All Forum Posts by: Krista Manna

I’ve read & heard about setting up a system to have off market houses coming in. One of the ways is to reach out to water departments & get a list of shut-offs. Unfortunately many of the towns around me do not shut off water for non-payment. Typically the water is only shut off once the house has been foreclosed on & at that point the bank has it & they tend not to negotiate sales or even call you back for that matter.

Can you suggest some other avenues for obtaining lists of stressed situations or properties that I could use in the greater Boston area?

@Jaron Walling

I’m an architect & do have experience with old homes. But I understand what you’re saying.

@Charlie MacPherson

Yup, that’s the exact one. Yes, they sold off a piece of the property and a single family is getting built on it.

@Nick Earls

Yeah the utilities are or will be soon separated out.

But thanks for the insight. I figured as much. Like I said this was around the corner from me which is mostly why I’m considering it. Zero commute is tempting.

@Jaron Walling

The thing I’m struggling with is by purchasing this property because of the required down payment I’d be required to get financing for any other flips I do. I realize nobody else can make that decision for me but that’s where I stand.

@John Warren

Thanks. The place is around the corner from my house which is why I looked at it in the first place. I’m just starting out with rentals so I’m not totally sure I’m ready for a 5 unit. I’ve previously only done flips. It is currently rented 3 of the 5 units (they renovated the other two). 1block from public transportation. So a lot of positives. I’m using their numbers on current rent but suspect their rental prices are a bit low for the market right now. But .... I think it’s way over priced on their asking price. They had a buyer but their commercial lending fell through (which makes me suspicious). It’s been on the market several weeks.

I'm assessing a deal on a 5 unit property in greater Boston area. All the numbers look good except the cash on cash return after year one is 5.3%. At 30 years it's 9.7%. I've read that COC should be between 8-12% minimum. Does this mean that this deal does not meet that because it's not above 8% in the first year?

How reliant is everyone on using that number as a go/no go on a property?

Thanks.