All Forum Posts by: Stephen Beaudoin

That's a great buy in Waltham. Congrats!

Hey @Will Holmes welcome to the community! 

Looking to house hack with a multifamily is a great way to start earning and help keep your monthly payments low. I started the same way with a different goal in mind, how do I get more house for less monthly. But putting the work to fix it up and earn your equity is a definite bonus!

Have you decided what type of neighborhood you're looking at or if you have anything you're not willing to trade? These, plus your budget can help narrow down your field (maybe you want a 3 fam but will settle for a 2 in a better neighborhood, or you want more bedrooms by a college, etc). 

Good luck!

Hey @Joe Rizzo, I'm in the same area and love it hear. I reached out and would love to connect. What sort of properties are you looking to get into?

@Domenic D'Aurora I actually bought a 2-family about 6 years ago and love the space I have for the money. It's great to have rent paying more than your mortgage. I currently have a client now looking for Multi's in our area and it's all about the math. If the rent works with what he can afford to pay out of pocket each month, he's interested. There are a couple of decent options right now but they require a little more down payment to be worth the rent they can bring in. Overall, I recommend it. 

Hi @Domenic D'Aurora, I have yet to use any and wouldn't be able to recommend them or not. If you have the budget it is a lot more efficient. 

I did everything manually based on a lot of the research I had done and some simple list merges. If you pay for leads then make sure to keep an eye on your success rate. 

MLS access is nice if you're an agent (I became one in the last year), but there is a lot of competition in that space so you'd have to be ready to move, fast and make sure you have the cash buyer lined up. If you have a cash buyer lined up with specific needs, it's not bad to go out and hunt down bargains, but in the MLS it's easier to look in areas that have been on the market for a while for one reason or another.

Hey Domenic, from my experience the best process is to just dive in. There's a lot of good info here, but a go-to is driving for dollars. Drive around and look for run-down properties, look up the owners and mail them a letter saying you're looking to buy. Just starting somewhere helps you get into it. 

Wholesaling is difficult but if nothing else, it helps you assess a deal like an investor. 

Good luck!

Hey @Ryan Hebert welcome to BP!

I'm currently working in Burlington & out of Woburn. It's a great area. I got into a multi-family using an FHA loan and think it's a great path for newcomers... house hacking works out well too if you have the skills/willingness to put a little extra work updating and the freedom to hop around for a few years.

While you're waiting to jump in, it's definitely worth it to start learning how to evaluate deals... besides being really enjoyable, it will help for when you're ready to take the leap.

Good luck!

I bought a two family to live in Woburn and leveraged that for the next deal. if you're patient there are deals. but you need to be ready

More and more has progressed on this investment and I wanted to update this before I get write up a full post about it. We have just accepted an offer on this property that I had at one point deemed as a failed flip.

The market is still strong as well, even moving into the colder weather. We ran into a multiple offer scenario and accepted within 3 days. 

Details to follow.

Hi @Andrew D., if you're planning on living in one of the units, you can typically get the down payment much less. 

I own and live in a 2 family in Woburn and was able to get in for just 3.5% down because I live in one of the units.