All Forum Posts by: Flavio Zanetti

Great answer by @Jim Sirokman above!!!

Up in Boston there are severe competition from cash investors snapping multi's left and right. Not really sure if folks continue to move south but we have a deficit of 45K+ apartments in the Boston area and investors have taken notice of that.

@Ellie T. Congratulations on your first or of state offer and please feel free to share more details about your acquisition. 

Hello from the Boston area as well!

Flavio

For me up here in Boston / Northeast and other fellow investors will corroborate I am sure is related to finding good/great deals... I spend an hour or so every evening looking for potential new purchases and they don't come by that easily!

Good luck on your market - I was just down there in April for work and we had a lot of fun in the Johnny Cash museum and on Broadway :-)

Flavio

Email sent @Jordan Crumley

@Jordan Crumley small world indeed! Good to "meet" you at least here :-)

I have been looking at Beverly and the Danvers/Peabody area as well. For example, this house for instance (MLS 71958361 ~$410K listing) I placed an offer (mortgage contingency) but was beat by a cash offer instead... If you are good on timing and lucky enough not to have a cash offer to compete with - maybe your case is different since you are doing a 1031 exchange not sure - but there is still a lot of potential in the north shore yes!

Ultimately, I would place these cities in my order of preference:

1. Beverly

2. Peabody

3. Danvers

Would be happy to grab a cup of coffee and meet up in person someplace in town if you are up too as well.

Flavio Zanetti

Also interested in the outcome of this discussion...

I respectfully disagree with the above statement since both Lynn and Salem are seeing multi familyt properties being snapped up a few hours after open houses. I for one placed 5 offers at or above asking price in Lynn and Salem in the last month or so and on all of these I was beat by a cash offer. 

Market is pretty crazy everywhere within a reasonable driving distance from Boston - even hotter than 2005/2006 peak!

Flavio Zanetti

@Jordan Crumley I believe you used my GC for those repairs, Sergio N. from S&J, isn't that correct? He just mentioned about a Jordan, one of this customers, who had just finished condos and they were sold within a week's time, from a 4 family in Somerville - either that or a freaky coincidence!!! 

Anyways, to your question, I can say that a friend is looking into doing the same, after selling a commercial piece in the Southie, but he is looking into even more northern areas like Beverly and Newburyport area since Chelsea, Everett, north shore, cash on cash returns are not that great any longer... Not really sure if that's the only reason but I should know this soon.

@Russell Brazil, I agree with you 100% as you and I talked about Chelsea before. East Somerville used to be a dump, so did Charlestown and look where those areas are right now. The former is hitting prices that are close to Davis Sq when it comes to condo's and price/sqft. Crazy if you told anyone that 10 years ago. So, being an investor in the area as well, I do believe we have already missed the perfect timing to get into Chelsea unless you are looking into a larger apartment complex / commercial units, which is totally out of my ball game for now at least.

I also see a lot of positives as Boston continues to see major deficits in the apartments needed and Chelsea has seen a lot of investments lately: FBI HQ, major hotel chains opening up, faster and inexpensive Tobin Bridge tools, etc.

Best of luck on your search and please keep us in the loop for whatever you decide/find.

Flavio Zanetti

@Ralph R. some other banks don't require a higher down payment for 4+ loans but they do require more leverage from your end if you don't want to. For example, I am shopping around for rates on a 3 family and banks have asked me to prove 6-12 months proof of expenses (even if it's in a 401K savings fund) if if I decided to do 25% down.

Good luck on your negotiations...

Flavio