All Forum Posts by: Account Closed

I'm a newbie but lived in NYC for the last 10 years, my wife all her life. What I'm seeing these days are headlines like "Bay Ridge is the new Park Slope". I live in BK now off the Q train. I can tell you development around here is happening and fast. Buying up dilapidated tiny homes between apt buildings to build small 7 to 8 floor rental units. I have two brand new brick windows because I'm living next to one of those developments :)

Up and coming from what I see is further down Ditmas Park/Flatbush into Midwood along the Q and border of East FlatBush along Flatbush Avenue. There is a fairly new Target and a brand spanking new Dallas BBQ. Blink Gym, Models, starbucks. Its still a bit flavorful in this area with recent robberies, and a murder in one of the houses off Cortelyou Rd (which is a trendy street). Of course rents are sky high as landlords catch on and charge accordingly. 

I'm facing the same problems with Boston and high priced entry but lucky that my father invested in a few buildings in leather district back in the late 80s/early 90s and a house in Quincy for a flip/buy and hold. I'd love to get into buying and renovating a live in multi family but will just focus on the main buildings we own and try and increase their value and get different clients in them. The market is hot and I think will continue to stay hot. I'm not into condos but unless I venture way out I won't find anything that will cash flow. Multi families are hard to come by unless in Dorchester I feel. Quincy has talks about development and I think Malden has potential too. THese places are still developing but close to trains to Boston which is really key as driving into Boston is terrible. 

Maybe I have to look into NH or western mass near Northampton which is a big college town. But prices there are expensive too. Whenever I hear on the podcast of houses going for under 80,000 or under 50,000 my jaw drops. 

Hi Les Jean,

Yes this is Boston. I'm working on gathering more information. I'm hoping by investing in renovating the building it will increase its worth and get new renters in to pay off those renovations and start cash flowing. THe big hit is that elevator but it seems worth it to me.

Is the new sprinkler system some mandates by the city of Boston? What area of Dorchester is this. Is it Savin Hill Area? 

I'm surprised they are allowing conversions of multi-families into condos. The renovations look great. Are these units sold furnished or do you have a interior designer that dresses it up for marketing photos? I suppose if you do another one of these you will run into hiccups with the age of these buildings. I've been told by my father in law who is a master carpenter and project manager that most of the time it's easier to build new then to renovate an old building. He was on a conversion of an old fire station to a single family home. It took forever and was over budget. 

Work looks amazing and I'd like to know who your carpenter is now that you found someone. Fired 3 teams. That would drive me crazy.

I've recently been watching HGTV's Income Property. All I have to say is wow they really can turn around a place. But I'm thinking the estimates are a bit conservative? Don't think it includes all the design work and furnishings just the appliances and rehab. What do I know I've never done this or estimated a job. But I am a graphic designer by trade and have an eye for details. Just making notes and seeing potential but don't want to get my hopes up if it is unrealistic in the estimates they give to the home owners. A lot of the fixes are in Canada some around Toronto. The rent prices seems quite reasonable and lower for what you can get then what I'm used to in NYC. 

The building I am going to manage is a mixed residential and commercial. Top 2 floors are residential and the rest and ground floors are commercial. Family has always handled reno. I do find the layout to be a bit strange. Have mostly rented to ethnic community in area but would like to attract other tenants with different business models etc. Start ups, tech are interesting to me or people with new ideas. Do Commercial renters have demands to reconfigure the space or build new walls? Access to broadband or fiber? Electrical demands, HVAC system, etc. The area is hot and convenience to public transit is apparent, but not sure if the amenities are bumming prospective renters. What can be done to a commercial unit or building wise to make it ideal or appealing? Residentials seem pretty straightforward to me but I"m a little confused with Commercial rentals. 

I'm  in a predicament of handling a family owned residential building in a area of town that is quickly gentrifying. I have my own thoughts on that loaded term. The building has been rented to only one ethnic group, mostly on low income, some have taken advantage either by suing or illegally housing more people, others have been fine. The elevator has been out of service last 20 years since I've ever known about it. My plans are to replace elevator, renovate apt to higher standards, and start screening for top quality clients. I have to put together a spreadsheet and figure out budgeting for capital expenses etc. I'm afraid this was never done and everything has been fly by the seat to whatever situations would come up. I want to automate management of this building. Anyone had experience in huge renovation and turning around a building. Paying for reno should of been budgeted into cash flow but I'm thinking with the elevator needing to be replaced we'll have to refinance. Time frame of getting this done and over with. After refi will need to pay that off considering using loan to renovate and find better clients in apt to pay back loan quickly. Should this take 3 - 5 years? I'm thinking will be breaking even no positive cash flow on this building if I go through with this renovation and elevator replacement. A new elevator is quarter million dollars at least. Not worried at all with vacancies as this is a prime downtown location near new development, new organic supermarket and 5 minute walk to 3 different train lines or even a walk to financial district. 

Best

Justin

Great thank you!

As for Air BnB has anyone ever designated 1 or few rentals or possibly vacancies in their rental unit to Air BnB and were able to make more per door then to rent out on a 1 year lease?

Looking to rent a vacation home. Would love to market the property on a website. Does anyone know a good template website or plug and play with ability to do transactions online? I have seen square space which seems more design forward. I am a trained designer but not a web developer so I can't code etc. Any suggestions or sites investors use to rent their vacation rentals? Cheers, Justin

Hospitals and Universities have always been in Boston. So for me that seems a bit stabilized. I can see Universities with seasonal residents and some staying after graduation. I think it is more the recent Tech Start Up influx has really helped increased the population throughout Boston. Maybe some immigrants. But with the new developments it only seems to favor high salary individuals. 

I'm for renovating and improving communities but it rubs me the wrong way when it is all aimed at the wealthy. 

 http://www.betaboston.com/news/2014/04/06/boston-s...

http://worldpopulationreview.com/us-cities/boston-...

I have seen Boston exploding with new developments. But part of me sees it as too big too fast. The rents they are asking are incredible. Are people really that many people making 6 figures in Boston. Based on 40X salary rule of thumb, and what I'm seeing for studios from 1900 to low 2000s that's a salary of 78K to 108K. That leads to another thing where trying to invest outside Boston for somewhat affordable and rentable MFR or SFR is next to nil. I've ruled out NYC and the outer boroughs unless you go far far out to Long Island. Even then taxes are high. If I buy in Manhattan or BK/Queens its more about having as a permanent residence then selling it to make big bucks and move to a cheaper state to retire on land and a nice house. NYC prices don't seem to ever falter. Rents are always increasing from my rental experience. When I hear of purchases on the BP podcast for under 100,000 or even under 70,000 I just think how hyper overpriced Boston and NYC are. Even more so with Boston because it has such old construction and high density, antiquated public transit, cow path roads paved over. Not sure if the infrastructure can handle the luxury condos boom. I'm thinking there will be a bubble but what do I know I'm just a newbie. Or like in NYC, all areas will be gentrified and taken over by big money chain restaurants that can afford the jacked up rents local landlords want. There is obviously more money in NYC, a functional public transit, accessible by foot for the most part. But when 1 bdrm rents reach 1800 in Astoria (far from train, in converted old SF homes), I wonder how far it will go because for the most part is everyone in NYC going to make 6 figures? The divide keeps growing and there is no stopping it. It's becoming like farm land. Unless your family invested years ago you ain't gonna get anything except for a condo in an up and coming neighborhood and bank on appreciation.