All Forum Posts by: Lisa Kattenhorn

I think Boston is probably one of the best areas on that list to find a house hack type situation, but maybe that’s because I live here and am familiar with the area.  As Brian said, however, you want to see where you would end up working in Boston because you do not want to have to commute from Worcester to Boston every day.  It isn’t fun.  I know because I do it, and it is just getting worse and worse every year.  Its pretty tough to find deals within the 495 ring, however, so make sure you check the average prices in the different areas you are considering commuting from.

Hi Brandon!  I am also a new investor and just starting out in the Worcester area.  I am in the process of closing on my first multifamily and it is great to see other people in the same boat.  I sent you a PM and I am happy to put you in touch with the people I worked with.  They were all fantastic.  Good luck!!

@Ray Harrell You know, I was thinking the same thing.  I am not sure I really see the benefits of a full year lease because I don't think most tenants really honor it at the end of the day.  I think the laws here require you to rent the apartment as quickly as possible to release the tenant if they want to end the lease anyway, so you aren't getting more than maybe an extra month of rent from them.  But, you ARE stuck with them if you don't like them.  

And yes, I definitely know they were probably on their best behavior, although I was really surprised at the number of places I went to see where the tenants were really rude and not at all people I would want to rent to.   At least these tenants were trying.  

@Greg Scott Thanks so much for the input!  I misspoke in my first post in that I originally meant waiting to put the tenants on a full year lease.  But yes, you are definitely correct that I will want some sort of lease in place asap.   Staggering it definitely makes sense. The rents are definitely below market currently, however the property can still generate some nice income where they currently are.   Do you recommend making the jump to market prices right away or easing it in more gradually?  The current tenants seem great so I am hoping to retain them for the time being.

@Mike McCarthy Thanks for the tip.  I will check it out!  The local tenant laws are definitely going to be my reading for this weekend. 

Hi everyone!

I just had my offer accepted on my first rental property (3 family) and I am really excited and nervous! The house has two units currently rented on a month to month basis and the other unit is empty (was owner occupied).  My agent is really great and covering all of the official details like inspection and I have a lawyer for leases, etc., but I was wondering if anyone has any "gee I wish I had thought of this earlier" tips for someone about to be a newbie landlord.   For example, I was thinking maybe I should wait to have people sign any kind of lease until the summer so I don't have all three units turning over in November (not the best rental season).

Thanks everyone and thanks to the BP community for inspiring me to take the plunge!

Lisa

Hi Phil!  I agree with Mike.  Get everything lined up so you can grab a deal as soon as it shows up.  I have been keeping track of nice opportunities and the good ones in Worcester don't stick around long!  

Thanks everyone!  

@Charlie MacPherson  That is a great suggestion!  I am definitely going to sign up for a seminar.  There is actually one this Saturday in Springfield.

@Brennan Doherty  Great to meet you!  There are lots of nice properties with gorgeous ground floor units available in Worcester.  You can definitely at least live for free, even if you don't make a profit.  

@Phil K.  Great to meet you too.  I agree that Worcester is becoming a hot market - it  makes me wish I got in 5-10 years ago, but there is no time like the present.   

I would definitely be interested in that.  Please keep me posted.  Black Diamond has a meetup that alternates Worcester and Waltham each month.  I have been to the Worcester meeting and I thought it was great.  Definitely check them out!

 Thanks Steve!

 Hi Brian,

Nice to meet you and thanks for the tip.  I am pretty familiar with the city currently, but I have been driving the streets and going to a lot of open houses to get an even better sense of neighborhoods and the general atmosphere in certain sections.  There are some areas that are a definite no-go for me, but there seem to be quite a few nice opportunities out there too.  Do you own any properties in Worcester?