All Forum Posts by: Brian P.

Adam Wells I'm an relatively new investor (3 years). I own some properties in Quincy. I was looking in NB recently as well given the low prices. I have a very seasoned investor with decades of experience who I rely on as a mentor. I ran a deal in NB him and he waved me off pretty aggressively. He owns thousands of units in the Boston area. He told me NB and Fall River are terrible places to invest. Unlike Boston area where rents are stable and increasing over time, he said NB and FB have periods of rent retraction that will kill you. And the there is far more apartment stock than folks looking to rent which also isn't good. I was disappointed to get that advice, but am glad I did. Brian

@JP Krueger I'm a fellow real estate investor and a zoning attorney who practices in Boston.  You are going to have an issue with means of access, the window. Also, the new administration has taken a more negative view of adding basement units than their predecessors. I'm not saying it can't be done but it can be a very complicated process. Direct message me if you'd like to discuss further. 

Brian 

You should have a separate agreement with the commission terms.

Thanks for the responses!

Angela, It may not get to foreclosure. Many people pay the mortgage and not the HOA fee when struggling. Happens more often than not.

Quick books professional. You can hire a quick books specialist in your area for about $50 to spend an hour setting up your quick books for a fix and flip business. They create the spots for you to input info so it comes out right for your tracking, reports, and accountant. That's what I did, and it's worked out well.

I have several properties that cash flow very well average is $450/ month after financing, taxes, capital expense reserves, etc. I have two different financing banks. Both offer the same terms with a 10 year loan adjustable after 5 years. In reading other posts on BP it appears as though folks are consistently getting 30 year fixed loans. I'm not FHA eligible, and am not house hacking (my wife would kill me). How are others getting 30 year mortgages with competitive rates? Or better yet from where? Thanks for the help!

Finding a list of those delinquent on HOA fees will be tough as it isn't a public record of any sort. Best way you could find that info would be through a courthouse search for the condo association as a party to the lawsuit to collect past due HOA.

I've been doing research on investing out of state into the Chicago area. I came across the tax increase the city council passed in January for this fiscal year. A 75% bump. That was a red flag to me, I'm used to 3-5% increases. A 75% tax hike seems like it could eat into cash flow pretty significantly. Any thoughts on how this will effect you properties Mike - or anyone else?

Sorry forgot to talk about investing in MA. I live and invest in Quincy. It's tougher than some places I suspect because of high values, but I've been able to find deals for my buy and hold started to that cash flow well. Q