All Forum Posts by: Ernest Partin

Sounds like what I thought. I was wondering if any correction was coming for prices so high. Yes, I understand to stay away from three units to reach such a big goal. I used the $500k properties as examples of price difference in only an hr drive.

Thank you again, I agree the prices will rise a bit over time for further out properties.

0 Votes

Boston, Massachusetts

Hello BR Friends,

Hope everyone is well today. I am a real estate agent and investor in Massachusetts. I watched the City of Boston prices soar higher than it looks safe. There are 3 Families listed above $2MM. I do not see it going any higher, I may be wrong.

It is logic to invest in Boston with such high numbers and a potential for a correction? There are multi families in Massachusetts less than an hr away for $500k ARV.

Thanks for any insight.

0 Votes

Boston, Massachusetts

There are many private lenders who offer 20% down on MF investments. There are some who offer 10% down to experienced investors, if the numbers add up. The world is yours!!🚀

0 Votes

Hello Jaron, thank you for the reply. The city is fun, I am ready to find another place to find fun. 😀 This is home and never goin no where. I have Atlanta in mind now.

Originally posted by @Jaron Walling:

Wow. Boston is expensive. Really fun city though.

0 Votes

Thank you for the reply. That is a good way to go about it for sure. The buyers even starting looking for 2 beds over 3 to help the search.

We will continue that avenue as well. They need a 3rd bedroom for their 33yr old son, lol so they can sacrifice honestly. Thank you again for the story.

Originally posted by @Ed Brancheau:

Sounds similar to San Diego.

What you probably have to do is look for deals that nobody else is looking for.

For example, when it comes to SFH, 3B/2BA at around 1500 sqft are the most popular and so that's what everyone is searching for.

But what if you searched for a 2B/1.5BA that is 1500 sqft? You'd have much less competition which would drive the price down significantly because there's not as many bidders.

Also the owners will have experienced very few people calling them. So they will be less likely to demand a much higher price because they'll feel that there's less demand and might get more desparate.

Then you can take that 1500 square feet and add another bedroom and for much less than you would actually be paying to buy the 3 bedroom 2 bath that everybody else is trying to get.

You can also do the same thing if you look for like a one-bedroom that's around 1,000 square feet to which you can add another bedroom and still have it be you know relatively we spacious.

Really, this works for just about any number of bedrooms. I helped a friend find a house for his family of eight. They wanted 7 bedrooms and 3 baths -- five rooms to be used as bedrooms and the other two for an office/study area. But unless you're buying a mansion, that's pretty hard to find.

So what we did is we found a 2500 square foot 4 bedroom / 2 bath house that few people were interested in because it was too big square-foot-wise for people looking for 3/2s and had too few rooms for people looking for 5/3s.

Then we resized all of the rooms to be able to added one bedroom and one bathroom. And in the backyard they added an ADU to currently be used as the office/study/gym but they will be able to rent out as a STR in a few years when their oldest children go off to college.

Again, this really works for for just about any number of bedrooms. Just look for larger properties with fewer bedrooms.

0 Votes

Hello BP,

Hope all is well with everyone.

I am in Lynn, Ma area which is basically the Boston area. The buyer competition is beyond aggressive. I have clients who get over bided on aggressive offers.

Example: (SF)

Price: 500k

Offer: 550k, No inspection, 15 day close

We got beat out by a 90k over asking offer. 😨 This is getting ridiculous. Boston, ma area needs a real estate correction soon, the number do not really add up for smaller investors. It is not my area of interest, I just felt I'd share this madness up here in Boston, Ma Real Estate. 🏡🤣

I do want to share, South Shore of Boston is still a good place to look into. 👍

Do you have any crazy over bid stories in this market? I would love to hear.

Thank You for listening

1 Vote

Thank you for the inspiring message, means a lot. Most people don't understand when it is time to spread your wings you must do so for growth. I agree with home will never leave and the world is big enough to get up and leave again and again. One life and it needs to be lived, thank you again for the words.

You have taste in music... ✔

Originally posted by @Scott Mac:

Originally posted by @Ernest Partin:

1 Vote

Originally posted by @Michael K.:

@Ernest Partin what's your price range and what kind of CAP rate are you shooting for? We have plenty of large multi buildings in the Chicago area, mostly to be found in the South, West, or far Northside, or in nearby suburbs.

Thank you for the reply. I will message you with my contact info and criteria. Thank you so much again for replying.

Here is our search criteria below:

Partin Homes criteria:

Property Type: Multi Unit (16 units min)

Price Per Unit: $60,000 to $100,000 (Will entertain up to $120k per unit)

Cap Rate: 8.5% min

Apt Style: Mid Rise. High Rise. Garden Style

Opp. Zone: YES

Avg. Occupancy: 75% min

Building Class: C or better

-NOTE: If you need any additional info, let us know. I will send it right over.

0 Votes

All Forum Posts by: Ernest Partin

Ernest Partin has started 16 posts and replied 94 times.

Post: Is Boston, Ma currently priced to high, if not why?

Post: Is Boston, Ma currently priced to high, if not why?

Post: Is Boston, Ma currently priced to high, if not why?

Post: Is Boston, Ma currently priced to high, if not why?

Post: Does any lender allow for 20% down

Post: 90k Over Asking On A Single Family????

Post: 90k Over Asking On A Single Family????

Post: 90k Over Asking On A Single Family????

Post: Relocating From Boston to where?

Post: Relocating From Boston to where?