All Forum Posts by: Kate Murphy

Thanks so much for that input RJ. I will speak to my agent to see if he can try this avenue for us as it seems like a good idea. 

I will send you a pm as well. Norwood is local to us and we have some interest in multi family there!

Thanks again,

Kate 

Thanks @Dan K.

We didn’t do the third unit as the current owner wasn’t interested in selling that one- he lives there with his family. The two we bought were owned by another investor who was renting them out.  Essentially they were a boarding house.

You have our ideal buyer pretty down. We are hoping someone in the neighborhood already who is likely paying a similar rent as to what their mortgage payment would be may find them desirable.

Thanks for the refi info. Agree- we don’t want to go through the hassle of a refi as the goal truly is to sell these. However, we don’t want to be in this situation in two months paying a hml high interest without an exit strategy in place. Fantastic point on 9/1 as well. Hadn’t actually thought of that although starting a refi by mid/ late July is in our timeline. 

Thank you!

@ Mark Terry. Thanks for your kind words on the timeline/ purchase price. We worked extremely hard to achieve this. I actually loved this part of the deal! Your insight on the market and options are interesting, especially in regards to price. We are going to actively look into refi in the next two weeks if they don’t move. We are actually still getting pretty good traffic through the units and lots of positive feedback. But it’s the offers that talk!

And @Nick Earls- good point on the 4 units in the last 18 months. When we started this it was sort of assumed that the low inventory in the area would be a plus. I hope it is not indicating there are actually not a large amount of buyers. This is becoming our concern and what sparked me to post here for some insight.

You are correct that it hasn’t been to long on market though we are getting antsy.

Very much appreciate all the feedback. Will likely keep on market and simultaneously look towards a refi.

Will update with any movement!

Kate

@Charlie MacPherson

Agree that we are priced to sell which is why I don’t know why we aren’t moving! That area is literally different street by street. Within a quarter mile you have beautiful streets with million dollar homes and also even higher crime areas. Our listing doesn’t target investors... it was just another perspective I was trying to get creative with! The ideal situation is selling rather than holding- but I definitely 100% agree with your thoughts on the areas that are the next to gentrify. So if it does come to that for us, I Hope in the end the appreciation will be nice. 

Thanks for commenting!!

Thanks for all the insight! We didn’t do the third unit as it is owner occupied and they weren’t interested in selling.

@Dan K. yes we do both work and have w2 jobs so could support a mortgage if we had renters. The problem obviously is we have spent more on the rehab than we will like pull out with a BRRR. The number would make sense for someone else coming to buy it- especially in a house hack situation. I will reach out to you for traditional banker contacts. Have you found a seasoning period to be a requirement?

We know quite a few other flippers in the area who are doing well which is where we are struggling. Other pretty nearby properties priced a little higher are moving. 

Compass has been great. The marketing has been top notch they are also likely going to run a first time home buyers course out of one of the units.

@Tom Makinen I would absolutely love to work with you on finishings and design! That truly is my passion and favorite part of the process. The original HOA fee was $300 when we bought it and poorly managed without reserves. We were able to get it down to $200 with some insurance changes but reducing it further is an interesting idea! pm me anytime for design help!

Hi Christian-

Thanks so much for your feedback. Gun shots are definitely not what we are hoping to hear! We are kind of thinking the same as you as far as the Reno level goes -kind of unfortunately at the moment! If we did go the rental route would hope there is good appreciation long term.

In your experience has it been easier to find renters in that area? We may choose to pursue this sooner than we anticipated given the high holding costs. We are continuing to get good traffic through there currently as of now.

How do like owning in that area?

Thanks for your feedback, much appreciated.

Hi all- we have recently completely a flip in Dorchester Center. Two units of a three unit building, fully renovated with parking which are listed under 400k each, 3 bed, 1 bath. In three weeks on the market We have received excellent feedback on the units and price but the neighborhood is proving to be a challenge. The area is still being developed and a good amount of buyers in this price range seem apprehensive about buying there. It would also be a fantastic house hack opportunity.  We were even featured in Boston Magazine as a top place in Boston under 500k! Two big questions I hope to get some advice on-

1-what strategies have helped you work around a neighborhood that is still being developed? How do you help buyer see the future appreciation value?

2- we have a HML and would consider refinancing out some money sooner rather than later as our holding costs are very high. Has anyone been able to successfully refi without renters in place? Although we would consider renting if needed, ideally these units have been renovated to flip.

Any thoughts are welcome. I am attaching the links to the listing if it is helpful. Thanks!!

https://www.trulia.com/p/ma/boston/9-whitfield-st-2-boston-ma-02124--2001497223

https://www.zillow.com/homedetails/9-Whitfield-St-3-Boston-MA-02124/81856253_zpid/

Would you consider Dorchester? We have two turnkey units in a 3 family currently listed at under 400k each. Both are 3 bedrooms and present an excellent opportunity to house hack and rent the additional bedrooms. Nearby public transportation and value is currently appreciating in Dorchester. Message me for details!

We have invested in real estate with private money lending through a self directed IRA. Been quite pleased with it and diversifying our portfolio. We use the IRA club for this. Check them out!

I need a driveway paved early this week.  Property is located in Codman Sq. Dorcester, small driveway that is basically dirt and gravel.  Please message me if willing and able to help.