All Forum Posts by: Farouk El Khatib

Will mail be delivered even if A and B are not officially registered with the USPS? so tenants can just add A or B to their unit number and have mail delivered to them? Great post

@Charlie MacPherson I mentioned single professionals (not one single professional) so what I meant is 3-4 people each paying around $750/room. Obviously a single professional has no need for a 4 bedroom.

All,

I'll be closing on a duplex (4 beds/2.5 baths and 2beds/1bath) in Malden, MA within the next 2 weeks. My wife and I will be living in the 2 bedroom so we can get more rents from the 4 bedroom. Looking at rents for the 4 bedroom from different sources, we can get between 2800-3000. The property is 10 minutes from the subway/commuter rail station and 20 minutes into Boston from the station.

My question is what kind of renters will apply for a 4 bedroom in that price range? I'm guessing it might be more single professionals working in the city looking to share bedrooms than families especially with that price range. So I'm looking for answers from landlords or anybody who has experience in that area renting out a 3/4 bedroom in that price range.

The rents are on the higher end but the whole property has been completely remodeled with new systems, roof, granite countertops, brand new appliances etc. I've look at few different sites with pictures of the units and price, and I also looked at rentometer.

There's a 3 bedroom right down the street from my property and is listed for 2600 and he's getting a lot of interest.

Do you mind sharing how many bedrooms you have in the triplex, rents and how many live in each unit?

For some reason I can't tag you (Ben Staples).

All,

I'll be closing on a duplex (4 beds/2.5 baths and 2beds/1bath) in Malden, MA within the next 2 weeks. My wife and I will be living in the 2 bedroom so we can get more rents from the 4 bedroom. Looking at rents for the 4 bedroom from different sources, we can get between 2800-3000. The property is 10 minutes from the subway/commuter rail station and 20 minutes into Boston from the station.

My question is what kind of renters will apply for a 4 bedroom in that price range? I'm guessing it might be more single professionals working in the city looking to share bedrooms than families especially with that price range. So I'm looking for answers from landlords or anybody who has experience in that area renting out a 3/4 bedroom in that price range.

I want to thank everybody for their input, I really appreciate it! It seems like everybody is on the same page regarding towns that fits my criteria.

@Brian White I'd love to! Just contact me and let me know what works best.

I also wanted to ask, does having a property that's close to the commuter rail attract more tenants or professionals that work in Boston but don't want to pay the ridiculous Boston rent?

@Paul Timmins I do have a bunch of REIA meetings that I have saved in my calendar that I found through meetup.com. The ones I have are: Waltham Black Diamond, Boston Wealth Builders and Boston Real Estate Investors Association.

Other than the meetings, do you have any recommendations regarding towns that fit my criteria (distance, safety etc.)?

Thanks

@Steve Huston Really appreciate your input. What's the "demand" on these areas? Does is take time to find some good quality tenants?

I moved to Massachusetts a couple of months ago for a new job and that was also the same time I decided to educate myself on REI and found biggerpockets! I'm looking to invest in my first property within the next year (around 10months). The reason for that timeline is saving more money, getting to know which areas I want to invest in and that's when my lease ends.

My wife works in Needham and I work in Foxborough, and I'd like to buy a multifamily that is within 30-40mins drive to both places since we're going to live in one of the units. I'm asking for recommendations from people who've lived and invested in the area for quite a bit to give some recommendations for towns that will be good (low vacancies, good returns, potential for appreciation etc.) for an investor. One of the priorities is safety since my wife and I are going to be living in it, and since she's not completely onboard with the REI idea, I'd like her to be comfortable for the first couple of years (before we repeat the process), and hopefully by then she'll realize how beneficial REI can be. So which towns with that criteria are good to invest in?

Some info on our financials that might help in giving recommendations: We currently pay $1700 in rent (which hopefully we won’t have to pay anymore when we house hack), we save a little bit more than $1000 a month (not counting 401K), and will have around $25K as capital by the time we want to buy a property.

I have not ruled out investing in Boston yet but I'd like to hear where people invest outside Boston (within the area I've already described).

Looking forward to hear people’s input!

@Ryan Drowne I'm in the same boat as you! I'm looking to buy my first multifamily once my lease is up in April which will also give me some time to save some more money and educate myself some more. As always great advice from everyone!

I'm a big fan of books, and Rich Dad Poor Dad was next on my list. As @Paul Timmins mentioned The Book on Estimating Rehab Costs will really help new (and more experienced investors as well) investors get an idea of what repairs and renovations will cost. And since your strategy is buy & hold, which is my strategy as well, I recommend Brandon Turner's book "Rental Property Investing: How to create wealth and passive income through smart buy & hold real estate investing" and David Schumacher's "Buy and Hold forever".

Feel free to reach out anytime and maybe we can grab a cup of coffee and talk more.

Happy investing!

Farouk