All Forum Posts by: Nick Lemieux

Hey Everyone!

So I am on track to close on my first property on November 30th. It will be a house hack 3BR 1.5 Bath, where I plan to live in one room while renting out the other 2. Being in Boston, I think I will be able to get it rented quite quickly. However, I'm unsure how I should approach prospective tenants.

I've read before that saying you are the property manager ( owned by a family, friend, etc) instead of owner is the way to go about it. But, I also don't want to have tenants feel like I deceived them. Inevitably I could see one of my friends letting it slip some night. How does everyone else handle it??

Thanks!!

Nick 

@David Faulkner haha i just copied my monthly expenses over! Always got my income on the mind...

Ya I figure lawn care would go under my maintenance estimate ... but will be using FHA so will be on site to cut for the next year at least.

Great point on the local numbers. I pulled Cap Ex numbers from some blog post and it had the cost of a roof at $5000. My mom just had ours done not far from my target area and I think it was more in the 8-9K area.  

Will defiantly be keeping appreciation and value add in mind! But looking at the cash flow as my foundation.

I'm building out my Cash Flow model and want to make sure i'm covering any and all Cash Flow considerations?

Also, how do I go about my mortgage insurance estimate. I have an estimate from my lender but am wondering how accurate it is? He quoted $70 / month.

Nick

I'm also looking at a similar target area for rentals surrounding Boston. I think your right. There will be a lot of young professionals. They might work outside of the city but tend to go into the city for the nightlife and weekends. 

Since your getting potentially 4 separate people paying individual rent I think you will see a higher rental target price then you would with family. I have friends that pay 1000+ each in rent around Boston. Anything in the 800s is considered cheap.