(MA) 617-297-8641 (RI) 401-641-5774

Contact@MandrellCo.com

Price to Sell and Still Make a Profit

Many people think selling a house is a piece of cake. You list for the price you want and the buyers come running, or scrambling to have a bidding war on your property. Truth is, bidding wars occur on homes that are priced accurately based on the current market. The asking price you set for your home significantly affects how much you will profit and how long your home will sit on the market. Our agents understand their markets and what’s selling- or not selling. This knowledge will be invaluable in helping you determine the price. The objective is to find a price that is competitive to receive immediate offers yet wont leave money on the table.

Here are a couple points to consider:

Time

Time is not on your side when it comes to real estate. Studies show that the longer a house stays on the market, the less likely it is to sell for the original asking price. The reason being, everyone rushes to see a new house on the market and if the market does not warrant your price, then they keep looking for the next house on the market. Because all these buyers passed on your home, now you are forced to decrease your price to draw in a new crowd at a lower price point or attract the previous interests with the decreased price. Once potential buyers see you decrease your price, their next thought is… how low will you go? On comes the low ball offers. Therefore, if your goal is to make money, think about a price that will encourage buyer activity.
Value vs. Cost.

Pricing your home to sell in a timely fashion requires some objectivity. It’s important that you not confuse value with cost – in other words, how much you value your home versus what buyers are willing to pay for it. Don’t place too much emphasis on home improvements when calculating your price, because buyers may not share your taste. For instance, not everyone wants an in-ground pool or hand crafted railings. While there are people who really want these features and are willing to pay for it, you have now drastically reduced your buyers pool to those specific buyers. Quick real estate sales cater to the general buyer than a specific clientele because more people want what you have to offer. Dorchester is not ideal for a pool, but creating additional parking is a definite win, considering New England Winters.
Keep it simple.

Because time is of the essence, make it easy for the buyers. Remain flexible on when we can schedule showings.  Let’s Schedule a meeting, there are a lot of alternative options that can get you the most money for your home and accommodate your needs. It takes open communication, an open mind, flexibility and patience.
For more tips on selling your home and staging/decorating ideas, Be sure to connect with one of our agents in your area

 

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Key Facts to Selling Your Home (Part II)

In our previous post, we started discussing some key facts to selling your home. Today we will continue walking you through the home selling process. As we stated prior, there are several important facts to consider when working with your real estate agent beyond just listing your home and waiting for offers to roll in. Here we will review the remainder of the process to get your home to SOLD status.

Receive an offer.

Once we receive a written offer for your home, together, we will review the proposed contract, taking care to understand what is required of both parties to execute the transaction. At this point, you have three options: accept the contract as is, accept it with changes (a counteroffer), or reject it. Remember: Once both parties have signed a written offer, the document becomes legally binding. If you have any questions or concerns, be certain to address them with me right away.

Negotiate to sell.

Most offers to purchase your home will require some negotiating to come to a win-win agreement. Our agents are well versed on the intricacies of the contracts used in Massachusetts and Rhode Island and will protect your best interest throughout the negotiation process. Hyde Park is an up and coming neighborhood in Boston that new families desire as it provides a suburban feel in an urban environment. Helping buyers see this as a commodity in why they should move forward is one of our strategies. 

Prepare to close.

Once you accept an offer to sell your house, we will make a list of all the things you and the buyer must do before closing. The buyer will have the property formally inspected, and appraised, and again negotiate any repairs if necessary. If each procedure returns acceptable results as defined by the contract, then the sale may continue. If there are problems with the home during inspection, the terms set forth in the contract will dictate your next step.

Close the deal.

“Closing” refers to the day when proceedings for ownership of the property is legally transferred to the buyer. The Mandrell Company will be present during the closing to guide you through the process and make sure everything goes as planned.
Selling a home is an emotional experience whether happy or sad. We will be by your side every step of the way to ensure a smooth process and eliminate as much stress as possible.
For more information on how The Mandrell Company can help you sell your home in 30 days, call today: 617-297-8641!

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Key Facts to Selling Your Home (Part I)

When selling your home, there are several important facts to consider when working with your real estate agent beyond just listing your home and waiting for offers to roll in. Below is a BRIEF overview. For detailed outline of the process, please contact us.
Define your needs.

