All Forum Posts by: Justin Repp

@Christopher DeFronzo why are you looking in those towns?  Not saying it isn't a good market, I am just curious what you see there that you don't see closer to home in Essex county?

@Jordan Crumley I think the north shore is a great place to invest.  It is slightly less competitive when compared to Boston and surrounding communities.  The challenge is that in towns like Beverly, Danvers, Peabody there just isn't much inventory that comes on to begin with.  As someone from Beverly who does most of my business here, I can tell you that there is quite the buzz lately.  Beverly has a lot going for it: 2 colleges, beaches, vibrant downtown, 4 Commuter rail stops, 5 exits on 128, etc.  The problem with Danvers and Peabody is that they don't have the commuter rail.  I think that is key if you are going to invest anywhere outside of the city.  Also happy to chat in person if you are thinking of investing in this neck of the woods.  Good luck!

Thanks everyone.  Thanks for the input.  You all mentioned more or less what I was expecting as far as pitfalls.  It cannot be converted to a 3 family as it already is a legal non-conforming 2 family.  I have already tried to go down that road.  The stars don't appear to be aligning on this one...

Hey folks

So I am looking at a 2 family to purchase that has the potential for a 3rd (illegal) unit.  The current seller was a contractor who died 1/2 way through converting the 3rd floor into a 3rd unit.  As is, the numbers don't make sense as a 2 family, but as a 3 it would knock it out of the park.  

My question is what should I be considering in terms of liability if I do decide to purchase and rent out as an illegal 3.  Mind you, I can build it to code in terms of safety so I am not trying to be a slum lord by any means.  I just want to know what sort of pitfalls could be ahead of me that I am not considering.  Any feedback would be fantastic!  Thank you!

@Taylor G. welcome to BP!  I think in addition to picking up all the information from the sites and going to networking events, it is super helpful to get out in the market and check out properties first hand.  Hit up as many open houses as you can in the area you want to do business in.  Get out there!

@James Guerriero it sounds like you have a couple properties at this point that you have done a good amount of work to. Perhaps you have some equity in these properties to tap into? You might be able to take out a HELOC on one of your current properties to use as a dp for your future purchase.

I live and work in Beverly as a Realtor.  Let me know if you ever want to talk shop.  Good luck!

@Kevin Lin Welcome to BP!  Buy in hold in the Cambridge area is super competitive right now.  It will take some patience and a good amount of capital.  You will have more opportunity if you are willing to go a few miles outside the city.  If you are interested in anything north of the city let me know as that is the area where I do most of my business. 

Good luck!

Welcome @Stephen Beaudoin!  I live and work as an agent up the road in Beverly.  Give me a shout if you have any questions about the industry from an agents perspective.  Good luck!

@Matthew Catanzariti As others have mentioned, I think it might be a good idea to start with buying a SF or condo with 2-3 bedrooms and just rent out the other rooms.  This is probably the least risky way to get your feet wet being a landlord. If you need some help identifying some properties, let me know.  I am an agent in your neck of the woods.  

Deals are out there, you just have to either be very patient and look for hidden value, or hit the pavement and look for off market deals.  Find a town that you want to focus your search on that has a good upside and start farming neighborhoods and see if you can't find a deal.  Good luck!