All Forum Posts by: Paul McDonald

We are moving soon (from one metro-north/west suburb to another) and I am debating keeping our existing house and renting it out. Is there much of a market for rentals of larger / higher-end SFH in this area (Lexington / Arlington / Winchester area). House is about 6K sq ft, 6 BR, Zillow rental estimate is 6K though I suspect we could rent it for more. When we renovated our house a few years ago, we moved into nearby rental which was one half of a duplex, maybe 3K sq ft, not updated, and we paid 5K/month for 6 month lease.

I don't see much at all on the market, but I also know a decent number of people who have looked for rentals, mainly to live in for a year or so while they build/renovate their primary home.  I'm not sure if that's enough demand, it seems like it's not desirable to have to find new tenants every year or so, but maybe worth it if I can charge a premium.

I have heard of someone in a nearby town renting out a very nice, large, new construction house for over 20K/month, which shocked me.  I am guessing at that level they are providing something like a fully furnished "corporate housing" type of experience (e.g. someone who relocated here for a few years on a job assignment).  Does anyone have experience with that type of market/clientele and have suggestions on if that's a promising way to go?  I imagine there are property management companies in the are that specialize in this type of rental - any recommendations?

thanks!

Hey BP, first time poster here, pretty new to REI and exploring some new strategies

One approach I am interested in learning more about is conversion of 2/3 unit MFH to Condos and selling them separately.  I see some activity in the local market (Boston metro-west/north area) so I know others are doing it.  With the pandemic going on, I'm seeing more rental inventory sitting on the market and some MFH for sale that look overpriced.

The aspect of this I am really curious about is not the purchase & remodel but more about the legal, zoning, and other administrative issues to look out for. Is setting up a HOA difficult/expensive/annoying for example? Once the units are sold is there any ongoing involvement that would be required? Those are the types of issues I'm unsure of. Anyone have a good resource or 'checklist' of things to look out for here? Appreciate your help. thanks!