All Forum Posts by: Tory Keith

Hi there! I'm based in Natick (broker & investor) and have owned in both Natick and Framingham. Unless you're buying under market value or with all/mostly cash, it can be tough to be cash flow positive on a rental property here, and extremely unlikely to find any that meet the 1% rule as a LTR. That said, appreciation is very strong in both towns and there are often a lot of tax advantages that sometimes make it worthwhile to buy even without cash flow.

Agree with Lien's comments above. You might break even or find some positive cash flow if you're willing to take on a major renovation or if you're only financing a small amount of the purchase price. Mid-term rentals would be another way to increase cash flow. Most neighborhoods in and around Boston have seen steady appreciation. 

Hi Dan, broker and investor here, also in Natick and am familiar with the condos I'm guessing you have in mind. There are plenty of investors with portfolios there and the units rent really well but your cash flow will be dependent on leverage and management costs. There are a few associations right next to each other, some that qualify for conventional lending and one that doesn't. Higher appreciation and less cash flow in the few where buyers can qualify for conventional financing as those will attract both investors and owner occupants, and lower appreciation/higher cash flow where cash/portfolio loans are needed. The market is less competitive than it was last year but when things come up here they do still tend to go pretty quickly. Glad to talk with you if that's helpful!

Agree with the above advice not to buy with occupants. For in-person auctions keep checking the status right up until you're ready to hop in the car because they're frequently canceled or postponed at the very last minute. Good luck!

Hi @Ross Francis Natick here too! Don't typically use hard money but have a couple of good contacts including a Natick guy if you need an intro.

Hi Bobby, if you do end up deciding to wholesale pre-reno I'd be interested in details. But sounds like a good project to take on yourself!

This is great info! Did you really mean 9-106%?

Hi Rachel, Realtor and owner of a local brokerage and investor myself here. I know the areas you're talking about well and have experience with condo conversions. House hacking, as you mentioned is a great way to get started here since prices are relatively high. Glad to talk with you to see if I might be able to help.

Boston area investor and broker chiming in and to echo what others have said, there is very little inventory available and things are going extremely quickly - but your agent should have you set up with an MLS feed and send you off-market opportunities when possible (not many in the category you're looking in but they definitely come up). From what I'm seeing Boston hasn't had the crazy demand that the suburbs have had over the last few months but prices aren't coming down by any means. It's hard to compete with cash offers without compensating in price but there are plenty of small multis geared towards owner-occupants where most of the other buyers will also be using financing. Hope that helps and good luck with your search!

Great job, and love the finishes. Congrats!