All Forum Posts by: Joshua Poitras
Joshua Poitras has started 50 posts and replied 177 times.
Post: North Adams, MA - from industry to arts
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Any developments on this? I am looking at a 100 Unit portfolio out there. I know it has had a population decline but looks like it's bottoming out based on history. Mass Moca just finished their last phase and I believe owe haven't seen the its positive effects yet? Every stat is great on it accept population decline. Job Growth up 6% and tourist revenue way up. Has any body invested in North Adams lately? I have a four family to start and the COC ration is absolutely insane. although appreciation seems to be really really slow.
Post: Manchester Simplified REI Meetup
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Thanks Homie!
Post: Greater Boston Financial Incentives
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Quote from @Sean Kelly-Rand:
@Joshua Poitras - @Kyle Spearin - I would say the majority of our clients that are still buying multi's in Boston are getting them off market (below market prices). However because our business is primarily investor/developer focused I see a shift to the suburbs with more single family renos for sale and or rehab and rent outside of the city. Honestly I don't see the BRRR model working in Boston for the moment (or many places).
And many of the investors buying the standard 3 families in Boston proper have deep pockets and its about allocating cash (better than sitting in an SVB account) and less about return on the capital. Also if you are a high income earner the depreciation really helps with tax mitigation.
Or it could simply be that buying 3 units and living in one is still better financially than buying one and living in one. It's all about next best alternative.
Has to be. that was along the line that I was thinking. But I'm seeing them constantly sell, I'm asking myself who the hell is buying something for more than the rents can support.
Post: Greater Boston Financial Incentives
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Quote from @Kyle Spearin:
@Joshua Poitras the Boston market is definitely crazy! I think it really comes down to an individual investor's strategy and goals. It's very common to buy a 3 family and convert it into condos, especially in an area like Dorchester.
Other people are doing medium term rentals with these units-- there are so many hospitals here that I'd imagine it's a great market for renting to traveling nurses.
Another thing could simply be people betting on appreciation. Unlike other cities, Boston can't really build more unless it builds on top of what already exists. The limited supply and increasing demand could eventually raise property values and rents. This is definitely a long term strategy, but for those sitting on a lot of capital it might be worth bleeding for a little now to get a big payday later.
Post: Greater Boston Financial Incentives
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Will someone tell me the financial incentives for investors investing in the Greater Boston Area in 2-4 family multi-families with 25% down loans (not FTHB's) at market price.
Understood if you get the right deal it make sense, but there are people buying off MLS for 25% down where I'm not seeing the rents work? How are they making these investment financially work out?
Post: Ready for Taxes?
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Do you have your CPA, have you accounted for all the expenses in your bank accounts? Tax Season is upon us and I think all us investors can likely get some advice regarding right offs and different strategies where we can save on money. We're picking back up jan 26th at the XO Bistro, CPA Mark Alaimo will be speaking.
Post: Multi-Family With Issues
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
@Michelle Simoneau So glad we were able to find something decent in a good location and just before the large increase in interest rates. Let's find the next one!
Post: Best Loans to use to scale
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Hello @Thomas Bullock,
I have also used my VA loan. You would have to talk to a CPA in regards to the rental income. I believe you can both claim all of it, but check with a CPA. I believe the mortgage would still be tied to both your names, but your gonna have to speak with a lender, and they'll likely need to pull your credit. Let me know if you need these contacts and I can email them to you.
Post: Simplified’s NH Real Estate Meetup
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
Im looking forward to it! Are you able to make it?
Post: Simplified’s NH Real Estate Meetup
- Real Estate Agent
- Lowell, MA
- Posts 187
- Votes 67
One this Wednesday the 5th and One on the 27th on Cost Segregation Accelerated Appreciation. See ya'll there.