All Forum Posts by: Michelle Reid

Thanks for the info.  You give me hope that there may be ONE MF left in MA under 7 figures.  It sounds like most things,  networking is key.

Have you looked into buying it within your Ira to avoid the income tax on the IRA funds using a custodial IRA

There seems to be zero inventory in our market. 

My husband and I have began an initial search for 4 unit muti-families in the North of Boston suburbs - Lowell, Methuen, Salem, Woburn. 

There are either no listings or they are overpriced and gone the next day. 

If I search FSBO, for every over-priced multi-family listing - there are 15 ads "We buy your house for cash and a free pony at closing".

We haven't tried direct mail yet,  but im not sure how effective that would be in this market. 

What other methods are you using?  

Great project.  Big project!  You'll never have a problem renting or selling in JP.

How did you finance?

Thanks for sharing.

@Bill Muchow Thank you for sharing.  Great story.  So insightful.  My husband and I also got burnt on our first landlord experience 2002-2009.   There was a TERRIBLE accident at the house, one of the tenants almost died.  It was terribly emotional.  FYI if it happens on your property - you're on the hook - even if it was due to their foolishness.  Got sued.  Luckily had enough insurance to make them happy and not come after us personally.  

It left that same dark mark on Real Estate for us.  But, like you, we are back in the game, wiser!

OVER INSURE EVERYONE!

Congrats on the deal.  What kind of lease?  Basic or rent to own?

@matthew dennehy Thank you!

There it's different taxation of capital gains when it is a rental.   There is a great book on bigger pockets, Tax Savvy Real Estate Investor (I believe it's the name).  The section on capital gains and rentals would be well worth your while.