Write down all the reasons for selling your home. Ask yourself, “Why do I want to sell and what is my ultimate goal after the sale?” For example, a job opportunity in another city may necessitate your move, a growing family may prompt your need for a larger home or conversely children moving out may signal it is time to downsize. For your goals, write down if you’d like to sell your house within a certain time frame or make a particular profit margin. Together, we can map out the best path to achieve your objectives and set a realistic time frame for the sale.

Name your price.

Your next objective should be to determine the best possible selling price for your house.Currently, the Roxbury Market is booming, you want to price your home to get the most traffic.  Setting a fair asking price from the outset will generate the most activity on your home. We know what comparable homes are selling for in your area and the average time those homes are sitting on the market. Remember: You’re always better off setting a fair market value price than setting your price too high. Studies show that homes priced above their market value take longer to sell. If your home sits on the market for too long, potential buyers may think there is something wrong with the property. 
Prepare your home.

Most of us don’t keep our homes in “showroom” condition. If you have kids, at any given moment, it can look like a bomb exploded in your living room. The condition of your home will affect how quickly it sells and the price the buyer is willing to offer. First impressions are the most important. As your real estate firm, we can help you take a fresh look at your home and suggest ways to stage it and make it more appealing to buyers. We can provide feedback on inexpensive things if you are on a tight budget. You want buyers to envision themselves in “their new home” NOT Your current home.
Get the word out.

Now that you are ready to sell, we will implement the marketing strategy specifically designed for your home. There are many ways to get the word out, including: The Internet, Yard signs, Open houses, Media advertising, Agent-to-agent referrals, and direct mail marketing campaigns. In addition to listing your home on the MLS, we will use a combination of these tactics to bring the most qualified buyers to your home. We also host monthly seminars to help potential buyers get pre-approved to purchase a home. We cover a range of topics with the goal of helping attendees improve their credit, earn a higher income, and understand the home buying process from start to finish. We are also very active in and around the community. Our Roxbury real estate consultant Terrance Moreau can be seen mingling with community members in Dudley Cafe, speaking with home owners and providing feedback to homeowners because he is passionate about his community.

Be sure to check back for Part II of this series.

For questions, feel free to contact our office at 617-297-8641 or email us at Contact@MandrellCo.com.

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Credit affects all major financial decisions that involve someone lending you money/credit. It should be no surprise that your credit score will also affect your mortgage rate. Your credit scores affect the kinds of mortgages you can be approved for, how much you can borrow, the mortgage rates you’ll pay and even how much you’ll pay for private mortgage insurance (PMI). It’s not impossible to buy a home with damaged credit; it’s just much more expensive.
Credit scores are instrumental in applying and being approved for a mortgage. When it comes to FHA financing at least, you will be required to have a credit score of at least 580 in order to be eligible for a loan. The higher your credit score is beyond that, the better the terms will be. With a 580 credit score you also qualify for the low 3.5% down. If your credit score is below 580, you can still qualify for an FHA loan but you will need a 10% down payment. The drawback to a 580 is that your interest rate will not be at the national average, it will most likely be slightly higher. Consult your mortgage lender for more information. (We work with several lenders who work hard to get you the best rate, to be connected to one of them, please click here)
This is why it’s so important to understand your credit score in the months before you apply for a mortgage. If you do have impaired credit history, you’ll want to work to improve your credit scores before you even apply. And if you already have good credit, you’ll want to keep it as high as possible by avoiding taking on other new debt.
We host seminars throughout the year regarding improving credit and have affiliations with credit repair companies.
For more information, feel free to contact us.

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**Your lender decides what you can borrow but you decide what you can afford.**

When you make the decision to purchase a home, it is worth your time to consider total expenses and mortgage payments in your decision.
Lenders are careful, but they make qualification decisions based on averages and formulas. They do not take into account the nuances of your spending patterns and responsibilities. So, leave a little room for the unexpected, as well as the obvious new opportunities your home will give you to spend money, from furnishings, to landscaping, to repairs.
No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much.
Deciding how much you can afford should involve some careful attention to how your financial profile may change in the coming years. In the long run, your own peace of mind and security will matter most.
If you or your spouse suddenly became unemployed, would you be able to cover your mortgage and other expenses?
Would you be able to maintain your current lifestyle with your new mortgage payments?
Would you be able to pay your mortgage with the addition of a child?
Would you have money for emergencies (car troubles, broken heater)?
These are all things you need to think about when deciding to purchase a home. It is an investment into your future and you want to make a wise choice. To learn more about investing in real estate visit BostonWealthBuilders.com or schedule a no obligation consultation today!

