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All posts in cash flow

You Don’t Need 20% Down To Own A Home In Boston

There are many would-be homeowners out there that have been misled about their ability to afford a home in Boston. We have some of the highest real estate prices in the country and the misconception that you can’t purchase a home without 20% down has led a lot of people away. Here are five mortgage programs that require significantly less out of pocket money.

Mass Housing Home Mortgage

Mass housing loans is a state-funded program to help homebuyers within Massachusetts. Mass housing allows buyers to purchase a home with a minimum of 3% out of pocket.  The big benefit of mass housing is that you do not pay PMI on these loans. The downside to mass housing, is that there are income qualifications and you do have to take a first-time home buyers course to be eligible for the loan.

FHA Mortgage Loans

FHA (Federal housing administration) home loan programs are probably the most popular throughout the country for individuals who are not capable of placing a 20% down payment. The FHA loan program allows for a 3.5% down payment and a minimum credit score 580. If you’re purchasing a home for $400,000 the down payment or an FHA loan would be roughly $14,000, opposed to $60,000 if 20% was required. You do however pay a little more for the ability to put less down. An FHA loan requires you to pay PMI (or private mortgage insurance). This is insurance the government makes you pay for not having a loan to value of 80/20. Once your home appreciates, or your debt is paid down to a point we are mortgage is 80% or less of your home’s value, you can refinance out of the FHA loan and remove the PMI requirement. Another positive of the FHA program, is that it allows family members to help you contribute to your down payment.

203K HomeLoans

A 203k loan is similar to an FHA loan with an added bonus. The 203K loan allows you to borrow additional funds to make repairs to the property you purchase. For example, you can purchase a home for 300,000, and borrow an additional 30,000 for a kitchen and bathroom makeover.

5% Down Conventional Mortgage

There are also conventional mortgage programs that allow for a 5 to 10% down payment. There are no homebuyers courses,  income restrictions or PMI to pay, that you may receive a slightly higher interest rate.

VA (Veterans Administration) Home Loans

VA helps  Service members, Veterans, and eligible surviving spouses become homeowners. VA does not require a down payment to purchase a home. If your income qualifies you can finance 100% of the cost of your home.

Click Here to Find Local Lenders

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On December 14th, 2016 I finally closed on my first rental property! For over a year I have been educating myself as much as possible in real estate investing to one day finally take the plunge. That day finally came. A couple months ago, a property on the MLS cam back on the market. It was a 3-family in Mattapan that needed a decent amount of work to get it up to rental condition. Listed at 390k, I initially tried to get the property at 350k, a price that, once I ran numbers, felt would put me in the best position when it came time to refinance out of my purchasing loan, which I ultimately used hard money for. I submitted the offer with no contingencies, all cash and gave up the buyer’s side commission because I knew on the back end it would be worth it, but that was still not good enough and after some continued negotiation, had to settle for purchasing it at the full asking price. This would create additional challenges, but at the end of the day, if you believe in the deal, you’ll make it work.

Financing the deal was another challenge as I really wanted to find a lender that would finance a percentage of the purchase price and renovations. It was not until it was too late that I found a couple lenders where this was possible. At least for the next one, I will have this component lined up for a more streamlined process. I ultimately had to settle on using hard money, which is great for a short turnaround, but is so incredibly expensive to someone like me who hates to waste money. When it comes to hard money, if you have any other option, please use it instead.

Since the closing, it has been a mad scramble to start the renovations and make sure everyone is working constantly and as efficiently as possible. This is just another thing you will have to do when you slightly overpay for a property. Despite the challenges early on, I couldn’t be happier or more excited to have closed on my first rental property. Every day that passes makes me want to find the next deal more and more. Just always be ready for the more than likely roller coaster ride!

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Cash Flow

Cash Flow by definition is the total amount of money being transferred into and out of a business, especially as affecting liquidity. In real estate investing, what this means is:

Total Income – Total Expenses = Cash Flow

While you would assume total income would consist of just rent, make sure to include other potential sources of income including application fees, late fees and laundry income. If these sources are possible, also make sure to estimate your numbers using a conservative approach. In the long run this will be the most beneficial approach. On the flip side, your total expenses are NOT simply your mortgage, property taxes and insurance. Other expenses that cannot be overstated include utilities, potential flood insurance, repairs, vacancy, property management and capital expenditures. The last three expenses can be used as percentages against your monthly income from the property. Failure to include ALL possible expenses could lead to you purchasing a “deal” that actually turns out to be no deal at all.

