As rents continue to rise, more Bostonians are making concrete plans to buy their first Boston home and build equity. A condo or a single-family home in Boston may be the first options that come to mind- and there’s nothing wrong with that! However, if you want to invest and build more wealth in the long run, consider if your first Boston Real Estate purchase should be a multi-family home. While this path isn’t for everyone, it comes with significant benefits. As a multi-family property investor, you could deduct maintenance, insurance premiums, management fees, and other costs. Of course, the primary benefit is that your rental unit(s) will cover most, if not all, of your mortgage payment if you play your cards right. You’ll need to work with an experienced real estate agent as well as an experienced mortgage broker to find the right fit for you and your financial situation. Working with professionals that will guide you throughout the process is a winning strategy.
Here are some Boston multi- family homes for sale currently on market, but keep in mind there are many more options!
(Monthly payments are estimated with a 20% down payment and rate of 6%.)
List Price: $850,000
Approximate Monthly Mortgage Payment: $4,502 per Month
Square Footage: 2,447
Area of Boston: Roxbury
This multi-family home in Boston has had a recent price reduction. There are three (3) bedrooms and two (2) bathrooms in each unit of this town house style Boston home. You can comfortable live in one unit and rent out the other. It would also make a great Boston investment property. Both the hardwood floors and wall-to wall carpeting in the bedrooms are in great shape, though we do recommend replacing the carpet. Easy to clean, solid floors are the most popular amongst renters. The kitchens are large and have wood cabinets and solid countertops. Appliances include a stove, refrigerator, dishwasher, and built-in microwave oven. The dining area and living room have plenty of space to…