All Forum Posts by: Lien Vuong

Congrats to you @Erick Sembrano! 

Definitely target transit friendly areas that are within a 15m walk of the T. For Umass Boston area JFK is a great line that's super close to Boston, highways, beaches, and can attract a multitude of different renters to your place. Somerville - most areas in that town will rent well and if you can find something in Davis Sq that's the most ideal. Medford you'll want to stick with Tufts area as an ideal location, there's very residential areas of this town which would be OK for LTR/MTR but ST is more challenging. 

You might want to consider Quincy also and Malden for more price friendly zip codes but still being close to Boston and transit. 

Did you make any decisions yet? Happy to give you some insight on market trends in those zip codes. Feel free to PM.

How much?

Was it a formal letter to increase rent or did you just state that you're going up on the payment? Another way is for you to serve it via Certified Mail to have her confirm receipt of it. If she doesnt respond the answer is no. 

One way is to increase the rental income on the building as well as think about other streams of income from the property, perhaps there's parking or storage you can rent to their neighbors who would need it? Would it make sense for you to live somewhere else and rent all 3 units to maximize the income on the property to eliminate your debt? Those would be my top two recommendations to reduce/eliminate your debt without selling the asset. 

3 bed, even smaller, that's newly updated is quite rare in the Boston market at an affordable price so if its easy enough to do I would highly recommend it. Do not squeeze it into a space that you think is too hard to navigate comfortably but I think you have the appropriate size here. $40k also sounds very inexpensive and likely unpermitted so just be on the lookout for drive-by inspectors and make sure your contractors have proper workers comp. 

PO box or your attorneys office is typically the protocol.

 Atypical for a rental referral as its a low margin fee but you would route it with another landlord. 

Congratulations and that's amazing that you kept your eye on the property to follow up! Way to go and cheers on your success!