All Forum Posts by: Mark M.

Thanks for the feedback.  I am not a financial whiz or a commercial giant by any means, only that I know if we sell this property, the buyer is going condo route, so why couldn't I go that route.

I am guessing my biggest mountain at the moment is how could I even possibly get financing for a 30-40 unit complex since in theory we are talking in the multi millions.  

I have had numerous people tell me its better not to have the town / city know about changes to a property so your taxes dont go up.  They shy away from having the town assess a property as well as town knowing about upgrades inside / outside to the house.

They state if the town / city knows, then taxes will go up and more comes out of your pocket.  But is it actually better to have the town / city know accurately what a property is worth?

Thanks

Thank you, this is MA.  It is my mothers property and she let the tenant slide to far to the edge of the current lease, then they declared they are closing the business.

We are renting a commercial space to a trucking company.  The lease is ending this month, they are going bankrupt, but I heard they want to continue for another month or so while they finish their last few jobs.

What rights do we have as landlords of a commercial property in this situation.  Can we put new locks on Gates come Oct 1 and force them to sign a short term lease and pay arrears and upfront?

Many thanks

My family owns a 3 acre piece of Land in Revere MA, minutes from Boston.  It has been a commercial rental with warehouses to a trucking company for 20+ years and the tenant is now leaving.  I realize the future of this land is a condo complex, walking the property it has ample room for a 40 unit complex no problem with enough parking.

I have some first hand experience with rentals but nothing to this caliber, what would be the steps for me to take to even see if we could achieve this?

Many thanks in advance for any thoughts

Getting a house ready to RENT, and I am wondering what is the difference in general between STARTUP costs vs Capital Expenses?

I have some rather big ticket items that we are doing before we list our house for RENT, and not sure what category I should expect them to fall in.

New Kitchen Floor ($4000)

New Central Air System ($10000)

New Dehumidifier System ($1500)

Thanks for any input

Have lived in Boston my whole life, I see a steady rise in property values on the North Shore of Boston and I wonder how high can this market get?  I have heard Boston is the new tech capital, but is there a ceiling at some point?

Love to hear from other people on their thoughts.  thanks

Hi, new member, first post.

My wife and I are renting our current house in the North Shore of Boston in a town called Lynnfield.  There are not a lot of rentals in this town and rents average about 3k for a 3BR house because of the school system.

I am looking for a good CPA in this area who has experience with REI, but until then I have some questions on tax strategies regarding Start Up Costs.

#The House:

Bought House for 455K, put in about 80K over the past few years, house is now valued at 600K.

Rental should yield about 3K a month or 36K a year, and expenses for everything should be about 26K a year including all indoor, outdoor maintenance and mortgage payments.  This property should cash flow about $800.00 a month to us.

#Start Up Cost Questions:

I have some upcoming Start up Costs (about 10K worth) needed to make this property more hands off in the long run.  Are these Start Up Costs, and how are Start up Costs treated compared to yearly maint Costs?

Yard Beautification = 1800

Kitchen Floor = 2000

Wave Ventilation System for basement = 2000

New gutters = 2000

# Older Costs incurred

How far back can I go in listing Start Up Costs for this house?  Here are other projects we did in past 3 years.

Kitchen Remodel $4,000 in 2016

New Deck $10,000 in 2014

Much appreciated!

Thank you