger repairs. I would love to buy a turnkey property, but looking at home prices in my area (Boston area which is where I live), prices are just too high. I am an investment analyst as a day job so I feel I have a pretty good grasp of the numbers, and after running the numbers on the types of home prices I am seeing, it would be difficult to even be cash flow positive with how high home prices, mortgage rates, and demand are right now. 

I am considering for my first property doing a house hacking technique, where I take advantage of a 3.5%-down fha loans where I will buy a 2-3 family home in the outskirts of Boston and live there for 1-2 years renting out the other 2 units. That will be something I will look to do in the next 1-2 years after I build up more capital and find a good time to get into the cycle. It will probably be something close to a turnkey property, which I understand will cost me a premium but I feel it will be appropriate for my situation. 

Again, thanks everyone for the help and all feedback is appreciated!

Hi everyone,

I am a 23 year old that has a day job but is looking to begin buying/renting out properties on the side.  I am not afraid of hard work but I also want to work smart as well.  The two things holding me back right now are that home values are just too expensive and so I do not think it is the right time in the cycle, and (what I want to focus on here in this forum which is) that I am not the least bit handy.  Everyone talks a lot about buying properties for discounts that need work and fixing them up, but I am useless when it comes to any sort of fixing/repairs.  I am clueless at evaluating homes to determine whether they have "good bones", and I do not think that walking into a fixer-upper blind would be a good idea for me.  I am looking for suggestions on the best way for someone like me to get into the game.

Thanks in advance,

Spencer