Home Buying in 02127>Question Details

Tdernulc, Home Buyer in 02127

I am looking to invest in Boston, or surrounding cities or towns. What are some good areas in Boston or surrounding towns? What about 203k loans?

Asked by Tdernulc, 02127 Fri Jan 14, 2011

So here's my question. I have some money to invest $25k in cash. I was looking to put that towards a distressed home and make it shine again hopefully using 203k loans or any loans of that sort. I do not however have any knowledge of good areas etc. I need to know what are good areas to invest in. I also need more information on lending. Is there such a thing as a rehab or foreclosure expert? Where do I go? What do I do? I need some guidance! Please help! Email me directly if you are looking to truly answer some of my questions @ thalitinha@live.com Thank you all in advance!

Help the community by answering this question:

Answers

6
02127 is South Boston. Why not start there? There are great values to be had in South Boston, Dorchester and Roxbury. I'd go for a multifamily so you have a place to live while someone else pays the mortgage. First thing is to talk to a mortgage broker who will evaluate your credit and then you will know how far your $25K can take you.
0 votes Thank Flag Link Fri Feb 11, 2011
It really depends on whether you currently own a home, or if you are investing in something that you plan to live in. Often, banks or investment loans require 25-30% down for investors who already own property. So, with that said, if you currently own a property, there are still some GREAT investment properties that you could buy for around $100k.

If this is a property that you plan to live in, or if you're a first time buyer, you can put down much less money, and a 203k loan is definitely an option. I have access to several mortgage brokers/bankers who are experts in their field and can get you preapproved within 24 hours.

I specialize in the South Shore of MA (Quincy to Plymouth and surrounding towns), and would be happy to help you. I deal with foreclosures and rehab properties on a regular basis. The south shore of MA has some great towns and great deals. If you're interested, feel free to e-mail me at sreggio@yahoo.com or call me at 508-317-5729
Web Reference: http://www.homesbysusan.org
0 votes Thank Flag Link Wed Jan 19, 2011
Areas in and around Boston are very expensive to buy. If you are looking for a rental property to help supplement your monthly mortgage payment Somerville, Malden and Medford are good rental areas. I am very familiar with these areas and would be happy to help you do some research.

I work with a very well respected mortgage broker over at Wells Fargo. Between the two of us we could set you up with a mortgage and find out what you can afford. Once we have a price range we can search together for the right home at the best value.

Call anytime I would be happy to help in all areas. Please refer to my web site for properties and details on how to contact me.

Sharon Seabury
0 votes Thank Flag Link Fri Jan 14, 2011
I 'm a local Boston realtor that specializes in working with rental property investors like yourself. I own several rental units throughout the city myself and love talking real estate with other investors. There are many good areas to invest depending on what you're overall investment objectives are. If I can help in anyway please let me know.

You can also check out my website for helpful buying tips and other resources for investors like yourself.
Web Reference: http://www.wjmandrell.com
0 votes Thank Flag Link Fri Jan 14, 2011
I have to say that Newton is one of the most attractive town around here. Number makes sense on paper and reality. You can find good investment property with great return all year round, you just need someone who know the area on your team. Do your research will decrease risk. Good luck.
0 votes Thank Flag Link Fri Jan 14, 2011
You would need to qualify for a loan which will govern what area of town. 1st place to start with a mortgage broker upon approval a Realtor can work on your behalf.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 14, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer