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The City of Boston has designated the development team of the Cote Village  LLC, to redevelop the former Cote Ford Dealership site located 820 Cummins Highway in Mattapan. The Project will provide approximately 76, one-bedroom, two-bedroom and three-bedroom residential units (divided between flats an townhouse units), with an accessory rental office and community room, comprising of approximately 956 square feet for spadce, 4,172 square feet of ground-floor commercial space, including a 12,000 square foot public plaza with a total of approximately 84 parking spaces. The area impacted by the proposed development is the Mattapan neighborhood.

This development can provide much needed housing for area. “The proposed development will turn the now abandoned property, which has been vacant for decades and a blighted influence on the neighborhood and surrounding area, into a thriving part of the Mattapan neighborhood fabric,” wrote Lisa B. Alberghini, president of the Planning Office for Urban Affairs Inc., and Donald Alexis, president of Caribbean Integration Community Development, in a letter of intent to the BRA.

We will continue to monitor the progress of this proposal and see if it moves forward to breaking ground.

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New Year, New Home projects. When you start the process of making renovations, make sure you ask the right questions. Many people fall victim to the bid quote they get from general contractors to renovate their homes. Our goal is to help you stay on budget! No one should pay more than they have to for any service.

Let us use the renovation quotes we often get for a kitchen remodel… many bids are likely to only cover about 33-50% of the total cost depending on the contractor.
The question then becomes, how do YOU the consumer protect yourself from predatory contractors who quote one thing and the final cost is dramatically different?
Ask the right questions upfront.
While the majority of general contractors include demolition, disposal and installation in their bids, many omit the cost of supplies/materials/hardware. If you are dealing with a novice contractor, they do not know the cost of  materials so they wait to price everything based on your specifications. The cost of materials varies tremendously by region, store, and your personal preference. For example, backsplash tiles can run from $7 to $90, a square foot.
ALWAYS ask the contractor what is included in the bid, then use those numbers to estimate further cost. Of course these tend to be ballpark figures but I would prefer to be in the same ballpark as my contractor than be rudely surprised.
A good rule of thumb is to research your potential contractor:
Speak with past clients
See their portfolio of work
Ask what is their statistics on quotes to actual final cost (you want to see if they have a history of underbidding to only cost more in the end or if they are always in the ballpark)
Research them on yelp, google+, Angie’s list (You want to learn everything about this person before you entrust them with thousands of dollars worth of work)
Other Good questions for the general contractor (unless they come highly recommended, I suggest you interview a couple):
How many years have you been in business? (You do not need 50 years of experience to do great work, focus more on quality than quantity. I know several contractors who have been in business for over 10 years but I would not trust them to do any work on my home)
Do you get supplies from a wholesaler (cheaper in bulk) or from Home Depot? If you value neighborhood stores, this is a great way to support local businesses.
What does your bid include? Is this a set price? If you go over budget, will you be responsible for the additional cost/ take it as a loss? (This is important to know upfront and GET EVERYTHING IN WRITING)
Obtain an itemized Quote and Contract and factor in 5% for miscellaneous overages but a good contractor should stay within budget unless they discover issues when walls are opened.
If your contractor does not want to provide a contract in writing with the breakdown of cost…RUN!!

Email us contact@mandrellco.com for recommendations of some of our trusted contractors or general questions.

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Do you have a single or multifamily property in the Boston area with problem tenants? Are your tenants not paying or just causing you headache? If so, we may have a quick solution for you.

The Mandrell Company works with a long list of local real estate investors and developers and each of them is looking for new investment property. These investors buy single family and multi-family homes of any size, any price range, any number of units, and in any condition.

Working with us and our investors we can help to sell your home quickly and easily. You don’t have to worry about spending money on repairs, putting a sign in the yard, having strangers drop in through your house,  or wondering when your property will sell.

When you sell your troubled property with our investors and developer clients:

• You get multiple cash offers and avoid most normal closing costs
• You sell directly to them and there isn’t often no Realtor commission to pay
• You sell your house in “as is” condition – no cleaning or repairs to make
• You can close quickly – if that’s what you need.

Our clients are also buying properties in foreclosure, probate, pending evictions, inherited, vacant or abandoned, or just in need of much work.

If you are interested in a quick cash offer on your property, please call our office today at 617-297-8641 or email me at Willie @ MandrellCo.com

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How Bad Credit Is Costing You $100’s of Thousands

This chart blew my mind when I first came across it. Everyone talks about the importance of having good credit but to be able to see it charted out makes you really take a hard look at your financial picture. (See Chart Below)

“The Cost of Bad Credit” simply shows why a good credit score is crucial to your wallet even when talking about the difference of 100 points. Think about this. If you have a 620 credit score and take out a 20,000 car loan at a 9% rate of interest, you are essentially paying $2300 more (over a typical 5 year loan period) than the individual with a 720+ score. That’s number isn’t that crazy but what this chart doesn’t consider is how many vehicles a person will own during their life span. Most Americans keep their vehicles for 5-6 years before looking for something new.  If you start driving at the age of 16 and continue buying cars until you reach the age of 80 (and drive until 86), you may end up owning 12 vehicles during your life time. If you were at a loss of $2300 for each of those 12 purchases, your bad credit will have cost you a total of $27,600!!

Quick Summary:

For having fair credit (a 620 score) you pay $2300 more in interest for the same car purchase as someone with a 720+.

$2300 * 12 vehicles purchases during your life = $27,600 you paid more than the person with good credit. If you really want to get geeky about it, you can assume that the person with good credit reinvested their $27,600 in savings over the years and created an even wider wealth gap!

If losing 27,600 isn’t enough to make you straighten out your credit, than consider that I ran these numbers with a 620 score.  Think about the wealth gap being created for the person with a score of 580 or below. And if you want to buy a home at some point you could be talking about 100’s of thousands of dollars you’re losing by not keeping your credit top notch.

If you’d like to learn more about improving your credit score and other personal finance topics, consider taking a FREE wealth building course offered through Roxbury Community College. You can view schedules and RSVP at http://www.UrbanMoneyMatters.com

 

Why Bad Credit Cost You Thousands

 

 

 

 

 

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