Kyle Josephs

Multifamily Real Estate Agent Reviews

"Kyle is great! He's super responsive and professional. He helped me buy my second investment property then helped me rent it out fast after the construction was done. I plan to buy more properties in Worcester, so I'll definitely be using Kyle again as my Realtor." - Tenzin K. 

"I worked with Kyle as the mortgage lender representing a mutual buyer client. Over the several months that we worked together, Kyle was always readily available, knowledgeable, and unwavering in his devotion to protecting his clients' interests. Not only did he find our client a great off market deal, but he made the process enjoyable for all." - Ryan R.

"Kyle Josephs is one of the best real estate agents I have ever worked with." - Paul S.

"Kyle is a great real estate agent focused in the Central MA area with a specialty focus on multifamily properties." - Michael H.

"Kyle is awesome, incredibly knowledgeable! He really helped me better see my vision of property development." - Cara C.

"Words will never express how thankful I am for Kyle and his hard work. From beginning to end he made the process absolutely as enjoyable as possible. He was always so positive but very honest." - Katie C.

"Kyle was amazing to work with. He was professional, knowledgeable, and clearly cares about his clients." Amber C.

Multifamily real estate agent reviews in Worcester, MA

Multifamily Real Estate Agent - Kyle Josephs

I’m Kyle Josephs and I specialize in multifamily real estate in Worcester. My favorite clients are house hackers buying their first (or second) owner-occupied multifamily rental property. It’s a smart decision to treat your home as an income-producing investment, and I would be honored to help you navigate the process.

 
If you’re an experienced real estate owner looking to invest in Worcester, you can contact me for access to exclusive off-market real estate properties in Worcester County.

 
Looking for commercial real estate in Worcester for your business? I can help lease your first store, buy a warehouse to expand, purchase your building, and then lease the extra space. Let's talk about real estate investing and your overall business plan.

About Kyle Josephs - Multifamily Real Estate Agent Near Me

Born to serial entrepreneurs, I understand the value of hard work and discipline. I take immense pride in helping individuals & families build lasting wealth through the ownership & lease of real estate in Worcester, Massachusetts.

Alongside an experienced team of professionals, I am able to deliver a thorough real estate service plan to my clients. Each plan is custom-built to your specific objectives, whether buying or selling real estate.

How To House Hack a Multifamily Property in Massachusetts

House hacking is a real estate investing strategy that involves making the most out of your living situation to generate income and reduce your housing expenses. At its most basic, it’s a strategy that helps you leverage your home to build wealth. House hacking is an extremely clever and strategic approach to real estate investing. It's all about optimizing your living arrangement to not only create additional income for yourself, but also to cut down your housing costs significantly. It’s a financial tactic that you can use to capitalize on your home to build your overall financial well-being.

The very first step in house hacking is to acquire a multifamily property. This typically involves purchasing a building with multiple separate living units, such as a duplex (two units), triplex (three units), or fourplex (four units). This building setup allows for multiple rental opportunities, all within a single property. You start by purchasing a multi-unit property. These are properties that have multiple separate apartments, or even individual houses, all on one piece of land.

Selecting the Multifamily Property: A crucial step is to find a multifamily that suits your needs and most important, your budget. Common options include duplexes, triple deckers, and fourplexes, but larger multifamily properties can also work. Consider factors like location, the overall property condition, and potential future rental income when making your choice.

Property Research! Before you even visit the property, there is required property research. Validate the details by confirming the property description and public records match, inspect the local zoning, view any applicable flood maps, and look up the current (and past) deeds.

It's shopping time! Once you've completed your initial research, it's time to view properties with your real estate agent and evaluate them together with your mortgage lender, and real estate attorney if necessary. You'll do this by visiting open houses and at the private viewings your agent coordinates.

Your real estate agent will prepare a Comparative Market Analysis Report to better determine the true value of the home you’re considering purchasing. This will include the most recent sales in the neighborhood, as well as numerical adjustments that will account for the different property conditions and varying amenities.

Probably the most important factor for your house hack is to use an owner-occupied mortgage loan to buy your multifamily property. This is a common strategy, and this approach offers several advantages, including the most favorable mortgage loan terms for your purchase. Make sure to apply for an owner-occupied mortgage. This specific type of loan is designed for properties where you intend to live in one of the units. Lenders will offer more favorable terms for owner-occupied loans because they are perceived as lower-risk when compared to other investment loans.

Once your Offer to Purchase is accepted by the sellers, you will need to deliver your escrow money and conduct a general home inspection within your inspection contingency. You can bring in as many experts as you need, your inspection team might include an electrician, plumber, foundation experts, and more.

Mortgage Loan Application: Applying for an owner-occupied mortgage loan is a requirement. This type of loan is specifically designed for properties where you intend to live in one of the units. Lenders typically offer more favorable terms for owner-occupied loans because they perceive them as lower-risk compared to pure investment properties.

Your real estate agent may need to re-negotiate any previously undisclosed items discovered during your various home inspections. This can include lowering the purchase price, or even be in the form of a credit from the seller at the closing table. What and how you negotiate will have a huge impact on your property purchase. You may need to be careful with your negotiations depending on the situation.

Mortgage Loan Approval: Your lender will review your application, including your credit score, income, and outstanding debt ratio, to determine your eligibility for the debt service and overall loan limits. Having a stable job and good credit history will secure the best interest rate and loan terms.

Down Payment & Closing Costs: You'll need to place your down payment into escrow, typically ranging from 3% to 5% of the property's purchase price, depending on mortgage loan details. Owner-occupied loans require a lower down payment. Compared to investment loans which require a minimum 20% to 25% down payment. It's a good plan to budget another 2% to 3% for closing costs.

Renting Your Apartments! The key to house hacking is that you rent out the other units to tenants. This rental income can help cover your mortgage and other expenses associated with owning the property. The steps include cleaning your units for showings, create a rental listing online, promote the available listing, conduct showings and tenant interviews, screen your potential tenants, review and sign leases agreements, collect deposits and your first rental payments, perform move-in inspections, give the tenants keys and other welcome materials including utility information and how to submit maintenance requests.

Income Generation! In some cases, the rental income is greater than your mortgage, and you are essentially living for free and even earning money from your property. This is most common with 3 or 4-unit multifamilies. Depending on the rates and demand in your area, this rental income can be substantial. But don't stop there, you can rent garages, parking spaces, storage units, and so much more!

Equity accumulation! Equity accumulation in a multifamily property refers to the process of building financial value or equity in the property over time. This is achieved by both paying down the mortgage and property values benefiting from appreciation. Multifamily properties will increase in value with improvements you make to the property, the overall growth and desirability of the area, as well as the amount of rental income generated.

Summary of Multi-Family Real Estate Services

• My Real Estate Specialties:
  • Multi-Family Properties
  • Commercial Real Estate
  • Mixed-Use Properties
  • Apartment Leasing
• Massachusetts Real Estate Services:
  • Property Market Analysis
    • Know your property's current market value with a professionally prepared report for your real estate.
  • Real Estate Investing
    • Expand your investment portfolio with revenue-generating real estate assets.
•  First-Time Multifamily Buyer Programs
  • Massachusetts Housing
  • Federal FHA Programs
• Commercial Real Estate
  • Retail Space (purchase & lease)
  • Apartment Buildings (5+ unit properties)
  • Warehouse space
  • Developable land lots