All Forum Posts by: Andrew Beaver

@Mike Hurney for now... I wear that title proudly haha...

Interesting,  so I just reach out to the city hall in Malden to hopefully go in the right direction. Thanks

Greetings all,

I recently (within the last hour) spoke with a property management company looking to obtain typical utilities rates in the Malden and Winthrop, Massachusetts area and the response I received to my request took me for a loop.  I was told that the individual could not give me an estimate for specific areas in regards to utilities (electric, water, sewer, etc) because there are too many variable that go into it such as square footage, gas vs electric, etc. etc.  

I tried explaining that the purpose of my question is to get pro forma numbers/estimates of what I should expect from a 3-unit property in Malden/ Winthrop.  I didn't even get a chance to take notes regarding specifics like 3 bedroom units or 2 bed room units...  

My question is, would a property manager be able to provide me these estimates? If not how am i supposed to estimate utilities for property analysis.  I've read the BP approach on this subject and I assumed speaking to a property manager would be the next step.  If I can obtain this information to efficiently analyze a deal without calling a 3rd party, please let me know.

All i want to do is a simply analysis to determine whether a property will cash flow or not (or is worth purchasing as an owner occupant). 

Electricty, Water, Sewer, garbage, and insurance (or any others that would be operating expenses) are the areas in which I was expecting to get some assistance with.

Thanks for the help

@Mike Hurney  I agree, that is a big area... Tough to say where I really want to focus but as of right now i'm leaving towards malden (everett/revere) and winthrop...

I have not spoken with a LO regarding my debt but its more of a personal goal of mine before investing.  

Thanks for the advice, I'll be sure to establish a set course of action over the next year.

@Maureen F.  @Richard Beatty  interesting,  When i went to the Mass Housing website i noticed "MassHousing Mortgage with No MI"  So, with what you're saying, typically i could get an interest rate of 3.5% but with Masshousing no MI, i'd more than likely have an interest rate of probably 5%? I did not get this from researching their website but maybe I need to speak with a banker directly.

I'm looking to purchase a 3 unit similar to your son.  Looks as if the income max might be an issue if I go into it with another investor but we will see.

Thanks for the replies

Hello All Massachusetts Investors/Agents,

What are your thoughts on obtaining a Mass Housing Loan vs an FHA loan?

Through my recent research, most of my discussions have been around a FHA loan but never around the Mass Housing Loan that I've just recently heard of. It seems as if the Mass housing Loan is a no brainer for owner occupants as you do not have to pay PMI. Any thoughts on this? 5% vs 3.5% downpayment isn't enough to deter me from Mass Housing Loan.

@Hoan Thai seeing that this 6 unit building was your first property. How did you assess it's repairs at 120k? Use a contractor prior to accepting a deal and the decided that it'll be worth X amount? Then presented this info to hard money lender?

random anyone question: if assessing a property what would you specifically consider cosmetic vs serious repairs (that you'd expect the client to pay for)? How does each (cosmetic and serious capital expenditure repair) impact what your willing to pay and/or NOI if you don't move your "willing to pay" amount

outside of real estate... @Jerryll Noorden, seems as if you have an impressive background. Kudos to you for the work you're doing. Looks like some real change in the world can come from it..

I need to get me a deal like yours @Hoan Thai