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In our latest series of educational webinars, we explored the topic of self managing your rental properties vs. hiring a property manager. In the fourth and final section of the webinar, we talk about six ways to create more value in Boston rentals, creating a “preventative maintenance schedule” and should you hire a professional and what do they charge.

For more resources and tips on managing your properties, please contact us.

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In our latest series of educational webinars, we explored the topic of self managing your rental properties vs. hiring a property manager. In the third of four sections of the webinar, we talk about protecting your real estate investments and essential landlord/tenant forms that you will need throughout the course of running your business. Many people will say it’s not “if” you will get sued, but “when” so learning about all the strategies that can protect your investments is imperative.

For more resources and tips on managing your properties, please contact us.

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In our latest series of educational webinars, we explored the topic of self managing your rental properties vs. hiring a property manager. In the second of four sections of the webinar, we talk about how you should handle your income, expenses and taxes when it comes to your rental properties. This is another area of focus that is very important when running your business.

For more resources and tips on managing your properties, please contact us.

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In our latest series of educational webinars, we explored the topic of self managing your rental properties vs. hiring a property manager. Even if you initially plan to self manage your properties, it is important to still factor in the cost of hiring a property manager. In the first of four sections of the webinar, we talk about the eight tools every small landlord needs, mastering your rental market and marketing your rental units. Each topic is very important when running your properties like a business and making the best decisions for the business.

For more resources and tips on managing your properties, please contact us.

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Recently we hosted a webinar on the topic of Building Wealth In Your 20’s & 30’s. In the third and final section of the webinar we covered building equity, tax savings and some very important closing thoughts.

For more resources and tips on how to build wealth, please contact us.

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Recently we hosted a webinar on the topic of Building Wealth In Your 20’s & 30’s. In the second section of the webinar we covered saving for retirement, the importance of life insurance and the different types of investments.

For more resources and tips on how to build wealth, please do not hesitate to contact us.

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Break These Habits To Get From Paycheck to Paycheck TO Owning Your First Home (Pt. 3)

Over the past few days, we’ve reviewed some habits to get from living paycheck to paycheck to owning your own home. Below are some more habits you should consider altering if your long term goal is to build wealth. I think everything in moderation is okay but it is human nature and especially American nature to sometimes go a little over board.

11. Throwing Your Child a Huge Birthday Party

Your child will forgive you for not throwing them an expensive birthday bash. Children are as simple as you help them develop to be. I you keep their lives simple… why would they want the extravagant? I never understand the expensive 1st birthday parties… the baby has NO IDEA what is happening, it is simply an opportunity for the parents to have a party.

TRUE STORY: I know several people who throw their kids lavish birthday parties yearly so that their instagram/facebook/twitter is filled with photos/comments/likes yet… they are still renters and always complain that the market is expensive. Can you imagine how much you could save toward a down payment if you made the sacrifice for 2-3years? In addition to your regular savings, opt for a no party or low cost party. The money you save should go toward your down payment fund and NOT toward gifts There is a prize at the end of this sacrifice, I promise.

12. Shopping Impulsively

If you’re considering making an impulse buy, wait 14-30 days and ask yourself if you still want or need that item. You might even forget about the item completely, which pretty much answers the question for you. There is hardly anything in the world you need immediately (except maybe necessary food and water), Resist the temptation. If you do not need it… walk away. Always keep the big picture in the back of your mind.

TRUE STORY: To help me save, I put all extra cash (minus living/survival expenses) in a savings account that I do not have a card for and the bank does not have a physical branch (online only). If I wanted money… I had to transfer it into another bank’s checking account, this process took 3 days. The urge to purchase something dies when you have to wait 3 days to have the funds. It was my tool that helped me save $10,000 in a year and pay off my first car. You never realize your shopaholic tendencies until you start “rehab.”

13. Skipping Breakfast

Eating breakfast gets your day started on the right foot and can keep you from buying a huge, expensive lunch. Try filing breakfast foods, like oatmeal or eggs, which will likely keep your stomach (and wallet!) full. When you skip breakfast, you are starving by lunch time and become quite ravenous. This seemingly insatiable hunger leads to purchasing larger lunches and thus less savings toward your home.

TRUE STORY: There was a period in 2016 that I purchased breakfast everyday for my 2 children and myself (hangs head in shame.) This usually occurs during winter when it is cold and you crave the extra 10 minutes of sleep which then makes you late and breakfast has to be on the go. Easily, I spent $15/day that works out to $75/wk on BREAKFAST ALONE. Do not skip breakfast and DO NOT BUY breakfast either.

