All Forum Posts by: Emiliano Dias

I just had a difficult experience trying to get an out of state loan via a local CoOp to purchase a property there. I was quoted 5.5% commercial rate to buy a condo. I ended up using a HELOC from my current primary residence in CA to purchase the condo, instead.

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I'm originally from New Bedford and have been purchasing newer condos there, since they're easier to maintain remotely.  I hope to hack a duplex (near Clark's Cove) upon moving back and then finance an MFH or two (triple deckers in the south end) via rental rehab loans.

I was born in New Bedford, MA and grew up in a nearby suburb.  

I've purchased three condos there over the past couple of years and am planning to buy a couple of multi-family units when I move back there to retire in a few years.

I've been looking mostly in the south end of New Bedford, near the coast and in the northern part of the city near Sassaquin Pond and mostly condos until I live closer.  These areas seem safer than much of the rest of the city and are less expensive than the downtown area;  They're probably B-/C+ neighborhoods.

I'm buying a small condo in the northeast as an investment property for now and a place to retire to in 10 years.

I'm trying to decide between getting a traditional second mortgage or getting a home equity loan.

The condo I'm planning on purchasing is $69,000. My current home is appraised at $625,000 and I've got $250,000 of equity in it, but I'm planning on selling my home in a couple of years.

Because I'm planning on selling my current home, the home equity loan seems like a good option.  That way my second home will be fully paid off when I sell my primary home.

Thanks for all the input everyone!

@Leon Y. , I've already refi-ed my SF condo, I'm on an 5/1 ARM at 2.75% that goes adjustable (LIBOR + 2.50%) in 2017. If I were to rent my condo out, it would cover my mortgage, taxes and HOA, but with only $200 or so left over. But most importantly I'm ready to move out of SF and don't have much interest in maintaining a rental property here.

@J. Martin , My place is pretty small (1 bedroom, 654 sqft) in downtown SF.  So yes, the place is small and the area isn't that great, but it's increased in value almost $250K over the past four years so I'm ready to sell and walk away.

@Elizabeth Colegrove , I guess I'm "risk averse", and despite a > 800 FICA credit score, I'm not sure how easily I'd get a reasonable mortgage since I'm hoping to use the rental income to replace my W2 income within  couple of years.

My basic goal is to purchase enough units (1-2) within two years to cover my day to day expenses until I start drawing from my retirement accounts and portfolio in my mid 60s (20 years from now.)

Hello all,

I have a penthouse condo in downtown San Francisco.  I'm thinking of selling it and moving back to the east coast (southeastern Massachusetts.)  My realtor wants to list my condo at $750,000 which would give me about $400,000 in proceeds after the mortgage is paid off.

Does it make sense to purchase a pair of investment homes outright (possibly a triplex and a slightly nicer duplex to owner occupy), or should I apply for mortgages and put the rest of the money in my savings?

I've never invested in property before, would this be a prudent method to ensure an income an a place to live with little initial effort.

Thanks,

Tony