 

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As the Seller, You Need to Understand Your Buyers

As the seller, you control three factors that will affect the sale of your home:
* The home’s condition
* The asking price
* The marketing strategy
However, it’s important to note that there are numerous other factors that influence a buyer. The more your home matches these specifications, the more competitive it will be in the marketplace. When The Mandrell Company represents you, we will advise you on how to best position and market your home to overcome any perceived downsides.

Factors Affecting Property Value
Location
Perhaps one of the most influential factors for buyers is something you can’t control: location, location, location. According to the National Association of REALTORS, neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.
Size
Home sizes continue to increase but do not be dismayed… smaller homes typically appeal to first-time home buyers and “empty nesters,”or couples whose children have grown up and moved out. There is always a right way to market your home, no matter the size.
Amenities
If your home lacks certain features, you can renovate to increase its appeal, but be sure to consult your agent to ensure you are updating to what the typical buyer wants. Using market conditions and activity in your area as a gauge, we can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.
Together, we can work together to make your home appealing to typical buyers and get you strong offers from DAY ONE!
Feel free to contact us today!

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Want to know what your Cambridge home is worth?

Are you in the market to buy, rent or sell property in Cambridge?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the multi family of Cambridge over the last 6 months. Take a look at the numbers and see where you fit in.

Condos & Multifamily Family Post

Total Homes SOLD: 56

Average Living Area by Square Feet: 3,187.96

Average Listing Price: $1,305,354

Average DOM (Days on Market): 34.25

Average Sales Price: $1,324,373

Closing –

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you in the market to buy, rent or sell property in Quincy?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the condos of Quincy over the last 6 months. Take a look at the numbers and see where you fit in.

Condos Post

Total Homes SOLD: 145

Average Living Area by Square Feet: 1,091.35

Average Listing Price:     $291,886                                         

Average DOM (Days on Market):   58.96

Average Sales Price: : $288,768   

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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How Do I Make More Money Selling Real Estate?

Make More $$ Selling Investment Properties! Sales Agents Wanted (All of Mass & RI)

Local Boston Real Estate Office Looking for New & Experienced Agents! Starting with 70% commission splits for experienced agents & 65% for newly licensed agents!

Our office is unique in that we focus on Multifamily & Investment Real Estate Sales. Real estate investors are “repeat” buyer and sellers and building long-term relationships with local investors is our top priority. Right now we are busy and looking for new agents. Our office is in Boston but we’re in need of agents North, South, & West of the city as well as RI.

You can read more about The Mandrell Company by visiting http://www.MandrellCo.com

You can also learn more about building a sales business by working with investors at http://www.SellMoreBostonRealEstate.com

We employ a virtual sales model. No floor time required. Most of our agents work from home or out of their private office spaces.

We do an extensive amount of marketing and will provide leads but will also train agents on how to build your own business connections. Part time or Full time.

Send resume to contact@mandrellco.com to schedule an interview.

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Are you in the market to buy, rent or sell property in South Boston?  Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the condos of South Boston over the last 6 months. Take a look at the numbers and see where you fit in.

Condos & Multifamily Family Post

Total Homes SOLD: 370

Average Living Area by Square Feet: 1,149.28

Average Listing Price: $611,837

Average DOM (Days on Market): 44.65

Average Sales Price: : $615,976 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Multifamily Listing of The Month – Dorchester Beauty!

This majestic Greek Revival was built in 1845 by Elisha T. Loring in the historical Clam Point Neighborhood. Set on large, gated, meticulously manicured lot; the structure has been completely restored and was featured in the Boston Globe. The estate boasts extraordinary living spaces with contemporary luxuries & plentiful architectural details. This Victorian era manor is convenient to the highway and is just minutes from the beach, public transport, shopping and Logan Airport. It is less than 10 minutes from downtown Boston. The attached townhouse has a private yard, deck, laundry facilities, storage and 2 off-street parking spaces. $2500+ rent per month from the townhouse makes this dream home a reality.

