All Forum Posts by: Victor N.

@Robert P. great learning experience for you and exciting to be able to rent your first apt and collect rent. Just take the time to review the applications and select the best candidate. I favor qualified candidates who might rent for more than just 1 year.

Regarding the large number of inquiries you received all of these people will not show up. I had a similar situation about 3 weeks ago: over 40 inquiries. Most of those did not even respond to my follow up email. For those who responded, only a few set up a showing and an even smaller number showed up. What I've noticed is that, those who are really interested will stay in touch, maybe ask a few additional questions... So, DO NOT INCREASE YOUR RENT  as some have suggested solely based on the number of inquiries. 

@Aaron Canciani a house for $200k in Cambridge??? That's not going to happen any time soon. I lived in Boston for a few years and the area is very expensive. I just did a quick check and the cheapest property in Cambridge listed on the MLS is a 412 sqft 1BR, 1BA condo for $299k.

Cambridge is a totally different ball game so listen to the advice above of those who live there.

Somerville is a nice town next to Cambridge but the prices are also very high, maybe slightly lower. You might have to move much farther away from Boston to find something affordable. 

Good luck!

@John Upperman Congrats!!! The design and high end finishes look amazing! No wonder it sold so quickly!

@Brian Pulaski Beautiful reno!!! and more importantly great flip!!!

Im with you on the (3) older style shower doors. I always replace them for my rentals and also always install new ball type shut off valves.

Good luck with your current projects.

@Matt Jones Congrats!!! Great looking renovations and more importantly, you're now collecting rents!

@Jon O. The stock market has been significantly down the past few months so you're lucky you didnt follow your advisor's advice so far. 

@Arthur Nunez Large banks have strict lending practices set up by the government. Your best bet is to look for a portfolio lender ( basically a small bank or credit union) which will keep your loan on their books and not re-sell it. Since they are keeping the loans themselves, they are usually very flexible in their requirements. 

Credit unions are wonderful to work with so I would start there.

https://www.bostonglobe.com/business/2015/12/20/eviction/CyM4n8B9poYwCaPVlCG20K/story.html#comments

Rental prices have been going through the roof in Boston in the past several years. Now the new mayor is considering legislation to make it difficult to increase the rent more than 5% and also to make it more difficult to evict.

Is this the solution to deal with very high rents in Boston?

https://www.bostonglobe.com/business/2015/12/20/ev...

@Anastasiia Greca It's possible but might be very difficult because of all the hoops you will need to jump through.

Converting duplexes into condos is "easier" because the units are already separated, each with it's own apartment/unit entrance even if they share sometimes a main entrance. The hardest part is doing the legal paperwork to separate the units, setting up ( condo) fees for each unit ( usually based on square footage), the condo board, common area, parking, maintenance, etc... off course there are physical requirements too.

Converting a single family into a duplex is much more complex. It involves zoning rules which are the most important. Based on what the zoning requirements are in a particular area, you may not even be allowed to convert a single family into a duplex ( you can always try the zoning board of appeals to request a variance if your initial plans are rejected). And if you are lucky that the zoning is not too restrictive, you have to make sure the house can be split. A house with 2 separate large floors might work but the cost could be prohibitive! Think about redoing basically everything since you would need 2 kitchens, 2 baths, 2 living rooms, 2 separate entrances etc. Probably will not make financial sense in most cases.

Looking for a 2-4 units residential multifamily is probably the best way to go if you are a new investor. With experience, you will be able to tackle more complex transactions/constructions.

This never happened with me. In my area, they always show up and on time!