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What Does A Multifamily Home In Lynn Cost?

Interested in buying or selling a multifamily home in the Lynn or North Shore area? Your first move should be to find out how/ what the market is doing? Find out what’s selling and for how much. Want to know what’s happening with Lynn Multifamily home sales and rentals?

Here are Lynn’s multifamily sales and rental market statistics over the last 6 months.

Total Multi-Family Listings SOLD: 137

Average Living Area by Square Feet: 2,839

Average Listing Price: $410,045

Average DOM (Days on Market): 14.87 Days

Average Sales Price: $411,680

Average Rent for 1 Bedroom Units: $1,302

Average Rent for 2 Bedroom Units: $1,568

Average Rent for 3 Bedroom Units: $2,831

Average Rent for 4 Bedroom Units: $2,020

Want to see sales data for another local area?

I Want To Know My Home’s Value!

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What Does It Cost To Buy A Duplex Or Triple Decker In Roslindale?

Roslindale Multifamily & Rental Market Data

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?

Here are Roslindale’s multifamily sales and rental market statistics for the month of September.  

Total Multi-Family Listings SOLD: 16

Average Living Area by Square Feet: 2,600.00   

Average Listing Price: $618,352  

Average DOM (Days on Market): 37.87 Days 

Average Sales Price: $628,680

Average Rent for 1 Bedroom Units: $1,753

Average Rent for 2 Bedroom Units: $1,858

Average Rent for 3 Bedroom Units: $2,334

Average Rent for 4 Bedroom Units: $2,675

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!  

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

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New Construction Duplex – Get It Before It Goes On The Market!

50 Peacevale Road, Dorchester MA  – $595,000

Expansive two-family home offering quality finishes and peace of mind, to make you love coming home.

Designed and built to Oxbow’s high standards of elegant, efficient and smart. This home combines vibrant exterior detailing, thoughtful interior elements that anticipate the need for privacy and the opportunity for entertainment with the newest systems, energy efficiency, and materials found only in new construction. We want you to love coming home.

First Floor Unit offers 2 bedrooms with granite counter tops, hardwood floors, stainless steel appliances and much more.

Owner’s Unit offers 3 bedrooms, 2 bathrooms, stainless steel appliances, granite counter tops, hardwood floors, in-unit laundry, expansive finished attic space. This unit provides the perfect opportunity to let your imagination run free with numerous options for the attic space. Property comes with highly sought after off street parking.

Property Specifications

3,680 square feet of living space

2 Bedroom/1 Bath First Floor Unit: 1,220sf

3 Bedroom/2 Bath Upper Floor Unit: 2,460sf

Full unfinished basement

Fully Equipped Kitchens

Washer and Dryer Hookups

Off Street Parking

Please contact Denisha McDonald for more information and to schedule a showing. Denisha@MandrellCo.com or 617-982-3337

50-peacevale-first-floor-ff 50-peacevale-second-floor-f 50-peacevale

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Brand New Multifamily Home Coming To Market! 15 Whitman St, Dorchester

15 Whitman Street, Dorchester MA – $595,000

Expansive two-family home offering quality finishes and peace of mind, to make you love coming home.

Designed and built to Oxbow’s high standards of elegant, efficient and smart. This home combines vibrant exterior detailing, thoughtful interior elements that anticipate the need for privacy and the opportunity for entertainment with the newest systems, energy efficiency, and materials found only in new construction. We want you to love coming home.

First Floor Unit offers 2 bedrooms with granite counter tops, hardwood floors, stainless steel appliances and much more.

Owner’s Unit offers 3 bedrooms, 2 bathrooms, stainless steel appliances, granite counter tops, hardwood floors, in-unit laundry, expansive finished attic space. This unit provides the perfect opportunity to let your imagination run free with numerous options for the attic space. Property comes with highly sought after off street parking.

Property Specifications

3,680 square feet of living space

2 Bedroom/1 Bath First Floor Unit: 1,220sf

3 Bedroom/2 Bath Upper Floor Unit: 2,460sf

Full unfinished basement

Fully Equipped Kitchens

Washer and Dryer Hookups

Off Street Parking

Please contact Denisha McDonald for more information and to schedule a showing. Denisha@MandrellCo.com or 617-982-3337

15-whitman-first-floor-ff 15-whitman-second-floor-f

 

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Let’s talk about converting your multifamily into condos. What does it entail, who are the people you need to speak to, what are the things that you need to consider? I have a lot of clients that often come to me and say, “I have a two-family, I have a three-family, I have a four-family and there are some condos selling in my neighborhood, and I’m considering instead of selling my multifamily as a multifamily, what do you think about converting this building into condos and selling them off individually as condos? A couple things. I’m going to go over five things that you want to consider, five people that you want to speak to and get their advice before you make that final decision.

Number one, the number one person you want to speak to is your local real estate agent, a real estate agent that is versed in the multifamily, in condo sales within your market, within your neighborhood. What you’re trying to find out from that real estate agent is two things. One, “What would my multifamily building sell for if it sold as a whole, as a multifamily building?” The second number is, “If I break this into two units, or three units, what are those individual condos going to sell for?” That seems pretty elementary, pretty straight forward. Of course you want to know that. In addition to that what are the things that need to be done to these condos? What are the quality of the finishes within these condos that are required for the sale?

Again, if I’m renting … Right now if I live in unit one and I’m renting units two and units three, and I have laminate flooring and formica countertops and Home Depot cabinets, is that okay for this neighborhood? Is it a requirement for me to upgrade now to granite, to hardwood flooring, to stainless steel if I’m going to convert these into condos? What is the quality of the finishes needed for me to actually put a finished product on the market and actually have them sell?

Once you get those two comparisons. Let’s throw some numbers out there and let’s say we’re in a Cambridge market, let’s say it’s a three-family unit, and I can sell my multifamily for, let’s say, a million bucks. I’m looking at the condos in the same neighborhood and the condos are selling for let’s say six hundred apiece. This a pretty good spread. You have a million bucks as a multifamily. You have almost 1.8 million dollars in sales as a condo conversion. Most people would say, “Pretty straight forward.”