14. Paying Multiple Student Loans

Interest rates are still relatively low for student loans, and I presume mid range for credit cards depending on your score.  If you have the discipline to not take on additional debt, it could be a good time to consolidate your debt. By consolidating student loans, you might even be able to lower your monthly payments and extend your repayment period. For credit card and other debt, pay attention to the interest rate. The goal is to utilize a balance transfer, consolidate debt and pay as much as you can OVER the minimum payment monthly. Generally, most cards provide 12 months interest free. Plan to pay off this debt within 12 months. note: your interest rate when the promotion ends, should still be less than your current credit cards.

TRUE STORY: I was able to pay down $5,000 credit card debt by consolidating. I saved on interest, that I would have paid out monthly AND I received a lower interest rate than my current card. I hen went to my initial card and stated I wanted my interest rate lowered because I have good credit and guess what… they lowered my credit. YOU HAVE TO ASK! They will NOT tell you this information.

15. You Focus on Saving More — But Not Earning More

Millionaires aren’t in the business of wasting money, but they also recognize the greater importance of earning additional income as a way to attain financial goals faster. “[Wealthy people] understand that while there is a limit on how much you can save, there is no limit to how much you can make,” Tardy says.

In other words, even though slashing your expenses by $50 or even $100 a month will boost your bottom line a little bit — raking in thousands more from a salary bump will have a much greater effect.

Invest your time more wisely by seeking out ways to earn more. An obvious place to start is by examining your current salary. If you haven’t asked for a raise recently, and know you’re delivering value to your company, schedule a meeting with your boss to make your case for earning more.

The key is figuring out what skills you have that can be of value to others and then determining how to charge for that value.

 

We hope you found these suggestions helpful! For more tips on how to save for a down payment, please connect with us on:

Dorchester Real Estate Agent

 

Excerpts from full article.

 

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Break These Habits To Get From Paycheck to Paycheck TO Owning Your First Home (Pt. 2)

We discussed some habits to get from living paycheck to paycheck to owning your own home last week. Let’s review some more habits you should consider altering if your long term goal is to build wealth. 

6. Buying Brand-Name Products

Consumers find comfort in using brands they know and love, but oftentimes generic brands work just as well as their brand-name counterparts. Step away from brand names, and try a few generics. For example, you can save money by buying store-brand medications. I love hunting for a good deal and saving money, medication, oatmeal, rice, milk, frozen vegetables, plates, plasticware, among others, all taste the same (or close enough) and are of similar quality. What is the real reason you purchase brand name? If you TASTE the difference, then do not switch, but if it’s all about the “name” then you are missing the point. 

TRUE STORY: I purchase the above stated items in the generic store brand from Stop n Shop, CVS or Rite Aid. I am a frequent shopper at these retailers and I have come to trust their brand as much as I would the actual brand name product. If I were blind folded… couldn’t tell you the difference. My friend can taste the difference in water… so when she visits, I have to purchase Evian. 

7. Buying Lunch or dinner nightly

You’ve heard it before, but buying lunch at work is a huge waste of money. Buddy up with your co-workers, and try “brown bagging” it at work. You can end up saving a good chunk of cash. Having dinner at a restaurant is a great luxury, but it can wreak havoc on your finances. Be mindful about how often you eat out. Even something as simple as eating dinner earlier in the evening can help you eat less and save more.

TRUE STORY: Become friends with sites like Groupon, you can find great deals on ready prepped food to cut your cooking time in half. Not only do you get home cooked meals, you don’t need to be creative….they do it for you. Saves time, saves money (with coupons). Save the recipes to use again later without the company mailing you ingredients. 

8. Requesting Faster Shipping

It’s hard waiting for your online purchases to arrive, but paying extra for expedited shipping is a waste of money. Patience is a virtue, but if you really just want everything now, sign up for a service such as Amazon Prime, which includes free two-day shipping on most items. If you do not want to spend the $99 for membership, consider sharing an account with a friend. If you are a student, you get 1/2 off yearly membership. I think it’s worth it

TRUE STORY: I’m an amazon junky… I would do Amazonaholics Anonymous but it’s too good to quit. My family understands… if I can’t buy it on Amazon… you probably won’t get it from me. My life is hectic, I don’t enjoy shopping in stores, I need fast, economical and FREE shipping lol. PRIME is my BFF. 

