All Forum Posts by: Ezra Okon

Thanks this is helpful

Hi,

I have a three-unit building in Chelsea Massachusetts.  I travel 3-4 days per week for work, so am looking for great property managers to help me take care of the property.

Does anyone have any good suggestions for Property Managers in that area, or Agents who may know the area well to suggest someone?

Ezra

@Austin Fruechting or others, how does the borrowing from friends and family work legally?  Is there anything you need to set up (business entity, etc)?  Contracting work with a lawyer?

How would the bank view this if you're using the money you borrowed from friends and family as a down payment for a full mortgage / what do you need to disclose to them?

Hi,

I am considering purchasing a large (50+) unit property. I believe that the market currently values condos much higher than rent, and that this particular property is under-market rent. I believe I can purchase this property using a typical BRRRR strategy (add value, raise rents, refinance), but I think there is significantly more value in buying and then slowly converting selling off the properties.

Would love to chat with anyone who has used this strategy before.  A few questions:

1) What type of loan would you use for this?  Is it a standard long-term loan?

2) How does the relationship with the bank change if you are selling pieces of the property over the long term (e.g., the asset used to back the loan is consistently changing)?

2a. Do you need to pay back portions of the loan each time there is a condo sale?  How is this determined?

2b. Do you pay back investors each time there is a condo sale?

Thanks!

Appreciate all of the experienced advice on here.  I haven't purchased a property yet, but is it possible the discrepancy the rent-per-square-foot in the market?  Are you in a major city?

For example, I'm in Boston, where a 750 sqft apartment in Back Bay (downtown) might rent for $2,500.  The same apartment in neighboring East Boston or Chelsea might rent for only 1,0000-1,200.  In similar apartments with good tenants, wouldn't operating expenses (reserve, maintenance) be similar for each?  In this case, a 50% rule for Chelsea would be a 25% rule for Boston.

(Assumes similar taxes, insurance, town utilities, etc).

Hi!  I just purchased my first rental property in Chelsea, MA, (in diligence).  Would love any unsolicited advice you may starting out, but I have a few questions:

1) Does anyone have any recommendations for Property Management in Boston?

2) Any marketing recommendations (or agent recommendations) for listing if I do it myself?

3) Any tenant screening strategies I should be using in that area?

Thanks!