All Forum Posts by: Joshua Poitras

@Joshua Poitras - @Kyle Spearin - I would say the majority of our clients that are still buying multi's in Boston are getting them off market (below market prices). However because our business is primarily investor/developer focused I see a shift to the suburbs with more single family renos for sale and or rehab and rent outside of the city. Honestly I don't see the BRRR model working in Boston for the moment (or many places).

And many of the investors buying the standard 3 families in Boston proper have deep pockets and its about allocating cash (better than sitting in an SVB account) and less about return on the capital. Also if you are a high income earner the depreciation really helps with tax mitigation.

Or it could simply be that buying 3 units and living in one is still better financially than buying one and living in one. It's all about next best alternative.

Has to be. that was along the line that I was thinking. But I'm seeing them constantly sell, I'm asking myself who the hell is buying something for more than the rents can support.

1 Vote

Boston, Massachusetts

Quote from @Kyle Spearin:

@Joshua Poitras the Boston market is definitely crazy! I think it really comes down to an individual investor's strategy and goals. It's very common to buy a 3 family and convert it into condos, especially in an area like Dorchester.

Other people are doing medium term rentals with these units-- there are so many hospitals here that I'd imagine it's a great market for renting to traveling nurses.

Another thing could simply be people betting on appreciation. Unlike other cities, Boston can't really build more unless it builds on top of what already exists. The limited supply and increasing demand could eventually raise property values and rents. This is definitely a long term strategy, but for those sitting on a lot of capital it might be worth bleeding for a little now to get a big payday later.

That’s good point. So expect maximal effort to make the property worth it.

1 Vote

Boston, Massachusetts

Will someone tell me the financial incentives for investors investing in the Greater Boston Area in 2-4 family multi-families with 25% down loans (not FTHB's) at market price.

Understood if you get the right deal it make sense, but there are people buying off MLS for 25% down where I'm not seeing the rents work? How are they making these investment financially work out?

1 Vote

Boston, Massachusetts

Do you have your CPA, have you accounted for all the expenses in your bank accounts? Tax Season is upon us and I think all us investors can likely get some advice regarding right offs and different strategies where we can save on money. We're picking back up jan 26th at the XO Bistro, CPA Mark Alaimo will be speaking.

0 Votes

Manchester, New Hampshire

@Michelle Simoneau So glad we were able to find something decent in a good location and just before the large increase in interest rates. Let's find the next one!

0 Votes

Hello @Thomas Bullock,

I have also used my VA loan. You would have to talk to a CPA in regards to the rental income. I believe you can both claim all of it, but check with a CPA. I believe the mortgage would still be tied to both your names, but your gonna have to speak with a lender, and they'll likely need to pull your credit. Let me know if you need these contacts and I can email them to you.

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Manchester, New Hampshire

Im looking forward to it! Are you able to make it?

0 Votes

Manchester, New Hampshire

One this Wednesday the 5th and One on the 27th on Cost Segregation Accelerated Appreciation. See ya'll there.

0 Votes

Manchester, New Hampshire

Thank You Brother.

0 Votes

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $315,000
Cash invested: $60,000

Long Distance 6000sqft buy and hold pick up. High bedroom count and in a place close to family. It’s my best performing asset in the arsenal.

What made you interested in investing in this type of deal?

High Bedroom Counts. Good rents and great price.

How did you find this deal and how did you negotiate it?

MLS.

How did you finance this deal?

GreyLock Credit Union

How did you add value to the deal?

Repairing roof.

What was the outcome?

Successful Buy and Hold

0 Votes

All Forum Posts by: Joshua Poitras

Joshua Poitras has started 48 posts and replied 175 times.

Post: Greater Boston Financial Incentives

Post: Greater Boston Financial Incentives

Post: Greater Boston Financial Incentives

Post: Ready for Taxes?

Post: Multi-Family With Issues

Post: Best Loans to use to scale

Post: Simplified’s NH Real Estate Meetup

Post: Simplified’s NH Real Estate Meetup

Post: Lowell, MA Buy and Hold

Post: The Gargantuan Purchase