I have a 2 family very close to downtown Springfield for 7 yrs or so , a good friend has 2 duplexes and triple decker. so I know the area and if you want an uphill battle Springfield is the place to goWhen looking at any area the local economy and infrastructure should be considered (especially for a buy and hold) , and I quote Ann "perpetual state of recession" no one seems to ever have consistent cash flow .There are areas but you want to be very familiar with these areas and even there can be rough one way or the otherjust my two centsI have some interest in the area because I know it somewhat but Worcester is definite step up and has my eye

I want to hold and rent the property with the help of a good property manager while I remain in NYC.I eventually [5 - 10 yrs] would like to invest full time and build up a sizable portfolio [$50M+] with the cash flow to allow me to live a very comfortable lifestyle.

src=/buying/loansAlso, you mentioned you are finishing high school......I am assuming you are 18 yrs old?

If this property does not appreciate or reassess lower, you could pay almost 3 times the value of the house in property taxes alone/ 30 yrs.

Another buddy does 90 day funding investor gets 8% annualized investors wrap it 4 times in the year money doubles in a little over 2 yrs.

Thank You Guy's, I agree with the Grandfathering deal.The building is 17 yrs old and the ordinance is 10 yrs old.

Investing for 15 yrs and still loving it.

Hi Dave, for some reason I get amazing rates at BMO 2.7% 2 yrs term , and now RBC has amazing rates for 6 plexes - 2.7% variable.BMO has a product that allows you to buy a mixed use building that is used as residential at a blended residential/commercial rate, 3% closed for 2 years, I think this is an amazing deal.I have a broker, but I am finding myself saving a lot of money on broker fees and ending up having better rates: RBC at 2.7% for a 6 plex?

20 yrs at 5%

I have been paying taxes on my salary since I was 14 yrs old.