All Forum Posts by: Ethan Piani-Hohmann

Hi Paul,

I’m a Boston-based realtor who’s helped clients navigate 1031 exchanges into turnkey properties, and I’m shocked your 2bd/2ba condo in Southie hasn’t rented yet—prime location like that usually flies! What’s your current rental strategy? Are you listing on Zillow, working with a broker, or targeting specific tenant groups? I handle rentals for clients in South Boston and could potentially help get it leased.

On the 1031/turnkey idea, here’s my take from client experiences:

1. Partnerships:

- Equity Partners: For a 1031, team up with investors to fund a cash-flowing turnkey property. My clients have found partners at Boston REIA meetups to scale into bigger deals. I can connect you with them too.

- Turnkey Providers: Companies like REI Nation have helped my clients swap Boston condos for pre-rented Midwest properties yielding $700–1,000/month.

- 1031 Qualified Intermediary: My clients use IPX1031 , ensuring IRS compliance.

2. Funding Options:

- 1031 Exchange: Sell your condo to defer taxes, reinvesting into turnkeys. Clients have doubled cash flow by moving to markets.

- Private Investors: I’ve linked clients with lenders to boost capital for turnkey portfolios.

3. Leverage South Boston’s Resources:

- Market: Southie’s $3,000–3,500 rents for 2bd/2ba are strong, but your $200–300/month cash flow suggests high costs. Turnkeys elsewhere can hit 10% returns with less hassle.

- Support: Boston’s Office of Housing (617-635-0256) offers rental programs to fill vacancies while you plan.

- TBH - just hire a reputable realtor. You should be able to rent things within a few weeks.

Consider a 1031 if your condo stays vacant 2–3 months or cash flow doesn’t improve. My clients’ turnkey 1031s have been game-changers, but vet providers for tenant history. DM me to talk rental strategy or 1031 intros—I can help with either!

Best,

Ethan Piani-Hohmann

Hi Ema,

To fund your 24-unit Brockton project, start with partnerships:

1. Partnerships:

- Equity Partners: Bring in investors to provide capital for ownership stakes. Use BiggerPockets or local real estate meetups to find them.

- Local Developers: Partner with experienced Brockton developers for funding and expertise. I can connect you with a few—DM me.

- Professionals: Work with architects familiar with Brockton’s Form Based Code and zoning.

2. Funding Options:

- Banks/Credit Unions: Pitch local lenders with a plan showcasing your CSL background.

- Government Programs: Apply for MassHousing loans, HDIP tax credits, CDBG funds, or Opportunity Zone benefits (Brockton has four). Explore MassDevelopment for Brownfields funding.

- Private Investors: Seek additional investors through networking or real estate groups.

3. Leverage Brockton’s Resources:

- Align with Blueprint for Brockton and TOD goals near MBTA stations.

- Contact the Department of Planning (508-580-7113) for zoning and incentives.

- Engage the Brockton Redevelopment Authority (brocktonredevelopmentauthority.com).

4. Network:

- Post on BiggerPockets for investor interest.

- Connect with Metro South Chamber of Commerce or Downtown Brockton Association.

- Tap MassDevelopment’s TDI for technical assistance.

DM me for developer connections or further help!

Best,

Ethan

Hey Tre,That's a great question! I've helped tons of clients buy their first property and snowball their portfolios through house hacking in Massachusetts, and I'd love to share some markets where my clients have seen awesome cash flow. I highly recommend Lowell and Woburn, along with a couple of other solid picks for your first house hack or FHA 203k loan:

1. Lowell: Multifamily homes here run $350,000–$450,000, with 2–4-unit rents at $1,600–$2,200. My clients love Lowell’s strong tenant demand from UMass Lowell and growing tech/healthcare jobs. Older properties are perfect for 203k loans to fix up and boost cash flow, especially in areas like the Highlands.
2. Woburn: Just north of Boston, Woburn’s 2–4-unit properties go for $650,000–$850,000, with rents averaging $1,800–$2,300. My clients have nailed great cash flow here thanks to its proximity to I-93/95 and demand from commuters. Fixer-uppers are common, making 203k loans a great fit.
3. Quincy: Near Boston, Quincy’s multifamily homes are $600,000–$700,000, with rents around $2,000+. My clients have turned these into cash-flow machines using 203k loans for renovations, fueled by Red Line access and tenant demand.
4. Fall River: With multifamily homes at $350,000–$400,000 and rents of $1,500–$1,800, my clients have built strong cash flow here. The older housing stock is ideal for 203k-funded upgrades.

Quick Tips:

• Target 2–4-unit properties to live in one unit and rent the others. FHA 203k loans allow 3.5% down and cover renovations for cash-flowing fixes.
• I run detailed cash flow analyses for my clients to ensure rents cover the mortgage and generate profit.
• Work with a 203k-experienced lender and contractor—I can connect you with pros I trust.

Hi Zhao,Turning your third-floor studio into a legal standalone unit in Somerville, MA, is a smart way to increase your property’s value and cash flow. As a rental agent who’s guided many clients through this process, here are some key steps and tips to consider:

1. Zoning and Permits: Confirm with Somerville’s Office of Strategic Planning and Community Development (OSPCD) that your property’s zoning allows a three-unit multifamily. You’ll likely need a building permit and possibly a special permit or variance. A local architect or permitting expert can help navigate this.
2. Building Code Requirements: The studio must comply with Massachusetts Building Code, including proper egress (e.g., staircase or fire escape), fire safety (smoke/CO detectors, fire-rated walls), and independent utilities (heat, electricity, water). Sub-metering utilities is ideal for tenant billing.
3. Upgrades and Costs: Expect costs of $50,000–$120,000 for plumbing, electrical, or structural upgrades. Hire a licensed contractor to assess your systems' capacity. Somerville's high studio rents ($2,000+/month) often justify the investment, but run a pro forma to confirm ROI.
4. Parking and Other Rules: Check if Somerville requires off-street parking for a new unit, though exemptions may apply near transit. Also, ensure compliance with tenant laws if the studio is occupied.
5. Hire Local Experts: Work with an architect and contractor experienced in Somerville multifamily conversions to avoid costly delays or revisions.

Next Steps: Reach out to OSPCD for zoning details, get a contractor’s estimate, and research local studio rental comps. Feel free to DM me for recommendations on local professionals. Best of luck with your project!