Depreciation/Appreciation

Once you have purchased a property and become a landlord, it is to stay up to date with the value of your property and identify whether appreciation or depreciation has taken place. While this is very important post purchase, factoring in appreciation for an investment decision is speculative in nature and brings unneeded risk into the situation. In the event that your property has depreciated over time, there may be significant tax advantages to this and those same advantages may even be available to you if your property has appreciated over time.

Net Operating Income

Net Operating Income by definition equals all revenue from the property minus all reasonably necessary operating expenses. To look at this simply, NOI is calculated on a monthly basis using monthly income and expense data, therefore it can be converted to annual data just by multiplying by 12. The important thing to remember with NOI is that the formula does not include debt service costs, (loan costs) which differs from cash flow. One of the biggest reasons a landlord will want to know this number is because Net Operating Income plays a huge role in determining the value of your property. For this reason, it is in your best interest to work towards maximizing this number using different strategies to accomplish this.

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There is an alternative to simply saving for retirement over the course of a 40 year career. One of the most effective options is to acquire income producing assets. A perfect example of accomplishing this is to purchase rental properties that cash flow every single month. This is a great way to supplement your employment income and actually provides you the opportunity to immediately increasing your spending power if you so choose. We are seeing more and more that just simply saving for retirement has left people in difficult situations once they reach that point. Therefore, if done right, investing in long term rental properties can be an incredible vehicle to allowing people retire the way retirement was always meant to be.

 

If you are looking for more information about Boston real estate or investing in general call us directly 617-297-8641

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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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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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Is your New Years resolution to get yourself more involved in the Boston real estate scene? Here are a few great events to get you headed in the right path.

Mutlifamily Investments 101 – Investing & Home Buying Seminar

Thursday, January 22, 2015  – 6:00 PM to

 This is a great event for first time landlords or if you’re thinking about getting into the business. The seminar will run you through all the basics of investing in Boston real estate including evaluating cash flow numbers and multifamily techniques. You can find further details and RSVP with the following link. http://www.meetup.com/Networth-Investors/events/219497293/

How To Get An 800+ Credit Score & Never Be Denied For Anything

Saturday, January 24, 2015  –  to

Are you or someone you know looking to buy a home or invest but a less than perfect credit score holding you back? This is the meeting for you! Learn the ins and outs of your personal credit and how to effectively increase your score!  For location and to RSVP click the attached link. http://www.meetup.com/Urban-Money-Matters/events/219296945/

Home Flippers Financing Summit

Saturday, January 31, 2015  –  9 to 5

Are you looking to flip houses in Mass but not sure how to get the financing? Have you heard about investors flipping property using private financing or “other peoples money”? Come learn how they’re doing from real Boston investors. This seminar will teach you how to find and recruit private money investors to fund your flips!  Seating is limited!
Purchase your tickets with the following link. http://www.eventbrite.com/e/house-flipping-finance-summit-tickets-14920536727?aff=WillieMandrell

 

 

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Are you an investor or are you in the business of speculation? Investors typically look for a cash flow return on their investment based on a sound cash flow analysis. They purchase a property when the projected ROI make sense compared to other investment options. Buying a property with little to no cash flows and hopes of appreciation is called “speculating”. There are no financial predictions, but rather a hope that the market will continue to rise and you will make a financial gain the in the future. There are two main problems with type of investing which are as follows.

1. What happens when the market goes south? If the economy tanks and your property values decrease will you be forced to sell at a loss? An investor with a cash flowing investment isn’t affected as much by down turns in the market. Despite a loss in value, the investor is still putting cash in her pocket every month when their tenants pay rent.

2. What happens when the property needs repairs? If you’re investment isn’t putting cash in your pocket and you need a new roof where are those funds coming from? You’ll now be forced to dip into your personal funds and make a further investment into the property rather than the investment taking care of itself.

