All Forum Posts by: Alejandro B.

I work for a CU that does lots of these... would be happy to make a connection.

Hello all,

Our board is looking for a new PM company to take over and manage our condo association. The property is located in the Boston area, Chelsea to be exact, and is about 30 units total. 

Looking for recommendations of some reputable companies in the area that our board could engage with and do some further research. 

Thanks in advance

For my 3 family i've been averaging about 250 a month without laundry

@Dan K. The garage ADU sounds like a great use for that space. The biggest incentive for me to go the ADU route is that the space already lends itself to be an "easy" addition as its already semi-finished with egresses and ceiling heights that already meet code. Will continue learning more about the program/process in the meantime to see what I am able to do.

@Lior Rozhansky@Ben Simon I definitely hear you guys. I have stayed away from various people telling me to just build a bathroom and finish the space but my fear is that doing things the "wrong" way now may be more costly down the line, and I certainly want to avoid that. I know that the space meets a lot of the requirements for the ADU program, might just be a decision of how much cash i want to lock up in order to increase value.

Regardless of what I end up doing, i feel like there could be a much better use to that space than just being there. I've seen other buildings that look just like mine around boston and it appears that the space is being used some way. Im hoping to get the chance to approach the owners of these buildings to see how its been set up. 

@Dan K. is this four family a 4 unit + the attic or including the attic? Did you have to install fire alarm systems and sprinklers in the building to meet code? any insight on the whole process and cost would be appreciated. If you did again, would you do anything different?

@Lior Rozhansky I have heard of the program and done some research already. What I gathered from one of their meetings is that to go from 3 units to 4 units would require certain alarm and sprinkler systems to be installed to meet fire code. Based on some estimates I got, it could run $40000-$60000 just on these 2 items, without any of the build out costs. The total cost to go this route seems high based on the additional $1500/month i could get, but maybe I am being unreasonable.

My reference to the non-conforming unit. Couldn't I theoretically build a bathroom in the attic and finish the space and move up there and rent out all 3 units below me?

Definitely thinking of all the ways to extract value from this space. 

Looking for some advice on an owner occupied 3 family in the boston area. The house is a 3 family with a full sized attic/4th floor. The 4th floor has front and back egresses, appropriate ceiling heights, and electrical already set up. The zoning on the property is for a 3 family and there is no private parking.

I am trying to think of the best way to utilize this space to add the most value both short-term and long-term. The obvious option to me is to build out the attic and create a non-conforming unit that I could move into or rent out for additional cash flow. I could also try to get a variance or exemption to turn it into a legal four family. The other option that comes to mind is to make it an addition to the 3rd floor and turn it into a 4 bed 2 bath two-level unit, but this is my least favorite option. 

Anyone have any experience with this style of house? what would you do if this were one of your properties?

@Ricky Beliveau do you mind sharing some your research or knowledge as to why you don't think the area is ready. I do agree with you, and my thinking is more 5-7 years down the line, though I'm curious about your reasoning. If you've gone through the process, any insight on what attorney fees or any other fees that might be associated with it are? I know rehab budget will vary from project to project but want some insights

@Ricky Beliveau the property is located in the roxbury/dorchester border, less than a mile from Dudley square. Current layouts are 3 beds 1 bath per unit with roughly 1300 sqf. 

My only concern is that the property is currently positioned as a rental due to the quality of the finishes in the home, appliances, etc. I know that I would have to put in a fairly substantial amount of money in updates to bring it up to "condo" standards, at least if i want to fetch anywhere close to $500-600k per condo.