All Forum Posts by: Joe DeFarias

@Adam Sankowski brings up a great point. It will be very difficult to get an offer accepted with a FHA loan. I would highly advise going with traditional financing especially now that rates are dropping quickly. I purchased a duplex in the exact area you are looking, near Assembly Row, in 2016 and has been one of my better purchases.

I have no idea how your numbers are working with today's prices though... especially with the high PMI payments that come with FHA loans. I would look into a 3 or 4 family building in that area to cash flow.

You're on the right path! Keep looking, you'll find a deal if you have patience. 

Hi Anne! Out of complete curiosity, out of all the cities and towns in Mass, what made you select Fall River? I only ask because this is the town I grew up in and coming from the west coast, you narrowed it down to Fall River. You can find some pretty good deals in the city but stick to the north end. Unfortunately, the Fall River school system is rated one of the lowest in the state but they are building a new public high school. I only bring this up because you mentioned you have a baby.

@Oye Dosumu Malden is not a bad area if you target near Malden Center or Oak Grove (near a T stop) you'll do fine. Malden does have really high taxes as well but if you are using the property as your primary residence, you will qualify for a Residential Exemption. It changes every year but you can qualify to reduce your property taxes significantly if you live in your investment property.

This also applies in the city of Boston. Make sure you contact the city to find out the percentage of the Residential Exemption. I never use these exemptions in my numbers because I always take into account when I relocate and still own the property purely for investment.

You can still find deals in Mattapan. Again, if you stay close to the 'T', you cannot go wrong. Young professionals are always looking for apartments near public transportation and Mattapan is on the Red line. Granted it's a high crime area, I predict it will get much better in a few years. As a friendly reminder, there will always be a risk predicting the next hot spot.

@Oye Dosumu You're on the right track with the areas you've listed before. I have a couple of properties in Boston and surrounding areas including Medford, Everett and one in Dorchester. The best bang for you buck would be something within the city of Boston. You just have to be patient and know when you see the right property. By going to a bunch of open houses, you'll understand when you've come upon a great deal. When you do find 'the needle in the haystack', do not hesitate and submit a serious offer quickly. Everett is booming but keep an eye on property taxes, they're nearly double than if you owned a property within the city of Boston. You'll pay a premium in the city but it's worth it in the end if your smart about it.

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Hey Chris,

Welcome to the Boston Area! The new casino you speak of is going up in Everett not Medford.

The best time to buy was a few years ago before the casino received their building permit but there a couple of deals that pop up every now and then. I purchase a three family in Everett in 2012 and a two family in Medford in 2016. Both cash flow very well and have appreciated significantly.

You're right about Chelsea and I would add Revere to that list as well if you didn't list it in your previous comment. I recommend these cities not because of the casino but because of the new silver line extension and major development within the Seaport region. 

I personally have been targeting Dorchester recently because there's a lot of value add projects in that area of Boston. Good luck on your search!

Thank you all for all your help! I have found that it's going through probate and two relatives are fighting for the property it seems. I've tried contacting both attorney's on the case yesterday and waiting for them to get back to me. I had to do a ton of research and phone calls but I think I am on the right track.  Thank you again!  

I'm looking for some help. 

I found out that the owner next to one of my properties had past away over a year ago. It's a three family and I would like to purchase the property. I found the Owner's name but she had no sons or daughters, only cousins. The property has sat vacant for more than a year now and I don't know who owns it currently. How can I find out who received the property after the Owner's death?

@Steve Vasconcelos If you're looking for cash flow... have you looked at properties in the city you grew up in?

@Stephen Brown Thanks Stephen for the heads up! 

If I forget to measure the final locations of the recessed lights before the sheet rock goes up, I usually refer back to the dimensions on reflected floor plans I gave to my electrician. You are absolutely correct about taking pictures along the way. They can be a great reference source.

More updates coming soon!