All Forum Posts by: Justin Rank

@Kush Patel how did this play out?

Awesome, good for you! I’ve done a few in Fitchburg while keeping my eye open in Leominster! Did you bring the rents for the long term tenants up to market in their new lease?

@Adam Sankowski The zoning changes are supposed to be unveiled soon, and then they will have another public comment period before a vote. Word from the city council is that they think this version will finally pass. The one part I was keeping an eye on is that it looks like they will allow one and two family units to add an "ADU". The last version I saw was going to keep it deed restricted as affordable at the 110% ami level.

@Patrick Wheeler just curious how things turned out?

I went to the open house today. It was mostly investors walking through with their GC's. They are reviewing offers tomorrow at noon. I would be surprised if someone ever pulled permits for that basement unit. Also, I overheard a few agents talking with their clients about the one tenant still in place. One thing to keep in mind is that somerville's new condo conversion ordinance takes effect on 7/31 which will make it a bit tougher for condo conversions. 

As Adam pointed out, Somerville just passed some super strict AirBNB regs to the point I don’t think it would make sense in this situation if you play by the rules. However, 1.1 for a 4 unit is a good deal. Just know what comes with a historic property, I was looking at a historic 3 family in Somerville and several of the curved windows had estimates of 3-5k each to be replaced.

Central Massachusetts 

I recently bought a two family by the college in Fitchburg. Fitchburg has some nice areas, and some areas I wouldn't drive through at night. I've been steering clear of anything right off water street(pretty rough area with lots of drugs). There are a few properties on the MLS in that water street area that when you crunch the numbers it makes you want to put an offer in right away with how they can cash flow. Really, it depends on your investment strategy but there are some decent areas to invest. I would suggest teaming up with an agent that knows the area well.

The rules are written in a way that make it difficult.  The city does not want long term rental inventory being replaced by short term inventory. As Adam pointed out, 99.9 percent of the people are doing it illegal or "undocumented".  I have several around me. Most of the owners are absentee and rent the entire units out. There has never really been an issue. As far as demand, some of that has to do with location. Obviously Davis Square would be more in demand than a place in ten hills.

Thank you guys for the responses! @Richard Cole I am going to reach out to Makay tomorrow.