Want to know how to evaluate rental property in Boston? Watch the video above and download our Cash Flow Analysis. If you have questions about the form or the video, please give us a call at 617-297-8641 or email us at contact@mandrellco.com

Download the Cash Flow Analysis here!

 

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5 Must Know Concepts For Boston Real Estate Investors

There are five basic real estate concepts every investor must understand and I’ve outlined each of them in the video below and text below.

 

Appreciation:
When an asset increases in value it is said to have “appreciated”. The opposite of appreciation is depreciation, which is the decrease in an assets value. I concept of appreciation is important to the “buy and hold” real estate investors because (typically) the longer and asset is held the higher it value. The increase in real estate values has usually kept pace or grown faster than the US rate of inflation, hence why it’s known as one of the best hedges against inflation. You can estimate your property’s future value by using a “compounding calculator” and choosing a rate of inflation. I like to use the rate of 2.5% which is relatively conservative.

Amortization (Debt Pay Down):
Amortization is the systematic decrease in your investment property’s debt. When you make your mortgage payment each month a portion of those payments decrease the principal balance of your mortgage and a portion will go to the bank in the form of interest payments for the use of their money. In the first 5-10 years of a 30 year mortgage the majority of your mortgage payments will go toward interest. You start to pay off more of your principal balance toward the middle and end of your amortization period. You can calculate your principal balance at a future date by using a mortgage calculator with an “amortization schedule” attached.

Equity Spread:
Your equity “spread” can be calculated simply by taking the value of the property at any given point and subtracting the debt on the property at that same point. When you first buy an investment property your equity spread is equal to your down payment, assuming you purchased the property at market value. To find your equity position at a future date in time, calculate your future value and your future principal debt on the loan and subtract these two number.

Cash Flow:
Cash flow is the money left over after you’ve collected all your rental income and paid all your rental expenses. If you’re renting two 3 bedroom condos and collecting $2000 from each unit, you have a monthly “gross income” of $4000 from your rental portfolio. If your mortgage, taxes, insurance, water and repair expenses total $3000 per month you have a surplus or “cash flow” of $1000 monthly or $12,000 annually.

ROI (Return on Investment):
ROI is a measure of your investment performance. For example, if I have a stock investment and it provides me with and ROI of 6% and a rental property that give me an ROI of 10%, than my rental property is providing me with a better return on the money I invested. The higher your ROI the better.

Did you find this video and blog post helpful? Please follow our blog for more real estate investment tips.  Drop your email address at the top right hand side of this page!

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Supply & Demand:  Like everything else in the economy when the supply of a particular good increases the price will typically decrease. This is simply because buyers can buy somewhere else if not with you. You can’t over charge for a home if your neighbors 3 doors down are also selling a very similar house at a lower price. The two of you are competing with each other and will actually drive price down for both of you.  Conversely the opposite is true if the supply of homes for sale is low. If buyers don’t have many options to choose from then sellers can usually charge a premium or create a bidding war. When buyer demand is higher than the available inventory of homes it creates a “sellers” market. When the supply of available homes for sale is high and demand is lower is creates a “buyers” market.

Municipal Improvements:  New roads, bridges, schools and highway expansions all have an impact on property values. The downtown redevelopment taking place in Quincy is a perfect example of this. Quincy is in the process of converting the city’s downtown area in the same way Boston did the big dig. The city is directing major traffic away from its center and creating alternate routes to major highways. The city also built a new high school and middle school. Major projects like these have a tremendous impact on the property values for surrounding homes. Existing residents tend to stay in place with improvements happening while new residents are trying to get into the area pushing demand upward. The opposite can happen to a city’s home values when the wrong projects are puts in place or there is a long-term lack of improvement.

Inflation:  Inflation is described as “The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.” Inflation affects the value of your property by changing its replacement cost. If the prices are going up in general then we can assume the materials to build a home are getting more expensive …which means the total cost of replacing your home will go up. If you walk down the aisles of home depot today the cost of building products are significantly higher than they were 10 years ago. Labor wages are always on the rise as well. If material cost and labor cost of building a new home are trending upward then the cost of existing homes (already built) will follow closely.

