All Forum Posts by: Michael Vazza

Hi Brad, 

I would take a look at Buildium - hope that helps!

https://www.buildium.com/

Hi Gina, thanks for sharing! Canton is a great town - my brother lives there off of York St. and my family is partners in the Copperworks Development near the center of town. But, wouldn't be a primary market to look at from a strictly investment standpoint. Inventory there is very low and prices are high, driven by the fact its a community where people are buying to own as a primary residence to get into long term. Not many rentals there. 

New Hampshire has some phenomenal markets as does a bit more Western Mass if you are looking between Boston towards Worcester. Attleboro is also another potential market you can look into. 

Hi Gina, are there any particular reasons you have as to why you don't want to invest in the MA area? Based upon your post the Greater Boston area and markets even slightly outside definitely seem to fit what you are looking for so just wanted to see if there was something you were considering as a negative factor.. 

Most often I'd hear people say:

1) High taxes - but this can easily be reduced/eliminated by proper accounting and management. Also, sounds like you plan to hold long term as it is so should be a non-factor. 

2) Not as landlord friendly as other states - I agree here but our vacancy is generally so low that you can find the ideal tenants with proper diligence and screening. You also don't have to be rushed in to taking the first application just to fill vacancy if they don't fit criteria you are looking for. 

3) High cost of real estate - Yes, but there is a reason for this. High demand and low supply - leading to historical appreciation that has consistently been in the top % of the country. 

4) Moving out of state, but doesn't seem to be the case for you, at least any time soon.

Hi Eric, awesome job with the success so far! It seems like you are really passionate and enjoyed the project of the STR and have a support system in place with your husband (which is huge) and then contractors and vendors who assisted within that success. Unless you are looking for something as a different challenge, why not continue down that route and see if you can get another STR in VT? As you grow, your management will get easier - I'm sure you already have a better understanding of the market's pricing, occupancy, & challenges and then you'll have even more of a reason to take a well deserved trip up there!

Hi Yuqing, I would look at it from a rent vs. own perspective. If you are targeting these areas with a roommate for a 2 bed, your share will be $3.5k / 2 = $1.75k  or $1.16k if there's 3 of you per month in rent give or take depending on your agreement. 

If you are owning, you might be able to fill another individual in there as you mentioned if there's room. But if you can work to find a property that fits your criteria with an out of pocket payment around that $1.75k per month or even if it's a bit higher thats still a win. 

As a hypothetical: if your total mortgage, interest, taxes ends up being $4.5k per month and you can have each person paying $1,200 then your personal portion is $2,100. I'd still take this higher payment over paying 100% rent to someone else. 

Of course, we don't know your full financial picture - income, assets, etc. to make a personalized decision so speaking with a lender, financial advisor, real estate agent would certainly help. 

Hi James, unfortunately that is going to be the case with Greater Boston which is primarily driven from appreciation rather than cashflow. If you are comfortable looking about 20-30 minutes around the city or further you'll see better results.

The reality is you probably won't cash flow for the first few years at least meaningfully (but high demand and terribly low supply will continue driving appreciation). I would focus on identifying an area you feel comfortable living for that time period and let the market rents increase and then move forward renting it. Depending on when you bought your current condo, you've probably see the difference just a year or two in Boston can make if you were to rent that vs. what's currently available with the numbers. 

If you have other roommates or people paying per room that'll obviously be a huge plus and can change the situation more immediately. 

Hi Tim,

I see you're on the South Shore - I have a few wholesalers I'd be happy to connect you with. One is them is actually a Weymouth guy as well. Feel free to shoot me a message. 

Also, if you stop by some of the local real estate meet-ups there's usually a good amount who attend as well. 

@Neil Wei Hi Neil, unfortunately with rates and then with the Boston region being what it is you aren't going to see large CoC (CoC is a pretty tough metric to base decisions on here in Boston anyways, as very little will really make sense just focusing on that). If you are comfortable moving to more secondary markets, you'll see better results.

That being said, house-hacking is still a great way to get started. You won't have a massive surplus of cashflow but if you have reserves for capex, and can have other tenants paying 2/3 or more of your mortgage, its a great way to learn the ropes, build equity, get appreciation, and beats paying rent to someone else. Find good real estate in an area you are comfortable living in for a few years, build equity and then make your next decision. A hypothetical 5% of appreciation is worth a lot more than 2-3% of CoC.

Hi Jeff, I live nearby and would happy to throw out a few recommendations in the area that I have used or referred for my clients. 

Hi, just wanted to throw this out there for anyone who's looking in the Boston area for a triplex - a friend has an off-market 3 family in Quincy MA for sale. 

-2600 SqFt. 

-All 2 bed 2 bath

-Great location near Faxon Park 

-Asking $1.2MM

Happy to share additional details, just send me a message!