21-23 Mill Street List Price: $1,295,000
Boston, MA : Dorchester 02122-3560

Property Information:

Approx. Living Area: 6400 sq. ft. Approx. Acres: 0.58 (25267 sq. ft.) Garage Spaces: 0
Living Area Includes: Finished Basement Heat/Cool Zones: 4/4 Parking Spaces: 6  Off-Street, Improved Driveway
Living Area Source: Measured Heat/Cool Units: 2/4 Approx. Street Frontage: 369 ft
Living Area Disclosures:
Disclosures:

Unit 1:

Rooms: 12 Bedrooms: 6 Bathrooms: 3f 2h Fireplaces: 6 Levels: 4 Floor: 1 Rent: 0 Lease: No
Rooms: Living Room, Dining Room, Kitchen, Family Room, Laundry, Mudroom, Office/Den
Appliances: Range, Dishwasher, Disposal, Microwave, Refrigerator, Freezer, Washer, Dryer, Vacuum System
Interior Features: Ceiling Fans, Security System, Floored Attic, Walk-Up Attic, Heated Attic, Cable TV Available, Storage, Balcony/Deck, Central Vacuum, Crown Molding, Fireplace – Wood burning, Stone/Granite/Solid Counters, Hardwood Floors, High Speed Internet Hookup, Upgraded Countertops, Wood Flooring, Walk-In Closet, Bathroom with Shower Stall, Bathroom With Tub & Shower, Intercom, Open Floor Plan, Programmable Thermostat, Remodeled, Stone/Ceramic Tile Floor
Heating: Central Heat, Forced Air, Gas
Cooling: Central Air, 3 or More, Unit Control

Unit 2:

Unit #2
Rooms: 4 Bedrooms: 2 Bathrooms: 1f 1h Fireplaces: 0 Levels: 3 Floor: 1 Rent: 2400 Lease: Yes
Rooms: Kitchen, Living RM/Dining RM Combo
Appliances: Range, Dishwasher, Disposal, Microwave, Refrigerator, Washer, Dryer
Interior Features: Security System, Cable TV Available, Storage, Balcony/Deck, Stone/Granite/Solid Counters, Hardwood Floors, High Speed Internet Hookup, Bathroom with Shower Stall, Open Floor Plan, Remodeled, Stone/Ceramic Tile Floor
Heating: Central Heat, Forced Air
Cooling: Central Air
Rent Includes: Heat, Gas, Water, Hot Water

This property was listed by DeClan O’Toole and brought to market SelectRE Boston.

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Boston Area Mortgage Rates Remain Low Going Into 2016

MCLEAN, VA–(Marketwired – Oct 29, 2015) – Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling slightly lower amid market expectations of no rate increase by the Federal Reserve.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending October 29, 2015, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent. 
  • 15-year FRM this week averaged 2.98 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.2 point, down from 2.62 percent last week. At this time last year, the 1-year ARM averaged 2.43 percent. 

Are you considering buying a home or possibly refinancing your current mortgage? Looking for a qualified professional to provide some lending advice? Give us a call. We work with the best home loan resources in Massachusetts! We’d love to learn a little more about your needs and connect you with the right company for the job.

You can reach us at 617-297-8641 or contact@mandrellco.com

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New Listings! 3 Dorchester (Savin Hill) Condos For Sale.

New Listings! Three Dorchester (Savin Hill) Condos coming to market. Each of these beautiful units is well maintained and offer many luxurious updates. The building is located within walking distance of shops and public transportation on Dot Ave as well as a short walk to JFK (Red Line) Station. The beautiful exterior offers newer hardy board siding and a tremendous amount of attention to detail.

Each unit will offer 3 bedroom, 1 bathroom with a great open floor plan and lots of natural light. Entertain in your great room & remodeled kitchen with granite counters, stainless steel appliances & beautiful hardwood floors. Get in now and you’ll have the chance to pick your own finishes!! Each unit offers a rear private deck. In addition, the penthouse will offer roof rights and allow the future owner the ability to build a deck with views of the city.

258 East Cottage Street, Dorchester MA 02125 – Units 1-3. Each unit being offered at a great value of $424,900.
Attention has been paid to every detail. Get in before the new year! New condo association with low fees!

For more information about the Condos on East Cottage, visit http://www.EastCottageCondos.com. For a private showing, please call Willie Mandrell at 617-755-4938.

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Are you in the market to buy, rent or sell property in Dorchester? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happened in the Condos of Dorchester over the last 6 months. Take a look at the numbers and see where you fit in.