Cash Flow:  This is where property owners have the most control. Your cash flow is the monthly rents you collect minus the properties operating expenses. You can positively affect the properties cash flow (and value) by increasing the income and lowering expenses. Income increases come from raising the rents as well as finding other sources of income …like laundry, parking and storage. If all else remains, as cash flow is improved the property’s value will increase.

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I wrote a post a last week about building long-term wealth and had a few readers respond with questions. You can view the post with the following link. (http://mandrellco.com/building-long-term-wealth-real-estate/) One of the questions I received was concerning how to quickly calculate a property’s cash flow and expenses, … so I wanted to share the form I use to accomplish this. You can download the form below and I’ve also provided some quick notes on a few of the forms line items.                

 Note: The attached form uses annual amounts but I will use monthly figures for my examples

Total Gross Income:   Gross income is the total amount of income the property is producing. This will include income from rents, laundry, storage, parking, and any other sources connected to the property.

Vacancy Allowance: It’s assumed that your property will not stay occupied 100% of the year. People will move out and new people will come in. Vacancy allowance is the estimated portion of the year where you do not have a tenant paying you rent. I did not include vacancy allowance in the example from my previous post to avoid making calculation more difficult than needed. If we had included vacancy allowance I would have used the national average rate of 8% and multiplied that with my gross income of $4500.

Effective Gross Income: Effective Gross is Total Gross Income minus Vacancy Allowance ($4500 – $360=$4140)  

Net Operating Income:  NOI is simply your Effective Gross Income minus your Total Expenses.

Debt Service: Your debt service is your total monthly principal and interest payments on your mortgage. Many times borrowers chose to combine (escrow in) their taxes and insurance, while this cash flow sheet breaks these expenses into separate categories. The reason this is done is because your mortgage is a “variable expense” so to speak. If one investors puts down 20% and finances the property over 15 years and another investors places down 3.5% and finances it over 30 years, their payments will be complete different. Taxes and insurance will not vary from investor to investor, so they must be removed and shown in their own expense category to get total picture of what the investments true expenses are.  

Hope this helps!

Free Cash Flow Analysis Form

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Thinking about buying a 3 Family in Boston? If you’re looking for a great ROI consider investing in the Dorchester area. This Boston neighborhood allows for better cash flow than any other neighborhood in the city. Prices are still relatively low compared to other neighborhoods, but the rental market is very strong. Rental prices have been headed upward for the past few years and the demand for available units is high. Here is a quick look at some of the averages and how this scenario could play out in the Dorchester market.

Average Price for 3 Family Home: $550,000

20% Down Payment $110,000 – Interest rate of 4% on a30 year fixed  

Mortgage payment of $2100.00 per month

Mortgage $2100 + Taxes $350 + Home Insurance $200 + Water & Sewer $150 = $2800 Monthly Expenses

Market Rent For 3 Bedroom Dorchester Apartment = $1600 * 3 Units = $4800 Monthly Income

$4800 – $2800 = Monthly Cash Flow of $2000 or $24,000 Annually

These numbers equate to a Return on Investment of nearly 22%, which is tough to find in other markets. There are some assumptions here that will lead ROI numbers to be slightly better or worse depending on each particular investment, but the overall averages speak for themselves.

Don’t let your lack of knowledge for Dorchester real estate steer your away from this great market. There are many local professionals that can assist you in locating great properties in the neighborhood. Like any real estate market, not every property will be a great investment, but when you take the time to do a little market research you can understand which properties will perform well. 

Don’t have 20% as a down payment? Want to run your own mortgage calculations? Click here to use our mortgage calculator!

Not interested in dealing with tenant issues? Looking for a great property manager? Click here to read more about our services!

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Saturday, September 14, 2013 11:00 AM   Hampton Inn 319 Speen St, Natick, MA

Interested in building a portfolio of rental property investments? If so, you don’t want to miss this event!  A large part of building a successful real estate portfolio is building a professional real estate team around you.

This tradeshow will bring together more than 200 local real estate investors and investment experts and is an excellent opportunity for you to meet local vendors & business professionals. It will also be a wonderful opportunity for investor networking and business development. If you’re serious about real estate investing you won’t want to miss this!

