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Laquisa S burke
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triple decker boston

Laquisa S burke
Pro Member
Posted Apr 12 2024, 09:58

Hello all

I have been messing with the idea of selling a triple-decker in Boston. I currently have a mortgage and HELOC. as well as 70K debt. I only make 80K a year. is there a creative way to get from under the debt besides selling? I would love to hear your opinions. Don't say you're crazy about selling a house in Boston. my main goal is how do I create a better life for myself through real estate. minimizing debt

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Daniel McDonald
  • Real Estate Agent
  • Beverly, MA
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Daniel McDonald
  • Real Estate Agent
  • Beverly, MA
Replied Apr 12 2024, 11:01

@Laquisa S burke I am in Beverly, not too far from Boston. What's the current situation in terms of cash flow? Is this a full rental? How much cash flow? Or a house hacking situation? 

Two quick thoughts is partnership, equity style. I have heard of a company that I am drawing a blank on that will pay you for a piece of the equity. OR maybe find a partner willing to do the same? Not as easy to think through without the numbers. Always happy to connect and bounce ideas off each other. I am sure there is a way to keep it and speed up the debt payoff piece! 

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Laquisa S burke
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Laquisa S burke
Pro Member
Replied Apr 12 2024, 11:13

thank you dan i sent you amessage back

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Lien Vuong
  • Real Estate Agent
  • Boston, MA
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Lien Vuong
  • Real Estate Agent
  • Boston, MA
Replied Apr 13 2024, 06:57

One way is to increase the rental income on the building as well as think about other streams of income from the property, perhaps there's parking or storage you can rent to their neighbors who would need it? Would it make sense for you to live somewhere else and rent all 3 units to maximize the income on the property to eliminate your debt? Those would be my top two recommendations to reduce/eliminate your debt without selling the asset. 

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