All Forum Posts by: Tamara Taylor

Ha! I tried buying that house last year. What's going on with this house? Any renovations done yet?

Tamara

@Nick Avola You do not need a 203k certified contractor for your work. I think there are only 2 registered in MA anyway. You just need a licensed contractor and your lender can provide you with a list of approved contractors that they've worked with before. You still have to do your homework on each contractor though. I ended up having to switch contractors at the 11th hour so-to-speak and wasn't able to vet my current contractor properly. He's good but because he doesn't have a good team he's slowwwww. PM me if you have any questions about the 203k process. This is my second house.

Best,

Tamara

@Kevin Sullivan You will see minimal appreciation in Fitchburg but you can definitely cashflow with multi families, especially near Fitchburg State. And as always, screen tenants carefully. 

@Tyler L. The Leominster area is great for flipping. Fitchburg can be very tricky if you're not familiar with the city. Defintely get a local's opinion before purchasing there. 

@Thomas J. Budka Welcome to BP and to the neighborhood. I know there's talk of a new RE meet up group in our area. Let me know if you're interested.

@Cody Phillips Welcome to BP! Good luck with finding the perfect tenant.

@Debbie Consalvo I would be interested in a local meet up.

@Jonathan Bombaci I'd be interested in attending the meet up. Please keep me posted. Thanks!

@Michael Chilton Congratulations! It's so satisfying to get your first deal done and done well. I'm still looking for a deal on a multifamily. So far I've only done one flip and I'm working on my second. 

@Nate Mullen I'm not sure about the single family vs. multifamily for the Fannie Mae Homestyle loan. I did only put down 3.5%. I have to wait a year before selling but I plan to stay in the house for 2 years and then sell in order to avoid capital gains tax. That's what I did with my last house and it worked out great. But I'm also considering using this house to do a BRRRR, we'll see how I feel about it in a year or so.

@Nate Mullen I recently bought my second live-in flip and went through Cross Country mortgage. Instead of the 203k loan I got a Fannie Mae Homestyle loan which gives the contractor a little cash up front for materials, unlike the Standard 203k loan. I also found a terrific contractor. PM me for his info. He should be done with my project by February.