There’s a couple other considerations that you have, though. Next what I would do is I would talk to my general contractor. There’s a couple different ways … I’m going to give you the five people that you should speak to. The real estate agent I would say is always first and then you can toggle through the next four. I would probably bring in my general contractor next and say, “I’ve spoken to my real estate agent and I’m considering going the condo route. Here are the things that I want to do. Based on what my real estate agent is telling me, I need to probably gut this kitchen and we’re gonna go new flooring, new hardwood. We’re gonna bring in stainless appliances. I want new plumbing. I’m probably gonna change out a couple furnaces in the basement. I’m gonna separate these into different utilities for each unit.

Based on those things, what is that full renovation budget gonna run me?” Have your contractor come in, give them the specs, and then have them give you a proposal, a contracting proposal so you know exactly what you’re getting yourself into. The reason you want to do that is because, again, there’s an $800,000 spread between selling it as a multifamily and selling it as condos, but if you come in and your contractor says it’s gonna cost you about a half a million dollars to convert these into condos, is there still an 800. Now there’s only a $300,000 spread.

The other things you want to consider, $300,000 spread still a lot of money but, again, there are realtor fees, there are three realtor fees because you’ll be selling three condos. There are attorney fees. There would be three attorney fees because you’re selling three condos. There is also a bit of a home warranty, and you as a developer, or you selling these condos also have to make some type of guarantees. It’s not guarantees but some type of warranty to the end buyers. If the utilities break down, if the furnaces break down, those end condo buyers are going to be looking back to you. There are a lot of considerations there.

The next person I would speak to is an architect. The reason you would want to speak to an architect is because when you are going from a multifamily to a condo, in your condo docs you are going to need floor plans and the floor plans are going to lay out specifically which units own how much square footage, and then typically their condo fees are based on the square footage, and their ownership. Everything is kind of laid out in the condo docs and the architect is going to be the person that is going to come in and make sure that all the details of this building are specifically laid out, and then transfer all that to the attorney, which is the next person you would probably want to speak to. The attorney is going to talk to you a little bit about the process of drafting up condo docs, splitting your units into three separate entities, or three separate deeds.

There’s a lot of legals that go into taking one deed, one multifamily, and now dividing it up into three separate living quarters. The attorney is the next person you would want to speak to. You want to make sure that you are on board and fully understanding everything that legally needs to be done to convert these into condos, get your new condo docs, and everything else that goes along with it.

The last person you want to speak to, very important, as well, is your CPA, whoever does your taxes. You really want to make sure that they are versed in the real estate world. You want to make sure that they fully understand capital gains tax. What are my tax consequences for selling this building. Are they any different from selling it … your cost basis is going to be adjusted. Your cost basis is going to be adjusted from depending on how much money you put in, what your renovation budget is. Your renovation budget is going to affect your cost basis. You really want to ask them a lot of questions, your CPA a lot of question about the tax consequences that come with selling property and then your opportunity to sell these three or four condos, two, three condos, as well.

Again, talk to your real estate agent. Ask a lot of questions. Does it make financial sense? Talk to your attorney. What are the legal ramifications? Talk to your CPA. What are the tax ramifications? Talk to your general contractor. What is this going to cost me to get this to a market-ready condo? Last, but not least, talk to your architect about getting your floor plans ready so you can actually present them to your attorney to be included in the condo docs and, again, your realtor would probably want to see those floor plans, as well, because they would actually help the sale of the potential building, as well.

Again, Willie Mandrell, Mandrell Company. Five people that you want to speak to before you consider, or while you’re considering, changing your multifamily into a condo. If I can be of any help, please reach out. Mandrellco.com, m-a-n-d-r-e-l-l-c-o.com, or you can reach us at 617-297-8641. Thanks and have a nice day.

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Is The Dorchester Multi-family Market Cooling Off? Check Out These Numbers

If you know anything about Dorchester real estate, you probably know it’s been on fire for the last couple years…especially the 2-4 family buildings. But is the market cooling now? Are we at the peak? Check out the sales and rental numbers over the last 6 month and determine for yourself.

Here is Dorchester’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 104

Average Living Area by Square Feet: 3,362

Average Listing Price: $599,789

Average DOM (Days on Market): 51.58 Days

Average Sales Price: $593,745

Average Rent for 1 Bedroom Units: $1,645

Average Rent for 2 Bedroom Units: $1,972

Average Rent for 3 Bedroom Units: $2,211

Average Rent for 4 Bedroom Units: $2,564

 
I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

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

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South Boston’s Multi-Family Sales Are On The Rise. Check Out These Stats!

South Boston Multifamily Sales & Rental Market Report   

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?
Here is South Boston’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 24

Average Living Area by Square Feet: 2,958.00

Average Listing Price: $1,308,736

Average DOM (Days on Market): 49.11 Days

Average Sales Price: $1,256,778

Average Rent for 1 Bedroom Units: $2,189

Average Rent for 2 Bedroom Units: $2,828

Average Rent for 3 Bedroom Units: $3,616

Average Rent for 4 Bedroom Units: $4,178

 
I Want To Know My Home’s Value!
 

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

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

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4 Documents You Must Have During A Successful Home Sale

I Want To Know My Home’s Value!

I want to talk to you today a little bit about documentation, preparing to sell your multifamily property, any property in between two and 20 units. Typically, we’re talking about two and four units, residential property, but this also applies to larger investment properties as well. Documentation, getting ready to sell. What are you thinking about? What are the documents that you need to gather? I’m giving you right here is four sets of documents that your potential buyers are going to want to ask you about, your realtor is going to ask you about, so you might as well go ahead and get these documents prepared as early as possible.

