All Forum Posts by: Justin Rank

Did you ever find a good one?

I would check with the city, I believe the short term rental laws apply up to 30 or 31 days. ISD is inspectional Services. When the city passed the short term rental regulations, they gave ISD some teeth to be able to enforce short term rentals. 

 I've heard several podcasts that interview businesses that do this exact thing, tell the landlord they are going to be doing corporate rentals or transitional housing and then just go put it up on VRBO and AIRBNB. They don't care if they pay a little more than what the current market rent is. If they cash flow several hundred bucks, and the landlord pays repairs...that's a pretty sweet little business. 

There are a few folks on here that do AIRBNB from Somerville and I've heard they make 25%-50%+ more than they would just renting out the space to a yearly tenant. I have a multi here in the ville that I live in one unit and rent the others out and I want to pick my tenants/neighbors since I live in the building. That's just me though.

I haven't heard of this company, but the strategy is becoming popular of leasing a property and then subleasing it. The sub gets a good portion of the benefit without having shell out the Somerville purchase price. If something big needs a repair, the landlord is still on the hook. My CPA actually recommended the strategy as he has a bunch of clients across the country doing it. I would take a hard look at the contract, Somerville is becoming super restrictive on short-term leasing and I believe as of the 1st can now enforce it with ISD. My suspicion is if crap hits the fan and ISD got involved, you will be on the hook. You could replicate what they do and pick the people you live next door to.

Super cool!! Are you using a local bank for the refi?

@Christopher Ball thanks brother!

@Brian J Allen do you have any recommendations on local BRRRR banks/credit unions in the Worcester/North Central Mass area? I have a few properties I'm looking to refi.

Yes, I would pull the trigger. The purchase price would be on the low end of what single fam’s are selling for and I think your rental numbers and arv are just a little conservative. I just rented two two bedroom units in Fitchburg for 1,250 each and closed on a 3/2 single family yesterday in Fitchburg that My property manager can get me 1,500-1,600 and has an arv of 180k(nice neighborhood, bigger lots).

Check with your bank, most banks require 25 percent down around there with a 5-7 adjustable amortized over 20-25 years.

Post an update if you pull the trigger

I will check them out...did you go through a local agent?

Hey Everyone,

I have several multifamily properties around Boston and Central Mass and am looking to get a few quotes. I haven't been totally been impressed with my current provider. Anyone want to share who they use and like? Thanks in advance!

 I’d say it depends on the street it’s on over there. If an investor were to buy it they may need a bit more room(at least I would be looking for it). It rarely turns out to be peel back some wallpaper, slap some paint and its good to go. You’re not too far off from having something if the street is good and your repair estimates are straight. You would probably be in the low 200’s for sure or higher but It can get sketchy quick in some of those neighborhoods.