All Forum Posts by: Jim Sestito

@Andrew M. 

Either way I like your train of thought.  Looking to the future is a great way to stay ahead of the game.

I have had a similar theory here on the east cost; ei will the Carolina's become the new Florida?  Eventually will Maine be a comfortable, desirable state?  It is loaded with undeveloped land and miles of coastline....

@Dawn Anastasi Congrats on the new place, numbers look very solid.  Quick question, Dawn - why certain high end upgrades like the rain shower head and the tinted windows?  Is this to make your rental stand out from others in the area or are they the area norm?  

@Mike Hurney Good to hear... I jumped in head first.. have the place under agreement, time to ride the train.

@Mike Hurney  -- Thanks Mike.... How has your friend done with the property?  Does he have a hard time renting it?  Is he cash flowing?  

@Darrell Shepherd  -- Thanks Darrell I am leaning towards your thinking.  I wouldn't be asking the questions if I did not think this was a good deal and the place didn't cash flow.

Thanks for all the responses guys.

- @Ray Hurteau This is right at the train stop.. not just on the line.  The station itself is fairly new and in great shape.  I heard multiple trains during my most recent walk thru.  In the bedrooms closest to the street side you would definitely know the train was there.  The other bed room (2 - 2 bedroom units) wasn't a problem at all.  The house is also 100 years old so the horse hair materials is helping with the sound but I am also thinking they kept the original windows! 

- @Anthony Thompson being a young professional myself and this being a potential owner occ I was hoping to have more young professional rentals as opposed to families.  The neighborhood gets a C+

- @Shaun Reilly The units are two bedrooms.  I agree with your point that the location will probably reduce my potential tenant pool.  But what I am left with will be applicants who commute to their jobs and will appreciate the convenience of living next to their transportation.

-- I plan on sending my agent my offer tonight to send first thing in the AM.  This will be the third property I have offered on in the last 7 months so hopefully the 3rd times a charm.  I will send an update later on.

Thanks again,

Jim 

Hi Guys,

I am thinking of making an offer on a 2 Family home in Massachusetts that is directly across the street from the train station.  This is the Boston to Providence commuter rail.  The commuter rail runs (during weekdays) from about 5:45 AM to 9 PM.

- How do you guys think prospective tenants would feel about this situation?  

- The rental history for this property is tough to come by because the current owner has been there for a long time and has always owner occupied while renting to his sister in the other unit.

- All the neighboring multi-family houses are currently rented and there are no vacancies within a 5 mile radius (based on craigslist research).

- On the plus side if your a train commuter you have a 30 second morning commute and do not need to own a car.  On the down side - your going to have the commuter rail schedule memorized in no time without needing to look at an actual schedule! 

- Side note - I will be owner occupying this house and have lived near (not this close) to a train before and didn't mind it.

Any input / experiences would be great appreciated!

Jim 

@Jarred Black If your getting the property at 9K I would say you still have some room left if the repair costs run higher.  Even 6K a unit repairs and this still looks like a good deal if you can rent it for $1,500/m  ---  But I have a hard time wrapping my head around any house for $9K that isn't in a war zone or a tear down.   Good Luck  - let us know what ends up happening.  

@Colby J. Welcome to BP - Obviously a great place of education for a RE investor.

Good luck selling your first flip... you should start a post with the details after it sells... Always good to get feedback from the experts on the site. 

@Christopher R. - It depends on what type of investing you are trying to do.. Are you a buy and hold investor?  If so than you would like to look at other factors such as; -          -Average rents in the area.

- Local Economy - are there jobs? Do people want to live there?

- Supply and demand - renters v available rentals

- Average tax in the area

I do not invest in NC but those are some of the factors I look at when analyzing a potential investing area.  Good luck.

@Mike Aschettino Thanks, Mike.  I plan on deleading the units I just didn't want it to hold up closing on the house.  The sellers also offered to do it but only if they could add the cost to the purchase price.

@Robert Adams Thank you. The paint inside the home is in good shape with no flaking or chipping. Should have the FHA approval done by weeks end and I will update.