The first set of documents that you want are your tenant leases and the rent roll. You don’t necessarily have to provide the actual physical copy of your leases to your potential buyers, but what they’re going to want to know is when did those leases start, when do those leases expire, and then the second half of that is what each tenant is paying. That’s a big part of selling a multifamily. It’s a big factor when potential buyers are buying multifamily, are am I going to be able to move into a unit? If one of the tenants are below-market rent, when does that lease expire and when am I now able to increase the rent. Making sure that you’re collecting that information, understanding when are your leases expiring and what each tenant is paying and being able to provide that information to your realtor, so your realtor can provide that to potential buyers.

The second set of items that you’re going to want to collect are systems warranties. Did you recently have the roof changed? Did you recently install a new heating system or a new AC system? Appliances, did you recently install appliances into any of the units within the buildings and are they still within warranty? That is adding value. If you are able to take those warranties and provide those to the new potential buyer and show this refrigerator was installed last year and it’s still under warranty, that is a great way to provide value, so you really want to go out and see if you can collect any warranties that you have from roof to heating systems to appliances, anything else. Systems maintenance. When was the last time that your heating system was serviced? If you have a good maintenance schedule in place, you should have been documenting that over the years and being able to turn that over to a potential buyer is going to create value and give the buyer a sense of ease knowing that the systems were maintained over the years. That is something else that you should be looking for in preparation for selling your multifamily house.

Last but not least, we live in Massachusetts and then throughout the country, 1978 lead paint law. Lead paint is no longer used after the year 1978, but within Boston and a lot of the areas surrounding us, these homes were built 1910, 1920s, so a lot of them still do contain lead paint. If you have lead paint documentation, if your apartments have been lead paint certified, this, again, creates a lot of value, creates a lot of comfort with your potential buyers and if you can provide that documentation right up front to show them that that’s not something that they don’t have to worry about any longer, they can now move children under the age of six in and not have to worry about the lead paint hazard. That is going to create a lot of value for you. It’s going to help you potentially get a quicker sale and for a higher sales price in making sure that you are also collecting that lead paint documentation as well. Four things, tenant lease and rent rolls, warranties, maintenance schedules, and then a lead paint documentation. If you provide those four sets of items, you should be in really good shape to get your property sold.

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Why Your Rental Property Is Worth $50k Less Than Your Neighbors

 I often get the question, “why is my property worth less than my neighbor’s? My neighbor’s house sold for,” in this particular situation, “$600,000. My house is listed at the same thing but I’m not getting the attention or it’s not moving as quickly as my neighbor’s home.” I am going to try answer that question really briefly. Hopefully you like my little graphic here. I am really proud of myself, able to put this together. Not that artistic so it took me a little bit. Hopefully it shows the point pretty clearly.

In this particular instance we’re talking about multi-families. We are talking about, in this particular model, two triple-decker side-by-side. Let’s assume all else is equal. They were built the same year. In the same condition. The tenant base is just as strong. All the systems are working just as effectively or efficiently as one another. All else being equal, the only thing that differs between these two properties is the rental income being produced.

In property number one in our example, you have three units. Each one of them is collecting $1500 per unit. Let’s assume they’re three bedrooms. In property number two, again, all else being equal, you have three bedrooms collecting $2000 a piece. The difference typically that we find between buildings that are almost identical selling for two different prices is the rental income that’s being produced. When buyers buy a rental property, when they buy a multi-family building, a lot of times their intention is to … and not a lot of times, most times, I would say all times, their intention is to collect as much rent as possible to help them reduce their expenses. A lot of times their mortgage qualification relies on the rental income that comes in to help them qualify for a larger purchase.

In this particular example, all else being equal, this particular model, this particular property is worth $550,000. This one is worth roughly $600,000 because of the differences in income. Often you have the seller of property number one saying, “well my house, I’m putting my house on the market and you’re telling me it’s worth $50,000 less than the house two doors down that’s almost identical to mine that sold for 600. Well I know my neighbor and I talked to my neighbor and they’re getting 600 for their property. Why is my house sitting on the market and it’s not getting the attention when we’ve listed it at the same price?”

Again, there are a lot of different factors that go into selling property. The condition, the atmosphere, maybe this person sold in a nice summer market and this is coming onto winter. The rental income is not the only factor that goes into the final price. A lot of times whether you’re talking about multi-family properties, especially the triple-deckers that we have here in New England, the rental income is a big factor and the more rental income that you have being generated by the building, typically the higher the sales price of that building compared to similar buildings.

The point we’re trying to make is more money increases value. More money equals more value. The second point is staying up with the market. Staying up with the market. Staying in touch with what’s going on in your local rental market. By that I mean, typically the reason that you find a difference between these two buildings and what they’re renting for is this person has had long-term tenants. Very good thing, but while these tenants were staying in place, this landlord never systematically went back and increased the rents. The thought process is, and again, to no fault of this person, it’s very common that this happens, is my tenants are great. They’re great people. They don’t give me any trouble. I just want to keep them in place and I want to keep them happy. I’m not going to touch the rent. As long as they’re paying the bills. It is paying the bills that I’m covered. I don’t need much out of it.

Ten years down the road, fifteen years down the road when they’ve gone … when it’s time to now sell, this person has kept up with the market, systematically said, “okay, the three bedroom apartments are now renting for $1800, now they’re renting for $1900.” As tenants move out and new tenants are being replaced, or the tenants that are in place stay there and he systematically increasing two, three percent over time to keep up with the current market rents. When it’s time for these two individuals to sell, they’re cashing out, they’re retiring, they’re moving on, they’re trading up, whatever it is, this person now, despite how nice he was to his tenants or she was to her tenants, over the years is now put themself in a tough situation compared to the person who kept up with the market.

At the end of the day, buyers are going to look at what the property is producing and say, “I’m going to make my determination of value based on,” not solely, but again, in large part on what I can get back. Even if I occupy this unit, we’re looking at it from an investor standpoint, even if we looked at it from an own occupant standpoint and we said we took away this rent, we took away this rent. I now have $4000 to help me with my mortgage. In now have $3000 over here to help me with my mortgage. I can actually not only afford to pay more according to my mortgage broker, but it makes sense for me to pay more for this stream of income. That is exactly what buyers are purchasing. A stream of income.

