All Forum Posts by: Timothy Meuse

Thanks everyone after digging through some old posts on here. I think the best thing to do is refinance into conventional loan even if it means putting money down to get to 20% equity. Then purchase another multifamily with a new fha loan and have it be my primary residence. Only issue is I don't want to move. 

So my wife and I purchased a duplex in Salem Massachusetts in September of this year and we live in half. We both have full time jobs plumber/recruiter and we want to purchase another multifamily. We don't have the 25% down required for investment only and we are utilizing an fha loan in our current property.  Do we have any options to get another property without putting down 25% (125k+). There are just so many deals that I look at daily and don't know how to pursue.   Does anyone know if we could do another fha? We also don't have quite 20%equity in the house yet to refi then heloc. Any input would be great. 

We were hoping for the young professional couple that took the train to Boston...but we ended up with a semi retired couple age 70. The reason we went with salem was the price point we could purchase a home for roughly 100k less than the area we were looking and getting approximately the same rent $1750 for a 2 bedroom 1000sqft unit. College students are definitely not what we are looking for even though it is a college town. I get emails every day from MLS for our area. If you are interested in the area there are a few properties that interest me now that I cannot finance at the moment that might work for you. One in Lynn [ehh I know but looks like it will cash flow and it's a triplex] other is in danvers and seems like a good household. Shoot me a message if your interested in talking more and have any other questions.

Hey David I am fairly new to bigger pockets myself. My wife and I are from wakefield/Stoneham and we put in about 15 offers in that general area Melrose being one. We ended up purchasing in Salem in September and are hoping to purchase another in Salem soon.  Good luck in your search and if your looking for a realtor in your area my was great and is located in Wakefield. Message me if you want to bounce any questions off me.

Gerber maxwell is a good toilet for the price point and are perfect for rentals. You will save water with there 1.28 gpf while giving the bathroom a quick face-lift. They are a standard toilet so repair parts can be found at any supply house or hardware store.