All Forum Posts by: Lien Vuong

A SE walk through would run around $600-1000 to assess it and would be a good starting point honestly. They would also give the buyers more confidence as they're a certified and accredited vendor rather than a mason contractor. PM me if you'd like a referral, happy to share.

Welcome! I just moved into my 'live in flip' house just north of Boston and loved the process also. It was great to put pen to paper on the designs Ive pinned for so long and to see it come together in the end. Happy to connect, feel free to send me a PM!

Welcome to BP!

If you're adding a wall, door, and closet it should be no more than $3000 and $7500 on the higher side. 

That's your perspective and opinion. I'm not saying that the increases have to be as drastic as the example I shared but you should be in the practice of increases to keep up with costs. 

So happy to hear that you're able to help your parents with this and get to experience landlording for the first time. 

- Does anyone think this is a sound idea? I recognize that this is a matter of personal opinion, but I am particularly interested in exploring the concepts of lease and sub-lease. Yes if the cost is merely $7k, you will be able to re-capture that cost within 1 year and most importantly, increase the value of the home. 
- What measures can landlords take to ensure protection while renting, and what steps should be considered prior to seeking a tenant? Running background checks on tenants, criminal, eviction, employment history are some way to determine if this is the right tenant for you. 
-Should I consider hiring a realtor for assistance? Can I manage this myself to save on expenses? A realtor is not needed for this if its just one unit and a smaller ADU in my opinion PLUS that is not really an agent's job rather a Property Manager. Since this is a family property you likely know it inside and out during your ownership so it should minimize the number of calls you get and glitches in the unit. Worse case, hire one if you find it too taxing for you after a few months. 

Best of luck!

Inflation, cost of utilities (water/sewer), maintenance, and market rental rates. I make an effort to ALWAYS increase my rents, even if its $25-50 so they're in the rhythm of getting increases every year. Depending on the rental income of the building I might increase it more astringently to have healthier financial success (e.g $1200 in 2022 increased to $2100 by EOY 2024). 

Treat each property like a 'business' and make sure you're being regimented on rental increases bc the expenses will only continue to climb. 

Right now you're likely just getting inbound leads from Airbnb and other OTAs so creating an IG, website, etc would be better leveraged if you can also make some content from your property and then advertise. That would allow you to reach more audience and you can save some money with the OTA fees. We've done that in a cabin business I co-own to have 85% direct bookings. 

Welcome to BP Alan! There's quite a bit of us on here in the Boston area. The most popular strategy is to househack if you're able to just trying to learn and understand the market then people usually will upgrade to large multis and fix and flip. There' certainly no right and perfect answer as everyone's situation is different. Best of luck!

Welcome to BP Caroline. Occasionally on Classifieds section you'll find deals and people who are looking for partner so I would check on that periodically to see who's open to partnering up. Additionally, stay active on the forum, its a good place to stay in touch with the community and see whats happening. 

Best of luck!