All Forum Posts by: Joe Rinella

Hi everyone,

I'm looking to purchase my first rental property in Massachusetts and I'm looking for suggestions on which markets other investors recommend for rental properties in Massachusetts. I want to narrow down my search to a few cities/towns so I can focus my efforts on these areas. 

I'm primarily looking for multifamily properties, but would consider single families and condo's if it was a good deal. I've come across some multi families in Gardner MA and Leominster MA that cash flow, but I'm a bit hesitant investing in these areas because I'm concerned about the long term performance of rental properties in these areas. These areas have roughly flat population growth, less than the median Massachusetts household income, are a long commute to Greater Boston, and have above average crime levels (at least from my research), which concerns me about long term performance. Does anyone have any feedback on this analysis? Maybe I'm overthinking this if the properties cash flow well and I just screen my tenants thoroughly? 

I really want to own multi families in the Greater Boston Area and feel more comfortable about the long term potential there, but it's very difficult finding multi families that cash flow in these areas right now. Does anyone recommend still focusing on Greater Boston and looking for off market deals, or is it extremely unlikely to find a good multi family in the Greater Boston Area that will cash flow, and it's not worth my time right now?

The max price I can afford on a rental property right now is between $200k to $300k, unless I were to parter up with another investor on a deal. I know this makes it even more difficult to find a good rental property in Greater Boston, which is why I'm also open to single families and condo's. 

Any feedback or information is greatly appreciated.

Thanks,

-Joe

@Jason Slater I didn't end up selecting any of these companies because the deal fell through. But I did call Eastern Insurance Group and they were very helpful and knowledgable. 

Great, thank you @Bob Couture

Awesome! Thanks a lot for the great references everyone @John Tower  @Marty V. @Rob L.  @Paul Donoghue @Account Closed  I started giving some of these places a call today and I'll continue reaching out to the others tomorrow.

Hi everyone,

Does anyone have referrals for good home insurance companies in Massachusetts? I just got off the phone with Geico and they apparently have no preferred partners in the area that can provide insurance on investment properties if the deed is owned by an LLC. I'm looking for some referrals for good insurance companies that are willing to insure a property if the deed is under an LLC. The properties I'm looking to insure are buy and hold properties so I'll have tenants living there and they are not owner occupied.

Thanks!

-Joe

Ok thanks @Troy Sheets that's really good to know.

Wow thanks a lot for the detailed explanation @Matthew Forbes This is great information to know. Looks like I'm going to have to find ways to keep snow removal costs as low as possible then since I'm focusing on multifamily units. If anyone else has tips on keeping snow removal costs down please do let us all know!

@Russell Brazil Thanks! I'll send you an email.

@Chad Duval Thanks for the input Chad. Are your tenants in multifamily units? I know for single family homes the tenants are usually responsible, but I thought for multifamily properties the landlord is responsible for snow removal.

@Troy Sheets Thanks for the information. I'm not exactly sure what you mean about being insured for snow removal. Would I need my insurance policy on the home to cover people doing snow removal, or just ask the snow removal company if they are insured for plowing in case something happens, and ask them to add me to the insurance? I don't understand why I would need to be listed as additionally insured unless its on the insurance policy for the property I own?

That's a good idea Mike. I thought as a landlord you were required to clean the driveway for the tenants at all times so they can always get out, but it's good to know they can shovel themselves out if they have to. 

I don't own any investment properties yet. I'm analyzing deals and putting in offers and may own my first investment property before the winter is over, so I want to make sure I'm accurately estimating maintenance (including snow removal) on deals I'm putting offers in.

Thanks,

-Joe