All Forum Posts by: Andrew C.

@Lien Vuong Thanks for the insights. I've since put a few calls out on the market and I am not having much luck. It looks like the only way I can tap into my properties equity is through a cash out Refi, which doesn't make sense considering the money might remain untouched for 6-12months. I may have to sit on the sideline for a bit until our next moves are definite.

Hi BP Community -- it has been a while since I've posted on here, but I am finally back. 

My family owns a rental property in Cambridge that has significant equity ~$1.2MM. We are looking to get a HELOC for renovation purposes. This property is currently held in a LLC.

Does anyone have contacts at a Bank in the Boston region that would work with property owners in this situation? We want to get the highest value HELOC possible, so this might impact the bank we could work with. I welcome any advice or insights. I am happy to connect offline as well.

Dan K. This is some great feedback. I think charging for storage by itself would be tough. Maybe we will price into rent but otherwise I will leave it untouched! Thanks. Drew

Originally posted by @Brendon Woirhaye:

Compare with other similar properties.  Maybe having access to these spaces would make the rental command a higher price.  If you have existing tenants, maybe you can offer them the space for an additional amount of rent.

I like this idea... can we change a contract after it has been signed?

Hi BP community! Looking for some insight on my current rental property in Cambridge, MA.

It is a Duplex (Up-down). Currently, we have an empty basement and shed. 

Do landlords in this market charge for storage space? Our Realtor suggests not charging, but I wanted to know if there is a market & what is the going market rate?

Thanks for your help!

Drew 

Welcome! The Bigger pockets community is great! They have been helpful for my family & me as we take on our first rental property in Cambridge Ma! Maybe we can cross paths in the future. Regards, Drew

Vinay,

My family's first rental is in Cambridge.

Although it is a different play for us (duplex that's been in the family for 50+ years, you can look at other post of mine), my understanding is the market hasn't pulled backed. We put our 1st floor unit on the market 06/02 & rented it by 06/05 . This 2B 1B went for $2.8K.

We will be listing the 2nd floor unit after my grandparents move out, 7/10. Market rents for 3B 2B are around $4.2K, but I will update when we have a signed lease.

From my knowledge of the Cambridge market, it all depends on your location in the submarket to determine rents (Ex. North Cambridge, East Cambridge, Cambridgeport)

Looking forward to hearing more!

@Steve Vaughan Long story short - i convinced them over the power of real estate and owning assets outside of cash. Easier to spend cash in the future, opposed to having something that appreciates and spits of monthly cash .

@Steve Vaughan 

Thanks for your feedback. They are willing to bid with the primary exclusion and pass this property down to the next generation. We will be able to avoid all capital gain taxes in the future. 

Thanks for the feed back. I have heard of the lending yourself money approach. 

@Brian Schmelzlen 

Sorry I forgot to mention, this property is in Boston, MA. It is currently owner occupied but owners will be moving out in July and renting both of the Units. 

Also, I thought I'd mention the homestead laws in MA - I believe they are pretty good (~$500k), but I am under the impression that they don't apply to corporations just individuals.