All Forum Posts by: Nick Romano

@Flavio Zanetti I agree WHitman and Abington are nice but with that comes a higher purchase price...

Thanks guys great feedback.  The rent market does look strong but the area still seems troubling to me.  Any other areas you guys are looking?  Plymouth/Kingston areas?  What about Chelsea, Everette, Lynn areas north of the city? I just have trouble wrapping my head around the fact that people will pay the same rent in Brockton as they will in Chelsea/Everette (which is much closer to the city).  

Are most of your tenants in Brockton section 8 or affordable housing?  

In short, for Brockton, I'm sold from the numbers perspective, but i'm not sold on the area.

Well, let me know before you sell the Boston places I'd love to buy them from you :-)!

I've heard people finding some great deals in Texas.  I think it will be more about the connections and partners you make around the US to find those deals your looking for.

Best of luck!!

Hey guys-  Looking into Multi Family units in Brockton, MA.  Anyone have any advice on the tenants/rental market?  I know Brockton isn't the best town but some of the properties seem to make sense.  I wouldn't expect too much capital appreciation but the cash flow looks like it works.  Is the rental market strong in Brockton?  Will it continue to be strong?

Any success stories there?  Recommended property managers in the area?  Other places to look?

Any feedback is appreciated.

Thanks!

@Kellen Driscoll also don't forget appreciation.  I wouldn't buy an investment property solely based on appreciation speculation but MA has some towns/areas that are appreciating very fast.  Where those $50k units may stay flat because the market is crawling where some of these MA markets are booming.  The appreciation on a $300,000 property in MA going up 5% where the $50k property goes up 1%...your talking $15k in appreciation vs $500 appreciation....

Definitely agree with what your saying though.  I'm looking for multi's in the Boston, Dorchester, Quincy area and it's very competitive.

Good Luck!

@Mike Hurney$710k, no/minimal work, and Tenants at $1400 would have made it a deal, don't you agree? $5,600/month in rent. I have the water, taxes and insurance quotes to factor real numbers and the property... factoring in lawn care, trash, vacancy, common area electric, 12% CapEx, snow removal, etc the property is cash flowing about $500-$600/month. Keep in mind 12% CapEx reserves over $8000/year in improvements. SO yes, I think this would have been a good deal for me. Curious your thoughts on this one though....Let me know if you need more numbers to make the judgement.

The reaction to the $710k was "no harm no foul" form the sellers point.  The seller has a few other offers and to be honest I think its going to sell around $750k (possibly cash).

The $900 inspection was more of a learning experience.  We combed through each condo ($225/ea) and the basement.  I learned most of the things to look for when i attend open houses no to make these judgments by myself before making offers.

All in all, good learning experience.  Still looking for multifamily units around Boston.  Went to a few open houses this weekend but didn't find too much.  They're all asking crazy money where the numbers simply don't add up.  How people are paying these prices is beyond me....

Hey BP community-  I'm looking around just for fun at some auction/foreclosure properties.  Every site I look at has been asking me to sign up for a fee to see the contact info for the seller/broker of the property.  Is there a free site people use to get the info of the owner/broker?  I use auction.com, which is great, but is there any other platforms I could be using in the search??  Seems like there's a ton of properties out there and TenX/auction.com only has a sliver of the pie.

Thanks!

@Jeff Copeland Try this: Go to your local bank and tell them you have $20k in cash that you'd like to invest in that mutual fund mentioned above that averages 12% per year. Tell the loan officer you'll chip in your $20k if the bank matches with $80k so you can buy $100k worth of the mutual fund and maximize that 12% return. Then prepare to get laughed out of the bank.

lol that's awesome....the beauty of real estate.  Buy the wrong deal too leveraged though and find yourself twice as deep int he hole!  

@Brett Merrill buy and hold investments.  Ideally Multi Family units.  Of course I want to see every opportunity but $400k-$700k (ish) will most likely be in my wheelhouse with conventional financing. 

Please send all leads my way!  Thanks so much!