You as a seller should over the years understand that you want to be systematically raising your rents, systematically increasing your rents, not to be troublesome to your tenants but to make sure when that sale comes sometime in the future that you are prepared for it and that the value of your building has been maximized because the rents have been maximized.

I Want To Know My Home’s Value!

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Malden 2-4 Family Sales Are On The Move… Just Look At The #’s

Malden’s Multifamily Sales & Rental Statistics

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success. Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?

Here is Malden’s multifamily sales and rental market statistics for the last 6 months.
Total Multi-Family Listings SOLD: 87
Average Living Area by Square Feet: 2,640.00
Average Listing Price: $543,735
Average DOM (Days on Market): 43.11 Days
Average Sales Price: $534,782
Average Rent for 1 Bedroom Units: $1,453
Average Rent for 2 Bedroom Units: $1,854
Average Rent for 3 Bedroom Units: $2,138
Average Rent for 4 Bedroom Units: $2,345

I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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4 Task You Must Complete Before Selling Your Boston Rental Property

Hi guys. Willie Mandrell with the Mandrell Company and today I want to talk to you about five things that you must do prior to selling your multi-family property, your 2- to 4-unit residential or larger investment property. Here are five things that you must do or consider prior to putting that property on the market.

Number one, and the most important thing, is keeping your tenants informed. Nothing can spoil a sale faster than having a tenant who was uninformed about the sale and now objects to that sale, is uncooperative in terms of letting potential buyers in or coordinating with your realtor. You really want to keep your tenants informed about the sale and educating them about the process prior, letting them know that if they’re under lease currently, their leases are going to be respected by the new buyers. If they are worried about rent increases, having that conversation with them prior.

I think the most important thing is also informing them about showing times. We’re going to be having an open house on Saturdays and Sundays from 11 to 1. The realtor is also going to be contacting you for showings in between on Tuesday nights or Wednesday nights. We’re going to try to keep it to a minimum, as not to disturb your quality of living. We don’t really want to interrupt your dinner time or special family events. Keeping that open line of communication with your tenants is going to help the sale move a lot more smoothly than having them uninformed. Making sure you keep your tenants informed, number one.

Have a pre-sale inspection. This is not an absolute necessity, but it can really help move the sale along. If you have a home inspector come in prior to actually putting the house on the market, the home inspector will tell you which appliances are not working correctly, which plugs are not grounded, does your roof look a little older, does the foundation need some type of pointing? If you have a pre-sale inspection, you can learn a lot about the property that you might not have otherwise known, and give you an opportunity to address some of these issues prior to putting the house on the market, and can make the sale go a lot more smoothly than having the reverse happen and having the buyer do the home inspection, and then them coming up with issues and the potential sale falling apart later on.

Number three. Check your smokes. If you are operating with a two- to three- or four-family residential property, the sale cannot take place unless the Boston or local municipal fire department comes in and assures that your smoke detectors are in the proper working order and the proper position within the home as well. Making sure that you’re going around and checking your smokes, that they’re ten feet from every bedroom, that if you own a three-family or above, that the hallways, the common area, the back and front hallways, plus the basement are hardwired to an electric panel. Talk to your realtor about the requirements for the smoke inspection. They are most likely going to coordinate with the municipality, the local fire department and make sure that smoke inspection happens for you. Making sure your smokes are in good working condition, because the sale of that property will not happen if they are not.

Number four, very important as well, talking to your CPA about the sale of that property. If you’re selling that property, are you taking the cash and doing something with it? Are you cashing in? Is it closer to retirement? Your CPA is going to be able to advise you on the tax consequences. The federal government wants their money. The state and local governments also have a stake in the sale of your property as well. Talking to your CPA will give you a good understanding of what’s going to happen with the cash after the sale of that property. It’s something you really want to do and really understand prior, so you can make accommodations. Maybe you want to minimize your tax liability, and talk to your CPA about a potential 1031 exchange, an exchange from one investment property to another. Talking to your CPA is very important.

Last but not least, is you want to talk to an attorney, a good attorney. If you don’t have an attorney that you work with, not everyone does, you can get an excellent real estate lawyer or attorney suggestion from your real estate agent. We, as real estate agents work with attorneys on a regular basis, and we can refer you to someone good that’s in your area that knows your real estate. The reason you want to do that is you really want to have a relationship because as you’re going along and there’s certain paperwork, the offer form, the purchase and sales, the closing itself, the attorney might want to get power of attorney to sign for you at the closing, so you don’t necessarily need to attend. There’s a lot of legal aspects of selling property that you want to talk to your real estate attorney with as well.

THere’s the five things that if you do these five things, you’ll be in very good shape to have your sale move smoothly. Keeping your tenants informed, getting a pre-sale inspection, check your smokes, talk with your CPA, and hire a lawyer. If you do those five things, you’ll be in very good shape for a smooth sale of your multi-family property.

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West Roxbury Multifamily Sales & Rental Market Data

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?

Here are West Roxbury’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 9

Average Living Area by Square Feet: 2,910.00

Average Listing Price: $675,735

Average DOM (Days on Market): 68.11 Days

Average Sales Price: $677,778

Average Rent for 1 Bedroom Units: $1,577

Average Rent for 2 Bedroom Units: $2,004

Average Rent for 3 Bedroom Units: $2,356

Average Rent for 4 Bedroom Units: $2,957

I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

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

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East Boston Multifamily Sales & Rental Market Data

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?

Here are East Boston’s multifamily sales and rental market statistics for the last 6 months.  

Total Multi-Family Listings SOLD: 44

Average Living Area by Square Feet: 2,462.00

Average Listing Price: $615,435

Average DOM (Days on Market): 66.98 Days

Average Sales Price: $610,560

Average Rent for 1 Bedroom Units: $1,677

Average Rent for 2 Bedroom Units: $1,943

Average Rent for 3 Bedroom Units: $2,307

Average Rent for 4 Bedroom Units: $2,875

I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

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

http://www.EastBostonHomeValues.com

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When you are preparing to sell a MultiFamily, Here are 8 things you should do to ensure a smooth transition and to limit surprises. 

