All Forum Posts by: Jon McCarron

@Michael Guay Lynn is definitely making moves. One of my buyers last year got a 3 fam for low 5’s. Now it’s all 600 and above for 3’s in Lynn

@Victor Oben I would definitely find out why they went back on market. Then assess that reason , and see if that is a red flag for you.

Could be any number of reasons. Also, maybe use that info for your offer.

Good luck , hopefully it works out!

@Tyler Donovan hi Tyler,

Salem is a great commuter spot, for the train. Direct into Boston. Highway access is not so great. It has a small university (Salem state university), great stream of renters there. It’s a popular tourist town, so local businesses can thrive. It’s on the water which is sweet. I think a lot has changed in the past decade which has made it a more attractive place to live and invest.

Beverly (the next town over) is also a sweet commuter spot, 5 train stops going into Boston. A lot of recent development in the down town area. A town also on the water, with a nice amount of public beaches. Small university (endicott college), as well over flow from Salem state, and the smaller Gordon college in wenham. Downtown shops and breweries (there are 4, all pretty close to each other too) make it a fun spot to go to, which again helps local businesses. Another spot worth living in and investing in.

To your other question about where to go for websites. I find Zillow to be real slow to update, also zestimates can be bad for your mindset. I like Realtor.com, I would also suggest talking with your realtor, they can usually provide direct access to the mls, and may know of opportunities off the mls.

In general, I think your budget for 2-4 family should be in the 4’s minimum. If it has a 3 in front of it, it’s either way out side of Boston, or needs a fair amount of work (which could be a sweet value add opportunity), or it’s a weird set up, example 2 family, both 1bedroom units. Single family homes typically won’t cash flow as a traditional rental, but you could potentially house hack a large single family 3+ bedrooms. That might make you some money, or offset monthly expenses.

Hope that helps!

@Jason Bee the parts towards the end of your post is Beverly and Salem exactly!

I would also not eliminate buildings that are fully occupied. Depends on how you feel about it. If the tenants are month to month or their lease ends near the sale date (1-2 month’s), then you could give them notice. Fully occupied buildings can be a huge turn off for some people, but you may be able to get a better deal, or have less competition. Not always the case. Due diligences is key on that! Check the vibe of the current tenants, and see if it makes sense to pursue.

@Antwan Davis I would spend it on marketing my real estate agent business, unless you need to pad your emergency fund. The more business in your pipeline as an agent, the more commission checks. Once you have a good flow going, then buy a house hack, or a buy and hold.

Do you have real estate clients , or anybody you could partner with on a deal? That could get you in the door.

@Tony Borman I would let it go. If you already have another renter lined up, then it may not be worth it to chase down someone for the last month’s rent. I know it sucks, I’ve been there, but in the end best just let it go. If they were leaving with 3+ months left on the lease, that could be a different story.

I try to talk to my tenants when they want out early. But if they were problem tenants, then I just say “no problem, and good luck “.

Also, not sure if any courts are open to hear a case like that? I’m out of the loop on that one.

Hope that perspective helps!

@Sam Abazari buy and hold was definitely the way to go, north of Boston!

@Emily Lowe you’re welcome! Happy to help

@Emily Lowe I would suggest doing a multifamily house hack as your first property. You can learn a lot, put low money down, and save money or potentially make money every month with the rents collected.

I invest in the north shore. Beverly and Salem right now. I am house hacking a 2-family in Beverly, and own a 3 family in Salem. There has been good rent, home value appreciation in the past few years. But I invest there mostly because this area is what I know best.

If you are thinking small multi-family, 2’s are hard to cashflow in my opinion, where as 3’s and 4’s are easier. All can be bought with low down payment programs.

The further away from the city you get, the less expensive the homes are, but also rents will typically be less as well in those areas.

Depends on what you want to do. Hope this perspective helps!

@Sharlene Mulchandani I have rented to one international student. In my case, the student did not have a traditional credit score. They showed proof of funds through a bank account opened in the states. Very nice person. The only issue I ran into, was that in the middle of the lease, her country put a hold on all money leaving the country. Her father was wiring her money every month, and that stopped. I let her out of her lease when she asked me.

Thankfully, she had a cousin in Texas that she moved in with (pretty far from Massachusetts).

I would suggest making sure there is stability in payment. If they offer a full year in advance, I’d do it. In Massachusetts, the landlord cannot ask for more than 1st , last, and security, but if the tenant offers, then I believe that’s okay. Check the laws of your state to be safe.

Hope that story helps!