All Forum Posts by: Michael Rabb

As soon as I scraped enough money to buy anything in my early 20's I made my best guess as to the best deal I could afford. In 1987 I was 24 and put down 14K on a 72K in what I guessed and hoped was an emerging neighborhood in Boston. Rent was $600/ mo at first and it broke even. When I paid it off in 2007 rent was $1750 and it was worth $300K.

Inspected and closed on a 3 fam near Boston last week- one unit vacant- two TAW's below market. A friend needed the vacant unit for a few weeks but reported bed bugs the first morning and left. I was going to increase rents or evict- now I think I need to simply evict TAW's before treatments. Would you agree and do you know any good bedbug exterminators near Boston? I have some familiarity w bedbugs but any additional advice would be greatly appreciated.

    Mike

I'm in Boston but if you know Plymouth I wouldn't be scared of the septic situation. Let me k i.e. If you'd like to pursue.

Hey Guys- I'm from Boston but have friends in Michigan and am intrigued by the potential for long term appreciation in Detroit- preferably an emerging neighborhood downtown, if that is not an oxymoron. Any suggestions or savvy brokers would be appreciated. Happy New Year. Much Thx BP, Mike

I wish I had advice but I'm a newbie. I wanted to ask you how you got a property in a nice section of town. I used to go to auctions but they always got canceled just as auction was about to go off. Do you know a banker? I hope one day I can help you with advise and good luck on your project. Sounds like your long term prospects there are very very good.

With a partner I recently bought a 2 family in Greater Boston with owner's unit vacant and second unit w/ long time tenant at $850/ mo- well below market (market = +/- $1800). Partner suggested we tell tenant he could stay for $1500- still below market. I figured he'd definitely leave but I asked. He stayed, signed a year's lease and I don't have to rehab his unit...yet. Anyway the point is don't be afraid to ask- if you offer a lease that is tangibly below market chances are tenant knows it, knows he'll have to pay as much or more to move, and might stay. Certainly found out it's worth asking.