All Forum Posts by: David Cahill

At the right price, everything sells. It may come down to who you want for tenants. I was hosting an open house yesterday in Dorchester and another agent noted that rents were way down. Well, she was talking about market rents in South Boston, where she does most of her business. Section 8 is still strong and is not going anywhere. Also, an investor has just flooded the market in Dorchester with about ten three-deckers. Sadly, they don't really seem priced to move.

Well, you're looking in the right areas in terms of affordability and you also have the right mindset about getting an FHA loan as well as roommates. That's exactly how I did my first one and it was the best investment I ever made! Going FHA is great because of the low downpayment means your ROI can be enormous! There are still many places that available that are still under the FHA limits. You'll just have to be flexible in terms of areas and condition. Go for it, though!

Great idea! I'm a Dorchester landlord and broker and would highly recommend getting a three-family to start since you can live in one (with a low downpayment) and have the other units pay the bulk of the mortgage. Best way to create wealth and cash flow I have found. I was able to do it a while back and have since bought another with the appreciation and cash-out re-finance.

David

There is no shortage of needs for three-bedroom apartments in Dorchester. Like Lien said, it may depend on what type of tenant you are looking for. If you want families, you can get $2,800 for a three-bedroom with certain voucher holders.

I always feel like the more bedrooms, the more money you can earn.

David

'I m partial to Dorchester, the largest area of Boston where there are still about 6,000 three-unit buildings (three-deckers) that have not yet been converted to condos and are ideal income properties and the numbers still work for most of them.

David

Did you find someone yet for this?

David

A big question would be if there is a loan on the home. If not, and you can cash flow it, keep it! The golden rule in real estate is not to ever sell a property unless you absolutely have to (especially if it cash flows!). You may be able to tap into the equity for something else down the road. Charlie gave great advise on getting educated. Inheriting a tenant can be a nightmare if not handled correctly.

David

Waltham Pest has helped me in the last and come highly recommended.

Yes! I'm a broker and landlord in Dorchester and over a year ago became acquainted with Alex Newman and he's been great, working on three different properties for me. DM me for his number.

Good luck!

@Account Closed I did the same thing a while back in Dorchester and it was the best investment I ever made! The place has doubled in value and cash flows like crazy. Even at today's prices, it still possible to find homes like this on the market.