All Forum Posts by: Ray Hurteau

Hey @Jeff Hogan, you can try the following to find FSBO leads:

- expired and withdrawn MLS listings (they may have gotten discouraged or not wanted to pay the broker fee)

- FSBO websites

- craigslist

- zillow "make me move" properties

@Maureen F. - I don't have the specific dehumidifier info, but if you're keeping it open, you can just buy a large unit that drains into the main stack (or if you're fortunate enough to have a drain in the basement floor, directly into that).

If you want to add livable square footage, you would need to go for a variance with the city.

@Nick Noon When the market corrects, these units will be the first to go.  There is nearly endless demand for non-luxury rental units, so there is a bottom. 

@Patrick Kelly I agree that affordability is reaching new heights, as noted by the S&P/Case-Shiller Boston Home Price Index: http://us.spindices.com/indices/real-estate/sp-cas...

There are a few other markets that have gone way higher than their prior highs relative to Boston.  And of course, Boston is a cheaper alternative than NYC.

@Mike Hurney @Francisco Feliz  All our real estate demand luck may just come down to the Pats winning the super bowl... :-)

http://boston.curbed.com/archives/2015/02/the-patr...

Thanks @Maureen F. - times are changing, even in Dorchester!  It's all relative too... the question is how much more room is there to grow?  With GE relocating their HQ to Boston, that's an encouraging sign, but 800 jobs isn't going to swing a market one way or another when the city (boston proper) has over 600k people.  Still, demand is high and supply remains low (except luxury rentals, which is in bubble territory right now).

BTW, all units in this project sold last year for 2k less than asking across all 3 units and we were very fortunate to have all 3 go under contract right before the snow blitz began.

After the sale, we did have to go back and remediate mold in the basement.  Due to the HERS requirement of spray foaming the basement along the rim/band joist, air flow was nearly non existent and with some moisture in the basement due to the old stone foundation, it became an issue.  But under our builders warranty, we fixed it for roughly 4k, which included the installation of a dehumidifier unit that tied into the stack to drain moisture away.

if you want to tear down you need a variance.  the house may also be deemed historical so you could be limited.  like Mike said, what's the arv in either scenario? is it on or off market? 

@Craig Moore welcome! we've got a few by and holds in Boston. feel free to pm or connect.  we also do some rehabs in the city and are familiar with the process. the reias mentioned here are a great place to start and meet others. i admit I've been absent from them for a while but that will change this year.

@Patrick Gleason thanks. yes sir, that and Somerville once we get the heat on! see you soon.

Hey @Francisco Feliz- you can gather some of that (basic) data here: http://www.mlspin.com/market_statistics.aspx

But an agent will be able to pull more detailed quarterly reports.  I'm not sure where you can find data regarding cash sales, but I found this site to contain more detailed data also: http://bostonsluxuryproperties.com/market-data/

Hope this helps!

I just spoke with a condo owner in Boston and they said typically they see $25-40/unit for condos.  The main reason is the condo owner is responsible for the units, not the PM.  The PM is only responsible for the common space.

So 960/mo is at the low end of the spectrum.  Perhaps not as bad as I originally thought.  Rentals command a higher number because you have to handle tenant issues as they come up.

@Patrick Gleason - for a 35 unit building, this seems extremely low.  If you were going to PM an apartment building, you would typically see 8% of rents and that's just to answer calls, collect rents, and deal with minor issues like lockouts.

What they are asking you to do has a lot more involved and would require legal services on your side, time, recordkeeping, and tax prep.

$960 a month for this is nothing, especially in Boston.  You should find out what they are currently paying their current PM.  Or find out what others typically pay.

For such a large building, you might look to only collect 5% of what gross rents would be (yes, they are condos, but what would they rent for?)

You need to present them with your schedule of fees.  You can certainly have a minimum charge (I would say 2 hours, not 4). And your management fee would include something like 10% on top of labor and materials for any work (so if a repair costs $100, you charge $110 and keep the 10 as your management fee to coordinate the repair).

This is my opinion of what I've heard and I don't do PM in Boston but know others who have a PM for a similarly sized condo association.  Anyone who has actual experience as a PM would have better info for you.  I think you would be losing money by taking 960 a month for that many units.