It’s free to register for this event. Just go to http://www.BostonWealthBuilders.com

Come speak directly to industry professional like never before! This event will be great for the novice to advanced real estate investors. Whether you’re just getting started with investing or looking to develop new strategies and income sources, we’ll have something for everyone. RSVP Now! http://www.BostonWealthBuilders.com

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322 Warren Street, Roxbury MA

This is a completely renovated 3 family brick home. Building offers two 2 bedroom apartments and one very nice 1 bedroom 3rd floor unit. The entire building in being completely remodeled and will include, new heating, updated electrical, new roof, hardwood flooring and much more. First floor apartment has private terrace in back of house and the home has tons of exposed brick and beautiful woodworking throughout. Market rents for these units are $1450-$1500 for the 2 bedrooms and $1350-$1400 for the 1 bedroom with roof deck. Each of the units will bring in top dollar and rent in a matter of days!  This is a great long-term investment or lovely home for owner occupant.  List price of $475,000

Renovations are scheduled to be complete mid July. Get it now before it hits the market! Email or call for more information! 617-297-8641 or Willie@MandrellCo.com

13 Unit Multifamily Portfolio, Worcester MA – 3 & 4 Unit Buildings

Worcester Investor looking to sell his 13 unit apartment portfolio. He’s looking for approximately $65k per unit if entire lot is purchased. He may be willing to sell individual buildings for the right price.  Most of the units are 3 bedrooms apartment s and collecting $850 per month. The 2 bedrooms apartments are collecting $750. All the tenants pay their own utilities and heating is gas.

Addresses are as follows:

·         9 Diamond St. (Vernon Hill) 3 units

·         157 Perry Ave. (Vernon Hill) 3 units

·         70 Rodney St. (Bell Hill) 4 units

·         97 Eastern Ave. (Bell Hill) 3 units

Serious buyers only please. Please be prepared to show proof of funds.

Please call or email me for more information. Willie@MandrellCo.com or 617-297-8641.

Want to have future deals sent directly to you? Sign up at http://mandrellco.com/off-market-deals/

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Multifamily_Home_Buying_BookWhen it comes to buying a home, the ability and willingness to negotiate is a must. In general, sellers ask for more than they are actually willing to accept and buyers initially offer less than they are actually willing to pay. As the buyer, you will have the best chance at a successful negotiation if you research the price of other comparable homes in the area before making your offer. The best way to determine what you should pay is by considering what other buyers in the area have paid for similar properties. Your Realtor will be able to provide you with a comparable market analysis for the prospective property, which will assist you in finding these recent sales figures.

Lastly, be realistic when you’re ready to put in your offer to buy. Nothing will hurt your chances of future negotiations more than insulting the seller with a low-ball offer. Remember that the trick to landing yourself the best deal is to find the balance between your high-water mark and the seller’s low-water mark. You want to work with the seller to find a point where both parties come out feeling good about the transaction. You should also remember that not every offer is accepted, so don’t be disheartened if your first offer isn’t a winner. In most cases, the seller will make a counteroffer for your consideration and negotiations can continue from there.

Want all 25 buying tips? Complete the form below and the complete book will be emailed to you immediately!

 

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Is your tenant’s lease is expiring soon? Do you have a current vacancy ? Let us help get you back to collecting rents!

Dear Boston Area Landlords,

My name is Lloyd Mandrell and I’m a Licensed Realtor, and fellow Landlord, in the Greater Boston area.  My firm would love to assist you in finding and placing an ideal tenant in your residential rental unit! 

As a Realtor, specializing in the Boston rental market,  I work directly with only best and highest qualified tenants. I currently have several  such tenants looking for rentals in almost every area of the city and would like to talk to you about your available rental unit. It would be great to see your apartment, take some pictures to begin showing it to my very interested client base, as soon as possible. 

When you place your rental with me and The Mandrell Company, we will handle your tenant’s application, credit checks, employment verification, criminal background checks, lease agreements and more. The best part about listing your rental with us is that our tenants pay our fee and there is absolutely no charge to you for our services!

Our company also offers a terrific property management service if you need assistance beyond filling you vacancy.

