All Forum Posts by: Yamin Htet

I am in the same boat. I have a great cash flowing LTRs and just started looking into MTR/STR space in Boston and surrounding areas. Based on a brief look, monthly cashflows for STR/MTR are not significantly greater than LTR and to my slight disappointment, it's almost very much the same with LTR. I'll need to do a better deep dive but I cant see why there's a hype for these the LTR/MTR. What am I missing?

@River Sava Thank you for the rec. I'll connect with Gillen. 

@Kyle Spearin Thanks for another vote for East Boston. I'm looking into that area due to the reasons you've mentioned. Will look into the Jamaica Plain/Brookline area though this area might be out of my budget.

Recently purchase a property in Summerville SC , 40 min from Charleston. Looking to connect with any other landlords in the area. 

Thank you @Michael Baum for the caution, @Lien Vuong for the neighborhoods insights, and @Cliff H. for the tip. I will not leave as this will be our primary. 

@Lien Vuong Quincy is my personal favorite due to asian food and community but as you mention slightly far from the city for STR but if I get a walking distance from the T, that would be doable.

@Michael Baum Thank you for the suggestions. I would want to know both - doable and legal?

In terms of legal perspectives: I found several AriBnb in the areas that I'm interested. From the cities' websites, most cities (Somerville, Medford, Waltham) only allow the primary residence unit to be rented out as STR and South Boston and dorchester allow any units in the multi-family unit that you own can be rented out for STR. Would like someone in the area to confirm that if possible. How are the cities checking it? yearly inspections?

Is it doable for someone who hasn't had any STR before?

I'm a boston-based investor, looking to buy a multi-family unit and plan to use my residence unit as a STR. My ideal property would be ~<1 mil, triplex, value-added property. I'm looking at Somerville, Medford, South Boston near UMass. Any insights for running STR in these location would be greatly appreciated.

Looking for recommendations on 

real estate agent (MA, SC, GA)

CPA

general contractor (MA)

who will work with client who own 1-5 properties. 

Note: Sharing my experience as a naïve beginner. I would search for recommendations on the biggerpockets website and did not have much luck with the recommendations. Generally most (real estate agents, CPA, General contractor, etc.) that are recommended by others have already become so big that their services and/or prices are catered to bigger investors, no fault of their own. It would be great if there's a separate community for investors who have 1-5 properties and do not plan to go bigger than that, like a rookie podcast. If there's already one, please let me know.

@Kevin Luttrell Thank you for your advice. Can you explain more of how I be careful of the points charged? Do you mean that for non conventional loans, the rate and points charged will be higher than the conventional? Thanks!

@Tom Wagner Thank you. Will DM you.

@Lien Vuong Thank you! A letter of explanation shouldn't be a problem because the move is due to a new job and currently 1-1.5 hr commute. Is 5% due to being owner-occupied or finding a lender that will do 5%? When I google, I always see 15-20% down for conventional loans.

Looking for a 3-4 unit multi-family in greater boston area. How much % of downpayment do I need, 5% or 15-20% for a conventional, owner-occupied loan? I already had a FHA loan so looking to find another low downpayment loan this time.