All Forum Posts by: Daniel Consalvo

@Shawn Krieger

Thanks for the response!

I will be acquiring a property (5+) units) in the near future that will require a commercial loan.  What are good questions to ask the lender when applying for a commercial loan.  I have a lot of experience in 4 units or less but not 5+ unit financing.  Any help would be appreciated.

Thanks!

Are you wondering about single family rent or apartment?

3 bed 1 bath Apartment 1100-1300 sq ft is $1200-$1350 with nothing included.  You can push rent higher right now but those are conservative numbers.  Location will effect rent.

Ashwin,

I am a local investor in the Fitchburg area.  I would be wary of the rental amounts put into the listings.  At some point in time,  I noticed in the last few years, real estate agents started putting in projected rents into vacant units instead of putting "0" which would signify a vacant unit.  In almost every case these rents are greatly inflated to make the property more attractive.  Check Craigslist or any other site (zillow) to see what landlords a in the geographical area are "asking" for rent.  If you see an expensive outlier consider them as such.  Just like listing prices for houses, there is no law against over pricing rent for an apartment. Drive through this city as things can change quickly depending on what street you are on.  

Be Great!

Dan

Colleen F.  I was able to find one through a local landscaping company.  Great tip!

Phil  

I am from Leominster.  I have been an investor in this area for 20 years.  Your logic is sound if cash flow is your priority.  Leominster and Fitchburg are good areas for cash on cash returns even with the recent run up in prices. 

 Leominster is an excellent commuter location to 495 based jobs and has a stable economy based mostly on publicly traded strip mall type businesses, plenty of restaurants and increasing rents.  Most of the areas with multi's are B and C areas.  There are D areas which obviously provide the best c.o.c. returns but are the most management intensive.

Fitchburg is a little bit "rougher".  You really need to understand the geography as it pertains to levels of properties (A B C D).  Patrick's post is dead on, you need to drive these areas.  Spend some time on the ground.  

In any city you are unfamiliar with I would try to understand neighborhoods and were the good, bad areas are located.  Sometimes it is in between A and B, B and C, C and D areas were you can find a gem that has the most potential to bring to the next level.

Although the market is not as good as it was a few years ago for deals, they are certainly out there!  You will have to sacrifice some monthly cash flow if you're looking for more of a "turnkey" type property but it is a good strategy when starting out to avoid the big cap ex renovations, especially if you will be self managing.

I currently own in Leominster, Fitchburg, Shirley, Clinton.  I have a strong knowledge of Leominster and Fitchburg Multi fam market.

I need a 4 plex property plowed in Clinton Massachusetts this Winter.  Does anyone have a recommendation?

Thanks,

Dan

You got it Jason!  Thanks

I am looking for an Insurance company that provides insurance based on the loan amount on the property and not their "replacement" cost  for a rebuild, which are 2-3 times the real world costs. My Real Estate includes Condo, 2, 3, and 4 plex buildings. I'm having trouble finding a company that can do all of this. My properties are in Northern Central Massachusetts including Lunenburg, Leominster, Fitchburg, Shirley, and Clinton.

Any help would be appreciated.

Thanks,

Dan