All Forum Posts by: Robert Granara

Peter, welcome aboard...I'm not a wealthy landlord but I am an investor / landlord in lynn...I've been buying,rehabbing and either selling or keeping multiple families over the past 2 years...I'm actually trying to buy a note from boa on a deal ...good luck

In my area I call the city tax assessors office on my way to the auction and usually they will tell you if there is any taxes owed...also if there is large balances owed usually the auctioneer will have a MLC to pass around at the auction (but not always!)...

I have a 3 family that I pay the heat...it's 3 stories and each floor is it's own apartment...we call them 3 deckers here in Boston...I just bought the house 2 months ago and now it's heat season...looking for suggestions as to which floor I should put the thermostat in...I'm debating on either the 2nd or 1st...I have had conflicting advice by 2 contractors...anyone here have this issue?..to be clear it's FHA oil fired system...thanks

yes i did...hard money @13% and 3 pts...i have to put $12K down...he's giving me a loan for $138K and $20K in rehab draw...all said and done i'm hoping to refi out with a comm'l note of about $180K...i'll be taking in $4K per month in rents

thanks, now i just need to find $145K...Don, i see you are a private lender?...

been waiting for a day like this for about a year...grabbed a large and good condition multi family at auction the other day...i show up for the auction and there were 4 potential bidders, the bank rep said he thought the auction would be postponed (like so many others)...so the other 3 bidders leave, i decide to stay...the auctioneer shows up 30 min late and they have the auction and im the only bidder...bang!

all auctions i've attended lately (probably about 100) there have been 10-20 bidders trying to grab multis in the Boston area, although this one was about half an hour north of Boston, still close enought and a good deal

will cash flow about $2K on this one once its up and running...will fit in nicely in my rental property portfolio

Tom

Im originally from next door in Medford...I own and manage 20 rental units on the North Shore and i watch the multi family market north of Boston very closely...

our market is a lot different than most of the rest of the country with the exception of the NY/NJ and Cali as well as a few other markets...so you can forget about singe family rentals around here in Ma unless your willing to travel at least an hour West or even down to RI...

Now on to Multi Families...If you want to find cash flowing properties around our area you will need to focus on areas other than Arlington or Medford...Its even hard in areas like Malden or Everet which are great rental areas its just the good multi's are still selling for high $300K's and well into the $400K's...

id be looking at areas like Chelsea, Revere, East Boston or Dorchester which if you look can find a 3 family for $300K with 3 bedroom units...now, if you rent to section 8 tenants you can take in $1500 per unit...i believe the #'s work well in that type of scenerio and will provide good cash flow, cash flow like we havent seen in awhile here...now if you not ready to deal with section 8 type tenants than i have no other advice for you in our area...good luck

i put an offer in about 5 months ago on a short sale...ive had contact w/ the broker monthly...however i just called him and emailed him and nothing the last few days...his voice mail is full and i cant leave a message...his email gets returned...i went to his office and no one answers although the sign is still on door

the $5k went into escrow...what options do i have?

dan, i know this an old post from last yr...but im re-visiting this topic...i now have several more units and have created an LLC...my plan now is to have the properties moved into real estate trusts and have the LLC manage the trusts, so that i can have just 1 bank account

if your still here Dan, is this what you do?

i have 19 units...i have been buying them in my LLC but I'm going to swich them over to individual real estate trusts...this is to have more liability protection and ease of management...the LLC will now be the management account for all the properties, so i can just have 1 bank account that i deposit all rents into and make payments from...

does anyone else do this?...anything else i need to know when i do this?