All Forum Posts by: Account Closed

My rental currently is a condo, and I'm thinking of leveling up to buying a whole 3 family.  The condo I have very little to worry about, as the condo association takes care of most things with it.  I'm a bit nervous at the idea of buying a whole triple decker, knowing it will be all me, and with higher returns comes higher potential issues.  What are your thoughts/experiences of owning a whole building like that?  Do you higher a property manager to take care of issues, or do you do it yourself?  What about shoveling snow and mowing the lawn?  FYI I will not be living on the property.

I appreciate all the different responses!  To answer some questions, if I were to sell, I'd end up buying another place to rent out.  I'd kept an eye on what people are saying are good places such as Worcester, Roxbury, Everett, Brockton... kind of all over the map but all places that seem to be good buys right now with potential for appreciation.  I don't want to count just on appreciation though, I also need cash flow.  

I've thought about going for a triple decker in one of those areas, I know those are what everyone has their eyes on though so I don't know how hard/easy one would be to get.  I have not talked to any lenders yet, however last time I asked my bank about it they said I would qualify for a very low downpayment mortgage in the future due to my status with them.

However I also agree that Medford could really continue moving up, and I don't want to miss out on potential continued jump in prices.  A lot of people I know are now looking to buy in Medford and are already complaining that the prices are high... I remember this same thing happening with Somerville, except Medford does not exactly have the "cool" factor (yet?) which Somerville has.  The condo fee is very low which is good.  

 That's what I was originally thinking, however people were encouraging me to keep it due to Boston property values continuing to go up and up.  Part of me looks at Somerville, and the people who must've been kicking themselves by selling years ago.

Curious what other people's opinions are.  I'm going to be moving into a larger house, and have been going back and forth on whether I want to sell my Medford condo or rent it.  Over the past several years it has gone from $280k worth to probably in the spring I could get about $400k!  However Medford is also having a lot of renters move in, so I could very easily rent it for probably $2300 /mo, and continue to have the value go up even further over the years.  If I did sell though, I could get a place somewhere else cheaper, maybe the rent wouldn't be as good though?  What are your thoughts?  I already have another rental on the South Shore so I'm not new to being a landlord.