  1. Hire a Certified Professional Accountant (CPA) who is well versed in real estate. You want to know what your tax consequences are when you sell. There are capital gains taxes associated and you want to know next steps before you begin the process.
  2. Talk to a Realtor who is familiar with your area and multi-family homes. It is not just about listing your home, they need to understand the intricacies of a multi-family and how rent, condition, location etc affects the value. Is it a buyer’s market or a seller’s market?
  3. Does it make sense to sell as condos? Boston is experiencing a real estate boom and oftentimes in some neighborhoods, it is more profitable to divide the property and sell as condos as opposed to selling as a multi-family.
  4. Informing tenants of the sale. You want to inform them as early as possible. You want to be respectful of your relationship because a disgruntled tenant can hinder the sale of your property. You want their cooperation in coordinating showings, assist them in providing information for relocating.
  5. Gather property Financials. Buyers want to know the additional cost associated with the property so they know if the numbers make sense
  6. Gather tenant lease information. The buyer will want to see the lease agreements. When do leases expire? Are they market rent rates or below market rents?
  7. Fix any major and minor repairs in home. You want building in best shape possible as first impressions are lasting. Also, home inspections are a time to renegotiate the price. If you do not want to renegotiate the price, repair as much as you can that makes sense (discuss with realtor) so that you get the strongest offers.
  8. Connect with a real estate attorney. You want to ensure your best interests are protected.

For more information and helpful tips, please follow our blog posts or connect with us on  facebook or email at contact@mandrellco.com

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The majority of Bostonians hate writing a check to their landlord every month, particularly if you live in Roxbury, Jamaica Plain, and Lower Mills areas. Sometimes you are cursed with noisy neighbors, or a super strict landlord who is looking for any reason to push you out so he can get the next highest paying tenant.

If any of the above applies to you, you probably want to buy a home…yesterday! Wanting to buy a home and being ready to do so are two different things. Are you financially ready for the monthly mortgage payment and budgeting for repairs?

Here are five signs that you’re not ready to buy a house just yet. But don’t fret; even if you are struggling with these financial issues, you can still become a homeowner. You’ll just need a bit of patience and improved financial skills.

Buying a home is expensive. You’ll need money for a down payment. If you are buying a home with an FHA loan, you’ll need a down payment of 3.5% of your home’s final purchase price, depending on your credit score. For a $300,000 home, that comes out to a down payment of $10,500. Thanks to Mass Housing, we have a 3% down payment program, but that still equates to $9,000. These numbers do not include closing costs, moving costs and other miscellaneous costs associated with moving into a new home. 

Closing costs are the fees that mortgage lenders, title insurers, attorneys and others charge you to originate your mortgage loan. We generally tell people plan for an additional 2% to cover these costs which equals $6,000.

It’s true that you can get help with some of these costs. You can use gift money from relatives, for example, to pay for all or part of your down payment. You might be able to convince a home’s seller to pay for all or part of the closing costs. In our current market, sellers are not inclined to do closing cost assistance unless you plan to purchase well above asking. 

What to Do

It’s best to start searching for a home only after you’ve saved enough money to cover a down payment and your estimated closing costs. Another option would be to look into programs available by your municipality that encourages home ownership by providing financial assistance. There are also some non-profits and other organizations that allow you to purchase with 0% or a rate lower than industry standard. (NACA.com)

Sign 2: Your Credit Score Is Bad

Your credit score is a key number when you’re applying for a mortgage. The best interest rates go to individuals with the best credit scores (above 740). The lower your score, the higher your interest rate and subsequently, the higher your monthly mortgage payment. You can purchase a home with a 580 credit score according to FHA guidelines but there are only a few lenders willing to accept a score this low. 

What to Do

First, order at least one of your three credit reports from AnnualCreditReport.com. You are entitled to one free copy of each of your three credit reports — maintained by the national credit bureaus of Experian, Equifax, and TransUnion — once every year. Once you get your report, read it carefully. It will list how much you owe on your credit cards and how much you owe on student loans and car loans. It will also list whether you have any late or missed payments during the last seven years. Those late or missed payments will send your credit score tumbling.

Next, order your FICO credit score. You can do this from the credit bureaus, too, but you’ll have to pay about $15 to do so. If your score is low, and there are negative marks on your credit report, it’s time to start a new history of paying all your bills on time. You also need to pay down as much of your credit card debt as possible. Both of these actions will steadily increase your credit score, though it could take months or even more than a year before your score recovers enough to make you a good candidate for a mortgage loan.

Sign 3: You Have Mount Everest of Credit Card Debt

Your debt-to-income ratio is another key number when it comes to buying a home. Lenders want your total monthly debts, including your estimated new mortgage payment, to equal no more than 43% of your gross monthly income. If your debt-to-income ratio is too high, you’ll struggle to earn approval for a mortgage. Some lenders will go as high as 50% due to the high cost of rent but generally, they want to see that you are not up to your eyeballs in debt.  

What to Do

I would say pay off your credit card debt but if you could have, you probably would have by now. I will STRONGLY recommend you always make more than your minimum monthly required payment. 

Sign 4: You Routinely Miss Your Monthly Payments

Making late payments, or missing payments completely, is a sure sign that you’re not ready for the financial responsibility of owning a home.

If you miss a mortgage payment by more than 30 days, your credit score will fall by 100 points or more. If you miss enough, you could lose your home to foreclosure. This is not like a landlord where you get warnings before it affects your credit… this is immediate. 

What to Do

Learn better financial habits before you apply for a mortgage. Set up reminders on your phone or computer alerting you when bills are due or use my favorite method… automatic payment. You could set aside one day each month dedicated to paying bills if you prefer the old fashioned paper method. Don’t apply for a mortgage until you’ve broken the habit of regularly missing your monthly payment due dates. 

Sign 5: You Don’t Have a Stable Job

You’ll need a steady, reliable stream of income if you use a mortgage to finance the purchase of a home. If you’re worried that you’ll lose your job, or your income is sporadic with no real pattern, you should probably NOT purchase a home. Generally, you need 2 years of full time work history. If you are self employed, you will need other documentation to help qualify you for a loan. 

