1st Boston Condo Rental

[Sean T.]

Hey all, looking to see if there are any Boston MA condo investors around who have some quick tips for a local.  I am not new to rentals but have never owned in Boston nor a condo.  Anything to watch out for?  Students, funny lesser known rules, etc?

Thanks!

[Donald Morrison]

That close to Fenway you are only getting people from the medical area, NEU, WIT or people who work downtown and can't afford the Back Bay. Condos have value to an investor in that you don't have to put a lot of effort into them. I have one client who only buys studios and 1 beds in condo buildings. He never has to deal with the heat, the roof,t he common areas, trash, etc.

In the Fenway buy something with a parking spot, trust me. If you like that area Gainsborough St has a condo association on steroids, In a good way. Private security and trash removal, lots of care. What happens is a student gets into grad school and mommy comes with them to look for apartments. They run around with 5 different realtors and see all the crap that people settle for at the end of the season and then, by chance, one agent sizes them up and shows them a really nice place and they take it. You, as the investor, want the good investment in the good building to get good rent. That's how it is here.

Rules:

1) Nothing with more than 4 bedrooms, there is a city ordinance about renting to more than 4 undergrads.

2) What are the common areas like at a property? That will tell you a lot about how it is cared for.

3) Always check the pet policy, some condos don't allow renters to have pets.

4) If the seller is giving you a rental scenarios that sounds like fitting  square peg into a round hole, walk. There are some funny situations here in Boston but no that funny.

5) Leases end in the warm months, August 31st at the latest. NO EXCEPTIONS, EVER!