Total Homes SOLD: 223

Average Living Area by Square Feet: 1,165

Average Listing Price: $378,863

Average DOM (Days on Market): 45

Average Sales Price: $382,174

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Are you in the market to buy, rent or sell property in Milton? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly what’s happen in Milton over the last 6 months. Take a look at the numbers and see where you fit in.

Total Homes SOLD: 10
Average Living Area by Square Feet: 2,737.10
Average Listing Price: $583,140
Average DOM (Days on Market): 50.90
Average Sales Price: $585,620

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. We can provide you similar data for any town or city in the commonwealth.
Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Would you like to have more control over how your retirement savings is invested? Are you sick of stacking cash away just to have the stock market drop 5% over night for no apparent reason? If this is you, consider moving your retirement savings to a Self Directed IRA. SD retirement accounts allow you, the account holder, to specifically “direct” your savings to the investment options you choose. Brian Kearney, from the Entrust Group answers your specific questions in the short video below.

Still have questions? Give us a call at 617-297-8641 or email us at contact@mandrellco.com. We’ve love to assist and connect you with the right professionals in the business.

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Off Market 3 Family Deals – Dorchester

Hi Boston Investors,

Corner lot multi-family with terrific cash flow. Owner looking to sell 3 unit building within walking distance of Fields Corner T Station. Each unit has 4 bedrooms, 1 bathroom. There’s private outdoor space and in-unit laundry. All units have de-lead certificates & utilities are paid by the tenants. Rents: Unit 1 – $1850  Unit 2 – $1750  Unit 3 – $2100 – Possible vacancy opportunity for owner occupant.

ASKING $550,000 – 74 Westville Street, Dorchester MA – Principal buyers only

Contact TJ Moreau for more information – (832) 576-6337 or tjmoreau08@gmail.com

Looking for other off market opportunities? – http://mandrellco.com/off-market-deals/

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Real Estate Investor Educational Events

Are you a local Boston real estate investor? Are you exploring the idea of real estate as a profession? In either case we have a great networking and learning opportunity for you. Boston Wealth Builder’s 2015 RE Investor Trade Show!  On September 19th, 2015, more than 300 local RE investors and indutry professionals will get together for this years event. We have many great vendors and several local speakers. Educational break out sessions will include:

Flip Real Estate w/ Other People’s Money! (Find & Secure Private Investors)

Saturday, September 19, 2015 – Quincy Marriott Hotel – 9:00 AM to 10:30 AM
• Private money – What it is, and why you need it to fund your deals
• How to find and sell yourself to private money lenders
• How to structure deals and make your private lenders feel comfortable
• Evaluating potential rehabs and crunching the numbers
• What to watch out for and trouble areas to avoid
RSVP now at http://www.meetup.com/Networth-Investors/events/222863620/

Learn How to Make Intelligent Improvements To Increase Your Property’s Value

Saturday, September 19, 2015 – Quincy Marriott Hotel – 12:00 PM to 12:30 PM
• What are the three main items appraisers are looking for when appraising real estate investment properties? Why are they important?
• What information can you provide the appraiser to expedite your appraisal process and getting the report into the lender?
• Understanding your improvements to the property relative to the property’s market neighborhood and Town/City.
• Why is rental income important in an investor appraisal?
RSVP now at http://www.meetup.com/Networth-Investors/events/223985976/

Fund Your RE Deals – Hard Money Questions & Answers

Saturday, September 19, 2015 – Quincy Marriott Hotel – 2:30 PM to 3:15 PM< /strong>
• What is hard money and how does it work?
• What do lenders look for and how can I qualify for a loan?
• How do I get a proof of funds letter so I can make offers?
• What type of property will Endeavor will lend on?
• What if I have bad credit? Can I still get the loan?
RSVP now at http://www.meetup.com/Networth-Investors/events/224284525/

All educational seminars will take place on the same day and in the same location as the MA RE Investor Trade Show. Seating is limited, so please RSVP to save your spot. Only members of the group will be allowed to RSVP.

If you have not yet a member of Boston Wealth Builders, please join the group! Membership is FREE and our meetings will be the best opportunity learn the RE investment business! You can join the group by visiting http://www.BostonWealthBuilders.com

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Word around town is that the big banks are going to start to foreclosing on many past due mortgages they have on their books. The feeling is they’ve been holding off until the economy shows signs of stabilizing and in many place we’re starting to see that stability. If you’re interested in locating investment opportunities through short sale and foreclosed properties, now would be a good time to start really eyeing to the market.

