Looking for multifamily apartment brokers in MA

[William Toomey]

Hello,

  I am just starting out and am looking for multifamily apartment real estate agents in the Boston, MA area. I'm interested in 20 plus units. Any help would be appreciated. 

Thank you. 

[Jaysen Medhurst]

Hi, @William Toomey, welcome to BP. I love the enthusiasm. Reach for the stars.

20 unit properties is pretty big to start with...really big...

Beyond the steep learning curve of finding a property, evaluating and underwriting, finding financing, and then closing there are other challenges.

At that size, you're dealing with commercial brokers, very few of whom are willing to waste their time on someone with no real estate experience. 

Beyond that, financing is very different than traditional 1-4 residential properties. You'll have larger down payments (25% or more), higher interest rates, shorter amortization periods, and typically a ballon after 10 or so years.

I think that a 20-unit in the Boston area is going to be at least $2-3mm and probably much more. That's $500-750, just for a down payment.

Better to make your mistakes on smaller properties and ladder up to the bigger ones.

Not trying to burst your bubble. I think it's great that you want to jump in with both feet. There's a ton to learn and BP is a great place to do it.