Real Estate Investor · scranton, PA · Member since 2010 · 174 posts · 14 votes
My uncle recently passed away. Leaving a 2 unit (plus 2 commercial spaces) in Cambridge (Mass Ave) and a 1 to 2 family (was a twin, family used it as single) in Arlington.
We are debating keeping them, but probably will decide to sell - either immediately or at some point in near future, depending on offers.
not listing them yet, I am not the executor (cousin is executor, he asked for help).
just trying to get a feel for the market (I have lived and invested in PA for the last couple decades) and see if any BP members have input or interest.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
13y
With fuses, a new buyer may have to replace the panels in order to get insurance. Or your new buyer may make it a condition of sale. Once the family has decided what they want to do, if you want offers, let me know.
Investor · Boston, MA · Member since 2012 · 14 posts · 0 votes
13y
Hi, the unit in Arlington will depend heavily on how the Arlington assesors has it zoned as. The Cambridge property will depend on any repairs required ( as does arlington) and if the comm space currently has an active lease. If so what does the lease call for and when does it exp. in addition you will need to find out if there are any liens on either property
All that being said I think your uncle left you and yours with a nice gift. Id like to talk more once you have some idea how your family wants to pursue the matter. I'm in Dedham ma
Thx billy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
13y
Savannah Leigh, you should have no difficulty generating lots of interest. If either of properties are in disrepair then it will be likely that an investor is your best bet to purchase themn. I'll send you a private message with my email. If you send us some information on the two properties, I can announce it at our next Black Diamond meeting on 3-26. 100-200 people attend, almost all of them real estate investors, many of them also real estate brokers. You may wish to list with a broker if it is in good condition.
As you know, it's a challenge to do this sort of thing long distance. I was recently the executor of an estate 4 hours away that included real estate, so I understand what your cousin is dealing with.
Real Estate Investor · scranton, PA · Member since 2010 · 174 posts · 14 votes
13y
My cousin is local, he is the executor.
Condition is OK in both cases. Cambridge has one tenant in one residential, and one in the garage. The others could be used....dirty and grimy but not unsafe. Not sure an inspector would pass the smaller commercial space (just need to box in some wires, but nothing too bad)
All fuses, no breakers. Otherwise, alot of new roofs, new siding, new water heaters, etc... so not overall that bad. Mostly cosmetic
Arlington...same. Exterior and systems nice (except fuses), cosmetics WAAY outdated.
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
13y
With fuses, a new buyer may have to replace the panels in order to get insurance. Or your new buyer may make it a condition of sale. Once the family has decided what they want to do, if you want offers, let me know.