All Forum Posts by: Erik Kraemer

I think you’re going to find a lot more value in the 2+ bedroom market. I’ve found a mix of families and friend groups, so likely a larger market to appeal to with more space. You can certainly rent out a 1 bed and the numbers might work.  
Depending on your goal, you’ll find significant appreciation w a larger place.  

Glad to see so much interest and experience on the south shore. Has anyone had experience with or looked into single family BRRRR or flip investing? To Phillip's point there are a lot of home in desirable neighborhoods in need of work, along with smaller homes that could use more space. I'm over near Egypt Beach, Wompatuck Elementary where 3 homes have recently been gutted an expanded, still in process but very interested to see what they close for (all investor owned).

Buy and hold is certainly my primary focus, but there seems to be a lot of opportunity like this in this market.

@John Joyce absolutely understand. Working w family right now for private financing myself for the same reason. 
I’ve looked at and have friends investing in the Manchester and Nashua markets which are bot relatively affordable compared to in or around Boston. 

Personally looking for investment, our primary is in Scituate along with an STR in NH. Looking for a LTR multi (potentially SF is #'s work) something we can add a bit of value to, build equity w/ cash flow to cover reserves rather than the primary driver.

Hey John, 

I'm in the same boat and also live in Scituate. I've been looking in the area (south shore) along with other, greater Boston, markets (Worcester for ex).  Let me know what your finding and I'd be happy to do the same!

Erik

Once I had both listings set up and calendars synced it's a breeze. I have a lockbox, give the renters the code via message day of and that's about it.  I have it set up so I approve before renting unless they're verified, but honestly no more than 45 mins a week max I'd say.

I'm sure you could find a plow service up there- give Home Run a call and see if they have that as part of their plan.  Being in a condo community they take care of everything so I don't have to worry about that.  I think the nice part about their service is they handle both turnover and on-call repairs, so it's pretty easy.

One thing to note about the rental market is that while it is a year round destination (aside from mud months- April and May) many folks inquiring about rentals over the summer are looking for a pool.  A lot of complexes, including mine, have indoor and outdoor pools/ hot tubs and are independent of the association, so they offer outside membership. A nice-to-have amenity. 

Definitely start looking to get a feel for the different associations, related costs, amenities and pricing. It’s still relatively competitive up there. 

I also recommend a local bank. Local banks know the properties, % investment owned etc that will play into financing options. Would highly recommend, as mentioned above she was able to get us conventional when all signs pointed to portfolio. 

I worked with Ben Wilson of Remax in the mountains. Great guy, very helpful, a lot of connections. 

I’m using Airbnb and vrbo to rent, a lot of places charge a ton to use onsite rental services- so far so good 

I use Homerun Property Services for cleaning/turnover- http://www.homerunps.com

Colette runs the cleaning side and her husband does property services (repairs, maintenance, construction). One stop shop- they go in, clean everything, change linens, provide soap and paper goods. Highly recommend. Due to Covid additional cleaning measures increase costs but well worth it. 

It’s been super easy thus far other than having an issue w copied keys. 

Let me know if you have any specific questions about loon or properties. I was looking for about 6 months prior to landing one!

Hey All,

Quick update, after offering on several condo's in the Village of Loon we landed a nice end unit, 3 bed 2 bath for $305.  Closed early June so I don't have actual numbers on expenses, but my estimate is ~ $2300 all in. 

Financing came in better than expected w/ traditional financing for $274,500 @ 3.375% ($305k purchase price, 10% down) 

Have it listed on AirBnb and despite Covid, have it rented through early August.  Hopeful for a more normal Fall!

Questions on STR (via AirBnB):

1. Do you have requirements for renters?

2. Do you rent to folks w/o reviews OR new profiles?

I understand AirBnB provides insurance, but obviously looking to avoid any issues.

Thanks!

Thank you both @Richard Lovering & @Lien Vuong.  I'll keep you posted on how things turn out!

@Lien Vuong sure thing- I was quoted: 3.875% for 10/1, 3.75 for 7/1 @ 10% down.