Here is our current Short Sale and Foreclosure list for Dorchester, MA.

197 Woodrow – Single Family
List Price: $235,853
Boston, MA : Dorchester 02124
36 Mount Ida Rd – Unit 3 List Price: $209,900
Boston, MA 02122
55 Devon Street – Unit 1 List Price: $234,900
Boston, MA : Dorchester 02121
123 Ruthven St – Unit 123 List Price: $241,000
Boston, MA : Dorchester 02121
77 Willowwood Street – 3 Family
List Price: $389,900
Boston, MA : Dorchester 02124
636-638 West Park Street – 3 Family
List Price: $424,000
Boston, MA 02124
47-49 Walnut – 3 Family
List Price: $480,000
Boston, MA 02122

Not interested in Dorchester? Are you interested in foreclosures and/or shorts sales in another area of Massachusetts? Please email (Contact@MandrellCo.com) your area(s) of interest and we can send you an updated report within a few hours.

 

 

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Somerville Real Estate Developers Give Advice To Future Investors

Dan Rubin & Ray Hurteau, from HRV Homes, invited Boston Wealth Builders out to their latest rehab project this past weekend. They’ve recently taken on a 3 family building in Somerville which they plan to convert into 3 luxury condos. The project located at 36 Rossmore Street will consist of three 2 bedroom/2 bathroom units with floor plans of approximately 1075 square feet. The project is scheduled to be completed in the spring of 2016 and each unit will be listed at $475,000.

Dan & Ray spoke to the group (of new and experienced investors) about how they found the building, how they are financing the construction, and their detailed plans for each unit. Is was a great opportunity for some newer investors to see a project in the progress and get a real feel for the business.

If you’d like to learn more about Dan, Ray, HRV Homes, and see photos of their current and past projects, you can visit their facebook page at https://www.facebook.com/hrvhomes

Would you like to attend future site visits  and other investor meetings? If so, join Boston Wealth Builders at http://www.BostonWealthBuilders.com. All of the meeting are free to the public. 

 

Somerville Condos For Sale

 

 

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What Credit Score Do I Need To Purchase A Home?

Are you thinking it’s time to purchase a home but not sure you’re credit score meets minimum requirements? In a video interview, Chris Graves of Sierra Pacific Mortgage, talks about credit scores and exactly what’s needed to make sure your mortgage application gets approved. If you have any additional questions, or would like to get yourself pre-approved for a mortgage, complete the form below and your information will be sent directly to Chris’s inbox.

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How long will mortgage loan rates stay at historic lows? Is now a good time to purchase a home? Should I refinance my existing mortgage? These are the questions everyone is asking. No one knows (outside of the FED) where rates are headed but common sense should tell us they can’t get much lower than they are currently. If you’re thinking of making a move….now would be a good time.

Here are the national average mortgage rates for this week.

  • 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.6 point for the week ending August 13, 2015, up from last week when it averaged 3.91 percent. A year ago at this time, the 30-year FRM averaged 4.12 percent. 
  • 15-year FRM this week averaged 3.17 percent with an average 0.6 point, up from last week when it averaged 3.13 percent. A year ago at this time, the 15-year FRM averaged 3.24 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.93 percent this week with an average 0.5 point, down from last week when it averaged 2.95 percent. A year ago, the 5-year ARM averaged 2.97 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, up from last week when it averaged 2.54 percent. At this time last year, the 1-year ARM averaged 2.36 percent. 

To give you an idea of where rates currently stand, compared to years past, we’ve provide you with the chart below.

Boston Mortgage Rates By Decade

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5 Ways Landlords Can Research Applicants & Avoid Surprises

Would you rather lose the rental income for another month or take on a bad tenant. Bad tenants can cost you much more than a months rent in the long run. Make sure you do your due diligence on the front end (at application time) before accepting an applicant. Here are 5 very good ways to make sure you fully understands your next potential tenant.

Sufficient Income:

Does the proposed tenant make enough money to pay the rent and utilities? Landlords typically require that your annual income is at least 40 times the monthly rent. For example, if you have a young couple looking at a $3,000 per month apartment, the landlord would require a combined income of $3,000 × 40, which equals $120,000. To determine how much rent you (and your spouse) can afford, simply divide your combined annual incomes by 40. It’s important to make sure you’re tenants are financially capable (in your eyes) of paying the rent and utilities. Do the math, and if the budget appears too tight, move on to the next applicant.

