All Forum Posts by: Robert Nason

Don't worry about bothering the real estate agents, that's their job. Any realtor should be gathering up this information up for you before you make an offer. Request copies of all leases to verify rental rates. You can contact the utility department's to get the actual cost of water, electric etc.

In most cases if you getting a 10 caprate it's usually a property that is in distress and is taking in high-risk marginal tenants at a higher rental rate or in rough shape or bad location. In other words be careful. I try to stay around 7 to 8 which is higher than the norm I think.

A couple questions… How much water is running in, signs of flooding? Water is a landlord's biggest enemy. It's always best to have an inspector who has a lengthy history in  inspecting older buildings. Okay question 2...Why would you pay a property manager 10% on a building where your living yourself? A four unit building should be nothing to maintain at all and it would be good experience to learn how to fix minor issues on your own. It's a great learning tool that will pay off on future investments.  Good luck!

i've done several flips of Victorian homes and a couple of multi families. Nothing of this scale whatsoever. I am assembling a team and interviewing general contractors and architects  now. I would love any additional information on the 25 unit in Lynn. 

I own a totally renovated eight unit building and I'm considering building a 20 unit in a vacant lot that I own right next-door. The problems are that while the neighborhood is rapidly up and coming with a brand-new courthouse, brand-new health center, brand-new art center, huge university presence , new bars and restaurants, there is still a level of transients in the area that make me Worried about a building there. But I figure I already own the property so I might as well capitalize on it and I can't find anything to purchase, so is it smart to build? My 8 unit loft building I've been at 100% occupancy since purchasing it only two years ago, I've increased rents from 7K a month to 12K per month. I'm north of Boston and I'm wondering how many units can I get with $2 million investment. Each unit would be approximately 800 ft.². I've been given per square foot cost anywhere from $90-$225, I would like to find a happy medium somewhere in there.

The first question I ask myself when buying any property is can I sell this quickly if I need to? If you answer yes to this question you've crossed a major hurdle.

Your first property, unless you live far away you should do the property management yourself. 12% is huge chunk to pay for things that you can do yourself. You can call a plumber, you can call a carpenter and you can certainly run an ad on craigslist for free for new tenants and you can certainly run your own credit bureau reports for screenings.

Hey Steve, I'm also new here and also from massachusetts. I'm an investor alway looking for the next deal! Welcome Aboard!

Great advise, I've had the feasibility study done by a civil engineer and he's saying 20+ units would work. The area has hundreds of new condos and lofts and they do not remain vacate for long. The vacancy rate for the city is @ 3%. I've budgeted for a building cost of $225 per squire foot.

No-brainer, put in the AC! you're way ahead of the game already in terms of the deal you have, you and your friend can do the work, the ductwork is already in place. It will increase the value of your property. Also keeps the humidity out of your home which is a great source of mold.