All Forum Posts by: Brendon Bourne

Hi @Carolyn Yates,

Saw your post and I am currently a realtor living in East Boston. I own a company that focuses on mid-term rentals and I have 29 apartments that I am currently doing this with through subletting. 

I would love to talk with you about the favorable aspects of mid-term rentals vs short term rentals in Boston just due to all the restrictions. It has been very rewarding and easy to manage.

Let me know if you might be interested in chatting!

Thanks. Does the potential rent of $1500 sounds correct? I was do rental comps on zillow but just want to make sure. 

Hello. Trying to get some thoughts on a potential deal I can convert on currently.

Potential deal:

Location: Portsmouth 

Underlying Loan: 204,000 at 2.75% 30yr fixed rate. Current payment is $1,100 a month.

Details: 3 bed 2 bath 1300sqft 

Potential rent is $1500 a month.

Catch: There’s currently a broken water heater and a $7000 repair is needed on a sewage pipe in the front yard.

My thoughts:

The cash flow from the underlying loans low interest rate is the only reason I’m attracted to this deal but the upfront costs and potential capital expenditures on an older 1950s home may just suck out all the cash flow. Also this is an out of state investment and I’m not amazingly familiar with the Portsmouth, Virginia markets.

Any advise or information on the market would be appreciated!

Hello,

I work at a small private equity firm in Boston formed in 2021. We have 7 buildings in Boston with 201 doors. I helped with the acquisition of all of these buildings. We previously outsourced all of our property management until May 1st this year where we attempted (and failed) to bring the property management in house.

Our failure was rooted in being understaffed and unprepared for the transition. 

I have worked in the military for awhile in operations and I have the most knowledge in the company regarding our buildings outside of the CEO. I was offered a position to lead a second attempt of bringing the property management in house after going through 3 property managers unsuccessfully.

I am looking for general advise with regards to:

1. Staffing for my team having 7 buildings and 201 units.

2. The dos and donts of property management.

3. Any property management tips for success. 

Thanks

 Thank you. This worked great.

Hello. 

I am closing on a 3 unit multi-family today and am inheriting 2 tenants (one section 8). I wanted get advice for best practices on for day 1 landlording as this will be my first time being a landlord.

Any suggestions are welcome.

Also, any experience with the transition of the section 8 housing and the process with working with the housing authority to receive checks would be great.

Hello, 

My parents bought a house almost 15 years ago. Over that time, the house has appreciated from 91,000 to upwards of 600,000.  They have not been the best at up-keep and the home needs some updates.

What would be your strategy for accessing that equity?

Hello. Have a rather specific situation.

I am closing on a 3 family unit and received a large credit from the seller for rehab. I am looking for ways to reinvest the money into the property.

The property is older and about 2600 sq feet and has an enclosed porch on the 1st and 2nd floors that are in common area spaces. The enclosed porches are not considered living area sq footage due to improper insulation and heating but are sizable totaling almost 400sq feet total. Questions regarding this?

Is it possible to convert the enclosed porches into living area sq footage?

Would this be a worthwhile investment if expenses are reasonable?

Any advice from anyone who has something similar.

Photo attached.

Missed the last one unfortunately.

Under contract on an off-market 3 family in Worcester. Will make sure to make it to this one to get as much advice as I can considering I am new to the area!