Please contact me if interested or if you have any questions. I can be reached at 617-297-8641 or at Lloyd@MandrellCo.com.

We want to help you get back to full occupancy and collecting rents…

I look forward to hearing from you!

 

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Real financial freedom through real estate is done one property at a time. The combination of appreciation, debt reduction, and increasing rents are where real fortunes are made! With Boston’s vacancy rate at an all time low and rent prices increasing daily, there has never been a better time to be a landlord.

The question is…where are the best deals and how do I get hold of them? Once I’ve found a great deal how do I find the funds to invest?


This meet-up will focus on answering these questions. We will have a couple financing professional present to help explain the options available to you and how to creatively get deals done. We also want to hear from group members and learn from their experiences. If you have specific questions you would like answered during the meeting, please send them along prior.  Look forward to seeing you there!

Sign up for this meeting at http://www.BostonWealthBuilders.com

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Boston Wealth Builders is finally up and running and we want you to be a part of the group!

Boston Wealth Builders is a group for those interested in long-term wealth building through real estate! There are many ways to invest in real estate, but this group has a narrow focus on the “buy and hold ” strategy. The group is for new and seasoned investors looking to build a terrific network. Each meet will focus on a different topic that concerns the “buy and hold” investor. We will have open discussions and try to address the particular questions and concerns of each attendee. The very best investors have a great team and mentors around them, but they also network with other like-minded people. Come share your thoughts, ideas, and questions with us and move forward with your investing future. The group will meet once per month at locations around the city. We’ll occasionally have local attorneys, mortgage brokers, hard money lenders, accountants and other real estate professionals to come in and advise us on particular issues. Dates and times of future meet-ups TBD.


You can join the group by visiting http://www.bostonwealthbuilders.com/. 
Let me know if you have any questions or ideas for the group. I look forward to seeing you at the next meeting!

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This is a excellent opportunity for the right investor. This 9 unit property is split between 2 buildings (one lot). There are (6) One bedroom units and (3) three bedroom units and they bring in close to 90k gross annual income. Local rental comps indicate current rents are below market. 10.17% cap rate and 14.87% ROI. All tenants pay own utilities and are TAW. Newer gas boilers and hot water tanks are just a few of the many updates done in 2005. Off street parking for 15 and a central location minutes to U-Mass Lowell campus.

For more information see our information pack by clicking the link below or by calling 617-297-8641.   https://docs.google.com/open?id=0Bxs7bwzc2QLTZlJCS0ZMNDFzRUE

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Buying a single family home is about personal preference and necessity more than anything else. You buy based on what you like and what you and your family have a need for. The typical multifamily investor is not concerned personal preference, but more about the return on investment the property will produce. Cash flow investors consider what the property cost versus what the property can produce in rental income. If you are new to multifamily investing, here is a quick overview of what the your average investor considers before making the commitment to purchase.

Evaluate Your Rental Income:

The amount of income you can generate from a particular property should be one of your primary concerns. Whether you are purchasing a 2 family home or a 20 unit apartment building, the total rental income that the property can produce will be a major factor in how that property matches up to others you’ve seen. You will want to have a clear understanding of market rents in your area and if possible, the specific rental history for the property you are buying.

Evaluate Your Rental Expense:

Understanding the expenses of a prospective property is just as important as your knowledge of the income being produced. Your property may be generating a terrific amount of income but actually losing money, due to operating costs that are out of control. When evaluating properties to purchase take note of the operating expenses of each and how they compare to other properties. Insurance, property taxes, utilities, and general maintenance costs are some of the expense items you should become familiar with. You will also want to know whether the utilities are shared throughout the home or if the tenants are responsible for paying their own.

Remember It’s A Business:

The income property business can be a time consuming, but ultimately a very rewarding venture. Whether you plan to buy an income property as an investment or as your primary residence, it is important to recognize that you will be running a business. Tenants, passive income, rental expenses, and certain tax issues are among the concerns of multi-family owners. You should become familiar with your responsibilities as a landlord and business owner if you want your rental business to succeed. Like any business, the effort you put in and the knowledge you obtain will ultimately determine the success you achieve.

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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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