All Forum Posts by: Matt Damon

@Mike Kedziora I guess it depends on a lot of factors. 

1) Would you be putting the $70K to work? Buying stocks, income property, etc.

2) If you held as a rental for 5 years, you would inquire taxes when you sell it. Good news, is that if you have lived in a house as your primary residence for two of the past five years, no capital gains taxes on gains over $250k if your single or $500k if your married

3) Much (perhaps all) of the cash flow would be exempt from taxes if you depreciate the property.

My thoughts, sell it before interest rates go up. Take the money and buy a 3-4 unit building to lock in a low interest 30 year mortgage. This investment would probably increase your monthly cash flow substantially. 

That is awesome. Definitely did not know that!

A few thoughts @Markell C.: 1) Hire a professional photographer 2) Rearrange your photo order 3) Use Zillow Video of the Apartment 4) Review your description 5) Renovate or stage the apartment (including a virtual stage) 6) Review how much you're renting it vs. what the market is offering. Hope this helps!

@Max Langlois I was in your shoes two years ago. Just starting out, knew next to nothing about real estate. Today I have 9 units and have over a dozen flips. I left my corporate finance job in Boston and work full-time in real estate as an investor. My advice, take one small step every day towards your goal. If you do this, you will be shocked at your level of success. 

Send me a DM. I would be happy to connect and share more with you about my journey.

We replaced a portion of the garage floor that was badly cracked and not allowing the garage doors to properly close. We did not use rebar, just had it hammer-chiseled out and new flooring poured. We paid $2,600 in the Greater Boston area to remove about a 4' wide x 22' long section and have it repoured. We couldn't have sold the house at the price we were looking to sell for without having fixed it.

Thank you! We had a lot of fun with this one. 

In terms of inspections, this was done right in the middle of COVID, so we did lose probably 4 weeks for inspections, particularly the electrical inspections. It was tough to get on their calendar and even when we did, we had to deal with no-shows. But at the end of the day, we got it done.

We hired a GC and he hired the subs. We're still trying to figure out the right strategy, whether we hire the GC or save the money and just hire subs. Do you flip? If so, what do you recommend here?

It was initially purchased by another investor and eventually foreclosed on. After the foreclosure, it was listed on the MLS and I was able to buy it.

Hi Lien, we had a team complete the reno. We ended up renting both units for $1,200 each for the first year, which was below market. However, we just completed rent increases which bumped up the rent to $2,725 per month for both units. The Fitchburg market has seen a large increase in rents recently.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $353,000
Cash invested: $170,000
Sale price: $650,000

Single-family purchased December 2020 off of the MLS. Underwent a massive transformation, creating a vaulted-ceiling open-concept kitchen, living, dining room.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $140,000
Cash invested: $35,000

205-207 High St, Fitchburg is a five-bedroom duplex rental property that underwent a significant renovation in 2020.