I am a local Boston broker with 8 years of experience in these areas. I specifically like to work with investors because that is what I am. If you are new to the area and looking to invest I can help you tour properties, and analysis deals.
Please message me with any questions, you may have.
@Rich Hupper I'm an investor from Nashville. I would like to get some information about the cost of buy and hold in that market. I'm really curious because I noticed tons of multi family units in the metro area. Being in the north east is there other cost for heat gas and so on that someone from the south may not usually have?
Boston as you know is a very old town. There is an abundance of multi families in the city as well as in surrounding cities, that were built throughout the early to mid 1900s.
Typical owner related costs associated with multi families here would be:
1) Water and sewer unless there is sub metering
2) Oil heat in some circumstances
3) Natural gas ( however this is usually sub metered and an expense for the tenant )
4) Vacancy ( this is usually very low in the city areas )
5) Capital Expenditures
6) Common area electricity
7) Trash removal
8) Property taxes
9) General maintenance
11) Lead abatement ( one time cost )
12) Property management expenses unless you can do it.
Most investors around here shoot for $300.00 a month per unit or more as cash flow. However as deals are harder to come by I know some investors who are happy with $200.00 a month per unit.
Most oil fired furnaces are being converted if there is gas near by.
It does get cold here and you definitely want to make sure your heating systems are maintained and not breaking down on your tenants in the middle of blizzard.
Its a great place to invest however everything is very expensive. Hopefully there will be a market correction in the next 2 years.
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