What to Do

Find a job that is reliable and that pays you a stable income each month. Don’t take the risk that everything will work out. You don’t want missed mortgage payments on your credit reports. And if your job is unstable? You’ll greatly increase the risk of these red marks. If you are self employed or you operate on seasons… then you should think of yourself as a chipmunk… get good at storing away for the slow months. 

I hope this advice was helpful. We strive for our clients to be responsible home owners and want to ensure you will not be putting your home up for sale due to foreclosure. We want to help you BUILD WEALTH THROUGH REAL ESTATE!

 

For More information, please contact one of our agent specialists for your area or connect with us on… 

Dorchester Real Estate Agent

 

 

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Recently I was finally able to go to my first Boston Wealth Builders event, “Building Wealth Through Multifamily Investing” and it was everything I hoped it would be. A big thing for me when deciding to go to any real estate meetup is to not have to sit there and listen to a bunch of sales pitches from whatever guest speaker they decide to have attend that day. Instead, this is event was purely educational, covering topics such as evaluating your target market, determining property values, calculating cash flow, etc. As a beginner investor it was great to be educated on so many different topics involving multifamily real estate investing.

Another aspect of the event that I really enjoyed and thought was powerful was the several guests that attended to also speak. There was a mortgage broker from Sierra Pacific Mortgage, an attorney from Mahoney Law Group and a real estate agent from The Mandrell Company. No, they were not there to sell, but to cover their own topics as well as reinforce the organizer’s presentation.  The mortgage broker went into great detail about all the different loan options that are available to people, along with several that some people may not be aware of. Also, he explained some of the qualifications that his company goes by that may present an easier option to obtaining a loan that could help you fund your deal. The attorney provided a handout which essentially documented a step by step walkthrough of what you need to be doing throughout the process of purchasing a multifamily property which was incredibly helpful. Lastly, the real estate agent supplied a ton of additional information as well as his own personal experience of what he is noticing in these current markets and where some of the best places might be to look for multifamily properties.

At the end of the event they had allowed plenty of time for questions to be answered and even let people talk individually with any of the speakers that were there. This was a great opportunity to start networking with the type of people that you need to establish relationships if you want to be successful in this business. Ultimately this was the biggest take away from that day’s event. The importance of networking cannot be stressed enough and to be a part of a group that prides itself on creating an environment in which you can connect and build relationships with like minded people is something that I definitely look forward to continuing.

 

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I have 2 friends who both recently purchased their first homes in the Boston area. While I’m happy for them both, my friends took two completely different approaches to home ownership, which resulted in two wildly different financial scenarios. Below are the details

Larry (friend #1) makes about $40,000 annually, has very little consumer debt and a fair credit score (650). Larry was pre-approved by his mortgage broker for a $300,000 homes purchase based on his financials. As of 2016, $300,000 in Boston will buy you an entry level single family in the city which is what Larry decided to purchase. His mortgage, taxes, insurance, and water bills cost Larry about $2,077.30 after a 5% down payment and paying his own closing cost. His monthly cost of detailed below.

Larry’s Payment Information
Principal & Interest: $1,360.63
PMI: $250.00
Water/ Sewer: $50.00
Taxes: $250.00
Insurance: $166.67
Total Monthly Payment: $2,077.30

Pros & Cons:

  • Larry has the joys of single family living and doesn’t have the responsibilities that come with tenants 
  • If anything happens to Larry financially, he is on his own when it come to covering his monthly obligations
  • Larry was able to purchase this home with 5% or just 15,000 out of pocket.

John (friend #2) makes nearly the same annual salary of $40,000. John also has very little consumer debt and a 650 credit score. Instead of accepting the same $300k pre-approval Larry did, John decide to talk to his mortgage broker about purchasing a multifamily property, more specifically a Boston triple decker. John planned to live on one floor and rent out the other 2 units to help cover his monthly cost.

John’s mortgage broker did some research and found that apartments in John’s area were renting for $1650 per month on average. If John occupied one unit and collected rents from the other two, he would be putting an additional (after his own salary) $3700 per month in his pocket. In this scenario, John’s mortgage broker re-evaluated John’s financials and determined that if John was to purchase a triplex, he could afford to spend up to $550,000. Simply put, the additional rental income allowed John to purchase a larger home. After John collected rental income from his tenants each month, John was left with a balance of $4.17 that he need to cover. John was essentially living for free. ($1650 per month x 2 rental units = $3700 – Monthly Cost of $3,704.17 = $4.17 balance)

John’s Payment Information
Principal & Interest: $2,554.17
PMI: $400.00
Water & Sewer: $150.00
Taxes: $350.00
Insurance: $250.00
Total Monthly Payment: $3,704.17

Pros & Cons:

  • John was able to purchase this property with 5% (27,5000) out of pocket.
  • John has a very small obligation every month  (4.17$) to cover but what if one of the tenants moves out? John will need to save money to cover the cost of vacancy. He will also need to cover the cost of repairs to the building/ tenant units. 
  • John doesn’t have the privacy single family home provides.
  • John will eventually raise his tenants rents. If rents go up, John’s income from the property goes up as well. Now he’s putting money in his pocket every month after his expenses…”cash flowing”
  • If John ever moves out of his apartment he could also rent it for market value. In the near future he could be putting $2000 into his pocket every month.
  • John does need to create a reserve account for the raining days that come as a landlord.

 

Would you like to speak to one of our mortgage brokers and find out what you qualify for? Are you interested in purchasing a multifamily home and need more information? Give us a shout at 617-297-8641 or email us at Contact@MandrellCo.com

 

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10 Must Do’s Before Selling Your Boston Triple Decker

Are you preparing to sell your multifamily property (2+ units) and want to make sure you earn top dollar from the market? The best way to maximize the resale of rental apartments is to get buyers to fall in love with the building. Here’s a list of 10 things you can do to ensure buyers open up their wallets.

