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Updated almost 8 years ago,

User Stats

85
Posts
39
Votes
Cheng Bin Zhang
  • Real Estate Consultant
  • Boston, MA
39
Votes |
85
Posts

New Boston Deal - Seeking Input

Cheng Bin Zhang
  • Real Estate Consultant
  • Boston, MA
Posted

Hey There,

I'm in the process of closing a new investment triplex in Boston (unit 1- large 3 bed, unit 2- 3 bed, unit 3 - studio) and I'd like to get BP's feedback on what's the best approach to tackle this.

I'm planning to upgrade the three oil furnaces to gas (~$20k) and also work on some cosmetic changes and turn a large office on unit 1 into a bedroom.  The goal is to rent out U1 as a 3 bedroom ASAP and bring it to market rent.  It'll take about a month to get my loan commitment and during this time I'd like to show unit one to my contractors and even potential tenants if possible.  I know I can't legally sign the contract before closing but is there a way around this?  Has anyone tried this before?

U2 - is currently about $400 below market value but also needs cosmetic work ($10k).  It's occupied by a longtime tenant who's super sweet and nice so I'm also conflicted on this front.

U3 - is currently occupied by a voucher holder but it's paying slightly above market rent and the gov is always on time with their payment.

In the short term I'm planning to keep both tenants and switch them over to a new lease with a $50 increase.  The goal is to get property cash-flowing within 1 month of closing.

I'd like to hear BP's input on each of these proposals and maybe outline how they might do things different?  and why?

Thanks!

Cheng

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