Qualifying Credit:

What is the tenants credit score or rating? Do they have any accounts in collection? Have they ever been evicted from a prior residence? Either you or the tenant should be pulling credit for each applicant that applys for your empty unit. If you are going to pull a credit report, make sure the application you supply the tenant clearly provides you with authorization to do so.

Reasons For Moving:

Why are you moving? Where are you coming from? What don’t you like about your current residence? Have you notified your current landlord of your intent to vacate? These are 4 great questions to ask a prospective tenant when you receive their application. If you want to take this search a step further you can Google Earth their current residence or even take a drive by (if you’re local). Gathering an image of the tenants current residence may help you get an idea of whether their new home (your apartment) will fit the bill.

Employment Verification:

Call the prospects (current employer’s) HR department. Do they work there? How long have they worked there? Is employment expected to continue for this individual? Make sure the application you’re using to collect tenant information provides authorization for you to make this inquiry. The HR member may also want to verify some information about the employee so have the application in hand when making the call.   

Google Search:

Do a quick Google search for the applicants name and see what pops up. Does America’s Most Wanted pop up as the first website or is a photo of the prospective donating their time to a local charity? In the first case you’ll certainly want to contact the local authorities about your possible discovery. In the 2nd scenario you will hopefully have a better feeling about the tenant you were going to accept.  Note: Any negative information you find on Google should be taken through some type of verification process. You cannot deny a tenant(s) application solely based on something you found online.

Need help finding a good, qualified tenant? Don’t have time to do showings for your empty unit(s)? Let us help. We assist landlords in locating a qualified tenants, often at not cost to the landlord. We will show your unit to potential tenants, collect tenant applications and conduct necessary screening before submitting the applicant to you for review and approval.

If you’re interested in learning more about our tenant location services, please call us at 617-297-8641 or email us at Contact@MandrellCo.com

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Are you in the market to buy, rent or sell property in the Mattapan area of Boston? Before you make a move, understanding the local market can make all the difference. We’ve outlined below exactly whats happened in the single family, multi family and rental markets of Mattapan over the last 6 months. Take a look at the numbers and see where you fit in.

Single Family

Total Homes SOLD: 9

Average Living Area by Square Feet: 1,489

Average Listing Price: $278,333

Average DOM (Days on Market): 60.33

Average Sales Price: $284,436

Multifamily Family

Total Homes SOLD: 8

Average Living Area by Square Feet: 3,296

Average Listing Price: $444,038

Average DOM (Days on Market): 20.23

Average Sales Price: $451,412

Condo Units

Total Condos SOLD: 3

Average Living Area by Square Feet: 1,046

Average Listing Price: $167,967

Average DOM (Days on Market): 64.93

Average Sales Price: $170,986

Rental Units

Average Rent for 1 Bedroom Units: $1,025

Average Rent for 2 Bedroom Units: $1,552

Average Rent for 3 Bedroom Units: $1,783

Average Rent for 4 Bedroom Units: $2,123

 

Would you like to get your own FREE Sales and Rental Market Report catered to your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report.  We can provide you similar data for any town or city in the commonwealth.

Please call us directly at 617-297-8641, for custom reports or questions about the data provided.

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Buying A Home In Dorchester? Get A Pre-Approval Before You Start Shopping!

Are you thinking now would be a good time to buy that house I’ve always wanted? Have you started visiting local Open House(s) and learning a little about what the neighborhood has to offer? Great. You’re on the right path to home-ownership but let’s not forget one crucial step. The pre-approval process! Getting yourself pre-approval for a mortgage is important so you fully understand where you are financially and what you can afford to spend. During the process your mortgage broker will be able to tell you, how much you can afford, what interest rates are doing, and what you can look forward to as a final monthly payment when taxes and insurance are added in. During the pre-approval process you should also speak with your mortgage broker about all the differing loan programs available to you and the pros and cons of each.

Chris Graves, of Sierra Pacific Mortgage, breaks down the pre-approval process in this 2 min video. Chris is an very experienced mortgage loan officer and is available to help answer any questions you may have about getting a loan. If you still have questions about obtaining a mortgage pre-approval and would like to speak with Chris directly, please complete the contact form below and your message will be sent directly to Chris’s email.

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