All Forum Posts by: Christian Nachtrieb

Thanks @Steve Bracero! And also thanks everyone else for your input and suggestions from earlier, much appreciated.

Just wanted to update you guys on what's happening since there's been some developments. I spent some more time researching the rental market in that specific area, and it turns out the agent who told me about the $1350 rental rate was off by some. It's more like $1600-1800. My closing is scheduled for later this week and here are my numbers (mind you, I have someone who is already interested in the unit, with three more coming to view it on Saturday once I have keys-in-hand).

$197k accepted offer

25% down

--

HOA $90

Insurance $40

Taxes $156.75

Total monthly payments $1,050

Rent $1,700

Also, this unit has had all major CapEx expenses taken care of in the last couple years, new water heater, roof, windows, etc. No major expenses (hopefully) in the near-mid term future.

For my first property, this is better than what I was hoping for, especially in this ridiculous market. Anyone in Boston knows how cut-throat it can get. The only reason I ended up winning this bid was because the size of my down payment outweighed everyone else's, even though some bid up as high as $217,000 for the property.

Excited to start this journey!

Zillow has been super annoying, it won't list my rental property even though the status says, "Posted." Never heard of Cozy but just checked it out and really liked the look and feel of it. Setting it up as we speak! Thanks for the recommendation. 

Hey @Mike Abramowitz, sort of hijacking the thread here... I used to live in Somerville, loved it. Currently an investor in a property in Dorchester, live in Medford, but eventually I'd love to move back to Somerville. Would you mind if I shoot you a private message so we could keep in touch? 

Thanks man!

Christian

Hi BP community, this is my first post (I think) and would love to get some second opinions on a property I'm considering investing in in Boston, specifically the Ashmont area of Dorchester. The unit is only a 3 min. walk to the red line train station and I'm wondering if the numbers for the 02124 zip code make sense... bare in mind Boston is insanely expensive right now. The unit is very small, only 450 sq. ft so it would be for a single professional commuting into the city. The last tenant to live there was a grad student at BU. It's mostly updated, with the exception of the bathroom which could use a remodel in a year or two.

$195k offer price

20% down

Monthly Expenses:

HOA $100

Insurance $30

Taxes $156.75

I'm still calling lenders, but the rates I'm getting quoted at are 4.5% 30yr fixed. It's looking like my monthly payment including expenses will be $1,027/mo. Going rent for the building is $1350-$1400.

What do you all think, is this an Ok cash-on-cash return for this type of a market, and am I committing too much capital for this size cash flow in Boston?

Any help GREATLY appreciated, thanks all!