All Forum Posts by: John Sullivan

You get what you pay for though. Cheaply priced rental properties you're going to be dealing with a lower demographic of tenants and the hassles will become your full time job. They also don't appreciate. Two of my friends in Ptown both bought properties there for 600s eight years ago. One of them just sold his for 1.9 million.  Many similar stories amongst friends in Boston and NYC. You get what you pay for. 

I live in Boston and have been going to PTown for 15 years and recently bought a 2 bed/2 bath condo in early January this year and did renovations to it. I am short term renting it on Airbnb and already have $32,000 in reservations. I didn't start renting until May but another owner in my association had his unit rented every weekend in January! It's surprising how many people rent in the off season. There are also so many big weekends/weeks you need to know about to increase prices for. For example, 4th of July week, Bear week and Carnival I got $4,000/week for. Family week, pilots week, Halloween, New Years, Holly Folly and Memorial Day are also big weeks/weekends and you should charge more. Keep in mind the property prices are not cheap, especially in good locations. You're going to pay close to $1,000 per square foot and it's 25% down on an investment property. 

Has anyone invested in Arixa Capital's private lending funds? If so, what has your experience been? I'm trying to find some investor reviews out there as part of my due diligence and there are virtually none. Thanks!

Honestly, get a corporate job for 5-10 years like I did to save up the down payment. Even a studio in Boston proper is going to cost you 4-500K and you need 25% down on an investment property. Until you have around 100K cash, its really difficult to find deals that make any sense from a cash flow standpoint. Not to mention there are multiple offers on almost everything. All cash buyers are everywhere. Boston is not a good market for beginners with not much capital. 

NYC laws with regard to Airbnb are ridiculous. People work 80+ hours a week in highly stressful jobs/industries just to make a living in that city and 75% of their after tax income goes out the window to the ridiculous market rents for their TINY spaces. God forbid the city can allow people to earn a little extra money by renting their own properties while on vacation, etc. I understand as a landlord that a tenant renting out an apartment they do not own is wrong and in violation of the lease, but having an actual law that does not allow owners to rent out their own properties for less than 30 days is outrageous. I own several condos in Boston, which is also very expensive. I have operated one of my 1-bedroom units in the city as an Airbnb for the past four years and it has literally been a gold mine. It generates double the annual revenue than it would if I just did a year to year lease. Fortunately the mayor and city of Boston is very pro-Airbnb and innovation in general.