All Forum Posts by: Matthew Perimian

I can attest to what Jonathan Bombaci says about Doug Mercurio. He has personally Saved many deals of mine where other attorneys could not get the job done.

@Logan Merrick I would submit an offer with an inspection contingency.  Get a structural engineer into the property during the inspection to get a better idea of what is going on. That way you can lockup the property and if the damage is severe you can renegioate the price and see if you and the seller and come to an agreement, plus having evidence to show seller will give you much more leverage during the negotiation. Good luck!

How do we make sure to protect our livelihoods? There must be efficient ways to fight this. We have all the support of BP members here to back us. We can come up with much more Economically viable solutions to the problems many of these cities are facing and make this a win win for all parties involved. I’m not Politically leveraged but there must be members here who have a solution to help stop this and in some cases reverse this.

@Tyler L. with prices rising all over Massachusetts a good alternative to some of the higher price cities I have found is Fitchburg and Leominster with the price point your looking for. Fitchburg is the last stop on the commuter rail and they have The University of Fitchburg there which the mayor is trying to make a UMass Fitchburg. Their plan is to make it a Umass Fitchburg within 5 years which would be great for appreciation. Also nice large three and four unit buildings can be purchased for under $350,000 and rents range from $1000 -1400+ For a 3 bedroom depending on condition. 

@Priscilla Y.

I would recommend doing the 1031 tax exchange, it will save you a substantial amount of money on capital gains. The first thing you should do is decide whether you want positive cashflow every month or longterm appreciation, this will dictate what and where you buy. Second is if you're going to be investing out of state I would start interviewing property managers right away. A Property manager is going to be your biggest asset when investing long distance. You will also need to calculate their management fee into to see if the deal you're looking at can support these costs. Since your tenant is going to be your buyer you are in a great position, you can wait to sell the property until you have identified what you are going to buy. I would first get your tenant prequalified to ensure they can actually purchase the property before going through the process. If your buyer can't get financed and you find out last minutes your deal will most likely fall apart and you could lose your deposit. 

Hi Yan,

I help many investors get their feet wet in Fitchburg. Fitchburg is a great area but you have To understand the good areas vs the bad areas. My clients have been getting great returns and if you have good experience screening your tenants it can be a very profitable place to invest. It’s one of the few places where Multi families can be purchased for less than $100,000 a unit and rented for over $1000 a unit per month where there is an MBTA stop. There is also  talk about making Fitchburg State University a Umass and if that happens it’ll really bring up the area even more.  I would be more than happy to talk to you about Fitchburg feel free to give me a call anytime.

Hi Kevin,

Are the boilers oil or gas?  Gas is cheaper to maintain. How many bedrooms are your units? Also is the boiler being used for heat and hot water? We normally use 20 dollars per bedroom per month here or 50 dollars per unit whichever is greater, but there are many factors from climate to how well the property is insulated to the effiency rating of the boiler. Do you know what type of boiler it is?

Hi Matthew,

Where did you get this Cap rate? Be very wary of listing that advertise Cap rates. Many list agents do not take into consideration all of the costs associated with the property. Make sure you account for other expenses such as capital expenditures, vacancy, utilities and maintenance. BiggerPockets has a great calculator, you can enter in the gross rent and subtract all the necessary items to get a good idea of what your cap rate will be and it will be much easier to understand when you’re plugging in your own numbers.

Hi Kameron, I would recommend going to as many open houses for potential investment properties as you can. Getting familiar with properties in your area and what a good building is vs a bad building is a huge advantage when you go to make your purchase. It will also help you you get to know Realestate professionals in your area who may be able to help you find a good deal when you’re ready to make your purchase. 

Leonardo what state are you located in? I would be happy to send you the contracts my clients have used in the past.