1. Inform your tenants of the sale:
A multifamily seller’s tenants can often make or break a transaction. If the tenants are non responsive to showing requests or provide damaging information to prospective buyers it could instantly mean a lower sales price or possibly no sale at all. The best thing to do to avoid trouble is to have a conversation with your tenants about your intention to sell. You’ll need to inform them that potential buyers are going to be viewing their living space and they will need to make themselves (or their unit) available during certain scheduled times. Let them know you’ll be respectful of their living quarters but will need access for potential buyers soon. If there are any complaints that have yet to be resolved, now would be the best time to handle these issues.

2. Prepare the property financials:
When you’re selling a multifamily home you need to consider your potential buyers and their wants/needs. Many multifamily homes are purchased for investments purposes. If you’re perfect buyer is an investor, they’re going to want information on the buildings operating expenses. You should gather this information and be prepared to show it to potential buyers during the selling process. Operating expenses include: Taxes, Insurance, Water/Sewer, Common Area Cost (Heating & Electric), Utilities, Trash Removal, General Maintenance, and anything else needed to keep the building running smoothly. They are costs your potential buyer will need to consider during the purchase.

3. Provide details on your systems:
When were the heating systems installed? When was the roof installed? What is the age of the hot water tank(s)? How old are the windows? Any electrical or plumbing upgrades recently completed. Have your real estate agent provide you with a check list of home systems so you can make sure you’re fully prepared to answer questions the buyer or investor has.

4. Get a home inspection done:
Home inspections are just for buyers. As a seller you can also have a home inspection done for the property prior to placing it for sale. This proactive approach will cost you a few extra bucks, but it will also allow you to see exactly what your potential buyers are going to see. The more issues you can resolve prior to the buyers home inspection, the less you’ll have to negotiate and the more the buyer will pay.

5. Bring your rents to market value:
If market rents for a two bedroom apartment in your area are $1500 a month (but you’re a nice lady) and you’re charging your tenants $1100 dollars per month, you’re hurting the value of your property. Charging tenants less than market value is what many landlords do to keep good tenants in place. They think to themselves that they don’t want to upset things and force the tenants to move out. While there is nothing wrong with this strategy, landlords are not helping the resale value of the building. For example, if you have two triple deckers side by side with one landlord collecting $1100 ($3300) per month while the other landlord is collecting $1500 ($4500) per month, all else being equal, the multifamily with the hire rental income is going to have a higher value. Put yourself in the buyer’s shoes. If I have the option to purchase two identical income producing homes, why would I pay the same price for a building producing less income than its counterpart? I wouldn’t. If you’re timeline allows, it may make sense to increase the rents a few months prior to selling your property to show the increased income. Consult your realtor about this strategy and make sure to properly assess the current rental market.

6. Assemble your real estate team:
Do you have a real estate agent? Does that agent understand the local market, the investment business and what potential investors are searching for? Do you have a good real estate attorney to represent you during the transaction? Your attorney will help work out the details in the purchase & sales contract which you and the buyer will sign. Have you spoken to your CPA or tax preparer? Do you fully understand the (if any) tax consequences for selling this investment property?

7. Have leases and tenant documents available:
Have your tenant leases and security deposit information available to show potential investors. Once both parties are in agreement on a selling price, and an offer has been accepted, your buyer will want to see leases and ask about deposits you have in place. This is important to them as these will be the documents they will need to honor after the property is in their name.

8. Make necessary repairs to the property:
If you’ve done a pre-sale property inspection, you now have a good list of what the property will need to avoid any buyer concerns. Now is the time to take care of these issues. Ask your realtor for local contractors and handy men and have them take care of what’s necessary. Making these proactive repairs will help deter the buyer from requesting a discount and help you achieve top dollar during the sale.

9. Have a Realtor provide the home’s value range:
Your home’s value isn’t determined by a real estate agent, the bank or an appraiser. All of these people (or entities) can provide you with opinions of value based on their market knowledge, but the true value of your property is always going to be determined by the open market (buyers). Your building is only worth as much as someone in the market is willing to pay for it. When buyers determine what to pay for a particular property they review what other properties have sold in the neighborhood similar to the one they’re considering. They do what’s called pulling “comps”. They “comp” or compare your house to other sold homes in the area. When determining a value, your real estate agent will do the same and provide you with this information. They will sit with you and go over other recent sales in the neighborhood and determine where your property lines up.

10. Brush up on the current real estate market:
Are you operating in a buyer’s or seller’s market? What’s happening within the local economy and is now a good time to sell? Your real estate agent will be able to help you answer both of these questions. It’s important to know if the current market benefits you as a seller or does it work in the favor of buyers. A sellers market is anytime inventory (amount of homes on the market) is really low, but there are a larger number of buyers looking to make a purchase. This is the best time for you to sell. In a perfect world you’ll have multiple buyers bidding for your property and driving the price upward. A buyers market is a condition when there are more homes available than willing and able buyers.
The local economy should also play a role in your sales decision. Is there development going on in the area? Are interest rates good and loans readily available for buyers? If money is tight and buyers aren’t able to find lending, you’ll have a tough time finding a suitable taker for your property.

Contact me directly to learn more about how The Mandrell Company can help you sell your multi-family for the most money in a reasonable time frame.

Willie@Mandrellco.com or 617-755-4938.

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Roslindale Real Estate Is on FIRE! Here’s What’s Selling…

Are you in the market to buy, rent or sell property in Roslindale? Before you make a move, understanding the local market condition can make all the difference. We’ve outlined below exactly what’s happening with Single Family, Multifamily, and condos in the area. All these number reflect what’s taken place over the last 6 months. 

