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

Contact@MandrellCo.com

Stunning renovations done in this classic 2 family charmer. The attic and basement have both converted to terrific living space and both areas are private to the owners! Gleaming hardwood floors, original moldings and 2 working fireplaces are just some of the features. This house sits on a beautiful .25 acres lot and has a nice single family feel to it. The owners unit has 5 total bedrooms, 3 baths and both living and dining rooms …with a total of over 2000 square feet!. A 2 car garage, coin op laundry machines and additional storage in the basement are just some of the extra features included with this homes. To view more photos visit http://www.youtube.com/watch?v=kNK6jExOUp0

For a sneak peek call Willie Mandrell 617-297-8641 or email Willie@MandrellCo.com

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Here are a couple great multifamily deals a short way from Boston. Take a look! 

159 Independence Ave, Quincy MA 02169  $399

Nicely updated 2 family waiting for new owner. Mins to Quincy Center, shops in Braintree/ South Shore Plaza. Off St Parking for 4. House on 230 Bus Line. 1 Min from 93 N/S & Rte3. Private backyard. 1st floor tenant paying 1300. Upper 3 bed unit for owner! Wash/dry hookup in bsmnt. New hot water tanks and gas furnaces. Hardwood flooring throughout. All new vinyl windows. Updated kitchens/ baths. Don’t miss out on this one! Multifamily prices and rents are headed upward! 

 

1125 Chestnut Street, Newton MA 02464  $789

Very rare chance to own a multifamily like this in Newton! Great opportunity for owner occupant or investor. Over $5000 in total rents collected every month with a strong rental history! This is a very well cared for property with coin op laundry and plenty of off street parking. House sits on a large corner lot and allows easy access to public transportation and the center of town. The multifamily market is hot and rents are on the rise. Don’t miss out!

 

Have questions? Interested in scheduling a showing? Call Willie Mandrell at 617-297-8641 

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If you’ve been thinking about buying your first home or considering an investment in real estate, now may be a good time to purchase a local multi-family home. With depressed real estate prices, historically low mortgage rates, and an increased demand for rental units, the current real estate market has created a perfect storm for new landlord.
 
Over the last year the Boston rental market has experienced a huge jump in demand. Boston landlords are achieving higher rents, while also experiencing less vacancy time. According to MLS Pin, at this time last year the average Boston apartment in was renting for $2,232 vs. a current day asking price of $2,679. That’s a $447 difference and nearly a 20% increase. The number of days apartment rentals are staying vacant has also been cut down significantly. Our current average rental unit DOM (days on market) is approximately 41 days, compared to 58 days this time last year. Not only are Boston rentals bringing in more income, but they are bringing in tenants on an average of 17 days sooner.
 
I regularly speak with many would be buyers that are sitting on the side lines in this great buyers market. These buyers seem to be waiting for national headlines to tell them that it’s ok to buy a home again. Savvy buyers and investors understand that real estate trends, and therefore values, are local in nature and not necessarily affected by what happens on the national stage. Make sure you are one of these buyers and educate yourself on what’s happening locally. For income producing property you also want to look at the cash flow being produced. Stronger rents typically mean stronger cash flow and therefore stronger home values.
 
When you see rents on the rise, DOM slimming down and combine those factors with the fact that Boston has always been a great place to live, it’s hard to produce a good reason why now wouldn’t be a great time to be a local landlord.
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Realtor.com contacted me this past week asking me to contribute to a couple articles the site was writing about investing in neighborhoods with big college crowds. They were looking for Realtors in a few different cities to write about their experience dealing with investors of college apartments. Below are a few of the questions they asked and my responses. 
 
1) Have you had a client who is an investor buy in your market because of the potential renters from the university?
Absolutely. Anyone that knows Boston knows this is a huge college town. From Harvard and Northeastern to BC and BU…we have some of the best, if not the best schools in the country. With this many colleges we will always have a high demand for apartment rentals and many investors understand this. They know that you can charge a premium for apartments in many centrally located areas of Boston. Students aren’t going to stop coming to school here, so there will always be a great demand for housing. 
 
2) Have you sold a home for a client to an investor who intended to rent the property to students?
Yes. The buyer didn’t specifically say that he intended to but there was no need. We have a few areas of the city that are notorious for college rentals. There are so many college students in these particular areas that he wouldn’t have a choice but to rent to them.
 
3) Have you had any clients who are parents that brought a property for their college student to live in with roommates?
Yes. I’ve had parents of students get frustrated with the huge price tag on some of the rentals here and found that it made more sense to buy a condo for their children. Most recently I worked with a Boston University student and her parents who bought a purchased a 2 bedroom condo in South Boston. She was starting her freshman year and had a brother two years behind her in school. He knew he would be applying to several schools in Boston as well when he finished high school. Their parents figured rather than paying for 8 total years of dorming or to deal with increasing rents, that they would buy and the kids could share it while they where in school. The older sister is currently living with a couple of roommate until her brother makes his way to Boston. The rents they are receiving from the roommates are off-setting a good portion of the mortgage expense. I think this was an excellent move for their particular situation. 
 
4) Any other thoughts on your market as a place for investors to buy because of the university (ies) there?
Boston is a great city and our colleges aren’t going anywhere. If you’re looking for a great buy and hold investment, purchasing a multifamily home here is a great choice. You don’t necessarily need to be next door to one of the school…we have a terrific public transportation system and you can be almost anywhere within 30 minutes.
I would suggest buyers have a long-term timeline to justify the premium they are going to pay for these buildings. Potential buyers also need to have their financing lined up and be ready to make a move. These properties don’t become available on a regular basis, so to catch a deal you have to do your homework and be ready to make a move when the opportunity presents itself. Boston also has one of the lowest vacancy rates in the country and our schools have a lot to do wit that. 
 
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