Where to look for a multifamily in Boston?
Most Popular Reply
Denis VaughanPro Member
Boston · Member since 2023 · 14 posts · 13 votesQuote from @Jason Wray:
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
These are primo areas and would be tough (not impossible) to cash flow with a decent chunk of change down and some renos as suggested. STR is always an option but of course its a hassle. I'd be thinking more along the lines of Roxbury, Watertown, East Boston or over my way, Somerville! Good luck!
11 Replies
- 2yJason WrayPro MemberBanker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
- Real Estate Agent · Beverly, MA · Member since 2019 · 358 posts · 308 votes2y
Hey Martin, I am an agent and 2x house hacked myself just 30 minutes north of the city. Very familiar with the makeup of different neighborhoods seeing as I also went to college downtown. Happy to hop on a call and discuss your goals!
- 2yDevin PetersonBusiness MemberLender · Sarasota, FL · Member since 2022 · 2k+ posts · 664 votes
Quote from @Martin S.:
We are originally from the East Coast but we are currently based in Midwest and that's where our rental property portfolio is. Eventually we would like to spend much more time in New England and NYC. We are looking to purchase a multifamily in Boston for up to $1 mil. I've been doing research about the local market in Boston, especially in the city but I still have some questions about what to expect in different neighborhoods, cash flow and appreciation in different areas.
Would anyone have 15-20 minutes to share their expertise over the phone in the next week or two? I will be honored to buy you lunch or coffee in exchange for that phone call next time we are in Boston.Thank you and good luck with everyone's dreams and plans for 2024!
Hey Martin,
Would love to connect with you on strategy in the Boston market. Investor myself in the area and our family run company has been helping investors in the north shore Boston area for 25+ years. There’s a lot to dissect in the market and I’m totally game to let you in on the market details! Lets connect!
ProAlpha Capital56 Reviews - Rental Property Investor · Ann Arbor, MI · Member since 2015 · 22 posts · 1 vote2y
Quote from @Jason Wray:
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
Thank you so much for the feedback, Jason. So you can find deals in Bay Village that cash flow? It seems like a centrally located neighborhood. - Rental Property Investor · Ann Arbor, MI · Member since 2015 · 22 posts · 1 vote2y
Quote from @Devin Peterson:
Quote from @Martin S.:
We are originally from the East Coast but we are currently based in Midwest and that's where our rental property portfolio is. Eventually we would like to spend much more time in New England and NYC. We are looking to purchase a multifamily in Boston for up to $1 mil. I've been doing research about the local market in Boston, especially in the city but I still have some questions about what to expect in different neighborhoods, cash flow and appreciation in different areas.
Would anyone have 15-20 minutes to share their expertise over the phone in the next week or two? I will be honored to buy you lunch or coffee in exchange for that phone call next time we are in Boston.Thank you and good luck with everyone's dreams and plans for 2024!
Hey Martin,
Would love to connect with you on strategy in the Boston market. Investor myself in the area and our family run company has been helping investors in the north shore Boston area for 25+ years. There’s a lot to dissect in the market and I’m totally game to let you in on the market details! Lets connect!
Thank you so much, Devin. I will send you a PM. - 2yJason WrayPro MemberBanker · Nationwide · Member since 2020 · 2k+ posts · 1k+ votes
Quote from @Martin S.:
Quote from @Jason Wray:
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
Thank you so much for the feedback, Jason. So you can find deals in Bay Village that cash flow? It seems like a centrally located neighborhood.Sure can if you look at airbnb an average 2 BD runs for $170 a night. Long term rentals are going to go to the growing families in the area not yet ready to buy.
- Real Estate Agent · Boston, MA · Member since 2016 · 6 posts · 1 vote2yHi Martin,
Quote from @Martin S.:
We are originally from the East Coast but we are currently based in Midwest and that's where our rental property portfolio is. Eventually we would like to spend much more time in New England and NYC. We are looking to purchase a multifamily in Boston for up to $1 mil. I've been doing research about the local market in Boston, especially in the city but I still have some questions about what to expect in different neighborhoods, cash flow and appreciation in different areas.
Would anyone have 15-20 minutes to share their expertise over the phone in the next week or two? I will be honored to buy you lunch or coffee in exchange for that phone call next time we are in Boston.Thank you and good luck with everyone's dreams and plans for 2024!
I’m a realtor who lives and works in Boston. I’d be happy to take as much time as you need to discuss the parts of Boston that will bring you the return you are looking to achieve. Send me a message and we’ll set up a time to chat. Talk soon! - 2yDenis VaughanPro MemberBoston · Member since 2023 · 14 posts · 13 votes
Quote from @Jason Wray:
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
These are primo areas and would be tough (not impossible) to cash flow with a decent chunk of change down and some renos as suggested. STR is always an option but of course its a hassle. I'd be thinking more along the lines of Roxbury, Watertown, East Boston or over my way, Somerville! Good luck!
- Rental Property Investor · Ann Arbor, MI · Member since 2015 · 22 posts · 1 vote2y
Quote from @Denis Vaughan:
Quote from @Jason Wray:
Martin,
A few good places to buy would be Brookline, Newton, Bay Village you can still get in on a good price and know the rents are high for cash flow. You are going to have a better deal on a "TLC" property versus turn key in terms of sale price. I would look for something that needs some renovations but avoid anything that is "Subject to" and not pass an appraisal.
Great time to make an offer since it' end of year and sellers are wanting to unload to avoid another year costs and DOM.
These are primo areas and would be tough (not impossible) to cash flow with a decent chunk of change down and some renos as suggested. STR is always an option but of course its a hassle. I'd be thinking more along the lines of Roxbury, Watertown, East Boston or over my way, Somerville! Good luck!
Thanks so much, Denis! - Investor · Boston · Member since 2019 · 6 posts · 3 votes2y
Hey Martin, welcome! I am also a Boston investor. I own over 40 properties in Boston proper - South Boston, Charlestown, and Dorchester specifically. Happy to share insights on those neighborhoods and how I find/create great deals. My strategy is buy, improve, rent, and often refinance to pull money back out down the line. Shoot me a note if you'd like to chat more!
- Rental Property Investor · Ann Arbor, MI · Member since 2015 · 22 posts · 1 vote2yThank you so much, Sarah. I will send you a message.
Quote from @Sarah W Adler:
Hey Martin, welcome! I am also a Boston investor. I own over 40 properties in Boston proper - South Boston, Charlestown, and Dorchester specifically. Happy to share insights on those neighborhoods and how I find/create great deals. My strategy is buy, improve, rent, and often refinance to pull money back out down the line. Shoot me a note if you'd like to chat more!
Join the conversationCreate a free account to reply, vote on answers and follow this thread.