All Forum Posts by: Justin Repp

I am analyzing a potential deal where I can flip a 2 family in Massachusetts.  I am trying to decide what the better move is--flipping and keeping it as a 2 family or doing a condo conversion.  I think that the condo conversion has a better upside and will fetch more $ in the end.  My question is, what stops me from doing the condo conversion and listing the property as BOTH a 2 family investment property AND 2 separate condo's?   Ultimately the underlying concern or question is if a condo is created, does it need to be used/sold as such?  

Also, what are the costs to consider when doing condo conversions?  I am not looking for $ amounts, but rather specific concerns to be focused on.  The only variable that I can think of that would be different then just rehabbing as a standard 2 family is the associated attorney fees for creating the condo docs (master deed, etc).  

Hey @Max O..  Welcome to BP.  I would recommend talking with a lender to get an idea of where you stand financially first.  This will give you more direction on whether you can go solo or if you need to partner up.  Secondly, if you get your financing lined up, I would interview a handful of agents in the areas you are looking to purchase in.  They are the ones who know the market the best.  

@Binyam Tsegaye I am a Realtor with Keller Williams based out of Beverly.  I know those areas fairly well and would be happy to chat.  Feel free to PM me if you want to set up a time to chat.

I agree with others who have said, in so many words, first find out if being a landlord is in the cards for you.  It definitely isn't for everyone.  That said, you seem to have a great asset in a hot area.  While you could get top dollar for it now, it could be a short sighted financial decision to sell it.

I also live near your area.  Happy to chat anytime if you'd like.

Welcome to BP @Chelsie Librun! You are starting in the right place. As a few others have mentioned, Boston has been a tough market to get into for MFR's. If you are interested in travelling north a bit there is good value, less competition, and - in my opinion - strong outlook in Beverly/Salem area. Might be worth taking a look....good luck!

@Chris Trudel welcome! I live and work on the north shore as a Realtor.  Happy to help however I can.  Best of luck!

@Tom McMahon I think most lenders will want to see 6 months of reserves in the bank in addition to your 25% down payment.  This assures them that if you have vacancies you can still pay the bills.  I would reach out to a lender to figure out exactly how to skin this cat.  Good luck!

 I work with Keller Williams. I'd be happy to chat with you to discuss what your intentions and motivations are then I can talk to the powers that be about whether or not it would be a good fit.   Feel free to PM me to set up a time to chat.

@Matthew Catanzariti good for you!  I would recommend talking to a lender first to figure out exactly where you stand financially.  I have a few good recommendations if you want to  PM me I will forward them along.  I am a Realtor based out of the north shore as well--if you ever want to chat Id be happy to share some insight.

I agree with others.  Before you get to jazzed up I would take a stroll down to city hall and talk to the building dept to make sure this is even doable and/or economical.