Single Family Listings

Total Homes SOLD: 72

Average Living Area by Square Feet:   1,897.04

Average Listing Price:    $488,750

Average DOM (Days on Market): 40.15                                 

Average Sales Price:  $491,923   

Condominium Listings

Total Condos SOLD: 97

Average Living Area by Square Feet:   1,196.04

Average Listing Price:    $372,240

Average DOM (Days on Market): 25.15                                 

Average Sales Price:  $374,938

Multifamily Listings

Total Multifamily Buildings SOLD: 26

Average Living Area by Square Feet:   2,808.04

Average Listing Price:    $583,240

Average DOM (Days on Market): 65.15                                 

Average Sales Price:  $588,327  

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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It is no surprise Boston rents have skyrocketed it seems over night. Some areas have seen increases as much as 25 percent over the past few years. Salaries are not keeping up with the pace of housing costs. This fact hurts middle to low income tenants but provides great benefit to landlords and young professionals with cash to burn for convenience. 

The hub is one of the most expensive markets in the nation. Overseas investors purchase properties without seeing them, they simply want somewhere to park their money and earn a great return on that investment. The Boston market is ideal because we are the educational hub, young professional and business hot spot.

Not only do we have oversees investors, but also new investors who want to own a property and have tenants help pay their mortgage. In the short term, the owner’s “rent” is cheaper as tenants pay the bulk of the mortgage. In time, as property values appreciate and owners take advantage of the many tax benefits of owning real estate, it becomes a more profitable and solid investment. If the market crashes, your home may lose value as far of sale price but your income from the property is stabilized and you are not financially affected if you are a responsible landlord. 

In addition to owner occupant investors, we have young professionals who are looking to diversify their portfolio by adding a little local real estate. They do not reside in the property but rather use it as a generator of additional income. Boston’s market is very strong and has weathered most of the financial downfalls of the nation so it is seen as a more safe investment.

Jamaica Plain and Roslindale are hot beds for hipsters and young professionals, and investors know this. Adding amenities and converting triple deckers to condo units is extremely lucrative and they are cashing in on the trend. Investors can spend full price on a triple ($600,000), convert each floor to a condo and sell each unit for upwards of $400,000 each unit. 

The benefits of buying a multi-family is very apparent to oversees investors and becoming more popular with young professionals. If you are interested in purchasing or selling your multi-family, please email us at Contact@MandrellCo.com.

One of our multi-family focused agents will be in touch and can walk you through everything you need to know, whether a buyer or a seller.

Contact us TODAY: Contact@MandrellCo.com 

 

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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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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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 2 Dorchester Condos – Coming to Market Soon

Two 2 bedroom condos (in Dorchesters, Savin Hill) will be hitting the market in early September. The units (1078 sq ft) will be completely upgraded with new appliances, cabinets and many other sizzle features.  Unit 2 will have deeded garage parking while Unit 3 will have roof rights. The building is about a 10 minute walk from Savin Hill T stop as well as JFK. Easy access to Dorchester Ave and many shops. The developers plan to refinish the exterior of the building prior to the selling.

The units (2nd and 3rd floor) are located at 69 Pleasant Street, Dorchester. They will be priced in the low 300’s.  

2 Family Home (South Boston) – Available Immediately

Two units over looking Carson beach section of Columbia Road. The building needs a little work but could be a nice rental or condo conversion. The seller is asking $850,000 and will deliver the building vacant. We have been asked us not to provide the exact address of the property until potential buyers have been taken through a vetting process.

Please call 617-297-8641 (ask for Willie) for further details on either of these off market opportunities.

 

 

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Dear Malden and local North Shore Landlords,

My name is Joe Rodriguez and I am a Licensed Realtor, and fellow Landlord on the North Shore. If you have an apartment(s) for rent, I would love to assist you in finding and placing the ideal tenant. As a real estate professional living and specializing in your rental market, I work directly with the most qualified tenants around, and currently have several such tenants looking for rental space.  I would love to visit your rental, take some pictures to begin showing it to my very interested client base, as soon as possible. If you list your rental with me and he Mandrell Co we will take care of your tenant’s application, credit checks, employment and background checks, lease agreements and more. Our services include:

  • Showings: We coordinate all showings of your vacant unit and allow you to relax and no have to worry about taking phone calls from non-qualified individuals.
  • Tenant Applications: We collect all tenant applications which includes all necessary documentation to verify the application information is correct.
  • Background Check: Our office conducts a series of criminal and sex offender checks on all applicants. We want to ensure you’re tenant is who they say they are.
  • Employment Verification: We contact the current employer of all applicants to verify their work  status and ensure their income was stated properly.

When you list your rental with me and The Mandrell Co, we will handle everything for you from start to finish. . The best part about listing your rental with us is that there is absolutely no charge to you for our services!

Please contact me if you’re interested in placing a well qualified tenant in your rental or if you have any questions about what we offer.

I look forward to working with you.

Sincerely,

Your North Shore Real Estate Specialist, Joe Rodriguez

 

Joe Rodriguez Real Estate ProContact Me: (401) 641-5774

Joe@MandrellCo.com

www.JoeRodriguezRealEstate.com

 

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What are 2-4 family homes selling for in Attleboro, MA?

 Are you in the market to buy or sell a 2-4 family building in Attleboro or a surrounding neighborhood? Do you have an empty apartment or a tenant scheduled to move out?  If you’ve answered yes to either of those questions, you should absolutely take a look at the sales and rental numbers below. These stats represent the local Attleboro real estate activity over the last 6 months. Understanding your sales and rental market is key to your long term success as a landlord and rental property investor.

Multifamily Family Sales

Total Homes SOLD: 21

Average Living Area by Square Feet: 2,822

Average Listing Price: $246,046

Average DOM (Days on Market): 61.23

Average Sales Price: $232,412

Local Rental Rates

Average Rent for 1 Bedroom Units: $746

Average Rent for 2 Bedroom Units: $1,159

Average Rent for 3 Bedroom Units: $1,420

Average Rent for 4 Bedroom Units: $2,150

Liz Newcombe - South Shore Real Estate AgentWould you like a FREE sales and rental Market Report catered to your specific area(s)? Just send a quick email to Liz@MandrellCo.com or call 413-834-8052 .  Liz can provide you similar data for any town or city in the commonwealth.
To learn more about Liz Newcombe visit http://mandrellco.com/elizabeth-newcombe/

 

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