9. Spending More Money on Snacks

According to The Huffington Post, Nielsen data showed Americans spend more on snacks such as protein bars, chips and beef jerky than they do on real food. If you plan your meals and shop with a grocery list, then you won’t need to fill up on unhealthy and expensive snack foods. It’s hard and no one expects you to perfect this over night but starting is better than not even considering it an option

TRUE STORY: My friend is obsessed with potato chips. She eats several bags a day. I’ve been working on getting her to cut it down to 3 small bags a week and to pack vegetables and fruits for snacks. She’s had more failed days than successful ones but she’s not giving up and neither will I. Anything worth having (a savings account, a healthy heart) is worth fighting for. 

10. Signing Up for a Gym Membership

Once January hits, many of the treadmills at the gym are usually occupied, and the Zumba classes are bumping. But just a few months later, the place looks like a ghost town — what a waste of money. Skip the pricey gym membership, and try joining an exercise club. Or, download a cheap fitness app to get in shape. I think this may be the worst New Year’s resolution idea EVER! Man I wish I owned a gym franchise… FREE Money because people never come back.

TRUE STORY: I fell victim 2 years ago and signed up for a gym membership because it had free babysitting… I figured, it took care of one obstacle. Well… 2 years later and I have been to the gym ONCE. I thought I cancelled the membership until I actually scrutinized my credit card statement and saw I was STILL paying for it. Thats $500 over 2 years I will never get back, never see a return on my investment and hang my head in shame over daily (well… when I remember… it’s so out of sight out of mind, it’s embarrassing) 

 

For more strategies on how to break bad habits and start building wealth please join www.urbanmoneymatters.com. If we do not have a seminar in your area, please let us know a good location and we will try to get something on the calendar. 

 

 

 

Excerpts from full article.

 

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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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Why Inflation Is Making You POOR and What Can You Do About It?

 

Inflation is the average increase in prices over time. It affects everything we purchase.

Essentially, if you take an average basket of goods, over time, the average price of this basket of goods increases. What you were able to purchase at the grocery with $100, 20 years ago is a lot different than what you can purchase today.

Numerically, your money is worth the same. $100 fifty years ago is still $100 today, HOWEVER, your purchasing power is a lot less. Numerically, it is still $100 but you can buy a lot less with it today compared to 10 years ago. 

If you make $50,000 and inflation is eating away at your salary. The same $50,000 will not have the same purchasing one year from now. Essentially, you are becoming poor although your salary is unchanging because you the cost of everything else is increasing except your salary

How do you combat inflation:

  • You have to invest your money so that you receive a return on investment above the inflation rate. (stocks, bonds, mutual funds, treasury, real estate) Example, if I invest $10, can I get a return of $15?

For more strategies on how to improve your financial future, contact us directly at Contact@Mandrellco.com to set up your appointment. We have a wealth of resources and will be sure to connect you to industry leaders.

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The last topic that we covered in our sit down with Anastasia Tacewicz from GMH Mortgage Services was some of the things you want to be considering when choosing a mortgage professional. This is a key individual throughout the home buying process so you will really want to do your due diligence when selecting someone to work with. Anastasia is a great reference as she is someone who we have worked with in the past and have had great experiences with.

Need more info about mortgages or about getting pre approved? Contact us at 617-297-8641

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8 Things Wealthy People Do Differently

  1. Wealthy People Assist the younger generation
  2. Wealthy People monitor their financials
  3. Wealthy People get rewarded for their spending
  4. Wealthy People”ACT” broke
  5. Wealthy People invest in assets, not liabilities
  6. Wealthy People always have another hustle
  7. Wealthy People are never afraid to ask for advice
  8. Wealthy People lower their interest cost
  9. Wealthy People THINK LONG TERM

For more strategies on how to improve your financial future, contact us directly at Contact@Mandrellco.com to set up your appointment. We have a wealth of resources and will be sure to connect you to industry leaders.

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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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5 Reasons Boston Real Estate Was The Best Investment I’ve Ever Made!

 

Real Estate in Boston is one of the best investments because Boston has a very strong market compared to other cities.

  1. Appreciation: Over time the value increases. There is a high demand for housing thanks to our educational institutions
  2. Debt Reduction: As the asset is appreciating, the debt associated with the home (mortgage) is being paid down over time and even faster with tenants.
  3. Cash Flow increases over time: Debt pay down combined with rent increases makes this an AMAZING option.
  4. Tax Benefits: You can write several things off for owning rental property. Everything you do is tax deductible
  5. Tangible Asset: We can see it, we can touch it. You have a visual and control over the asset.

For more reasons on why I love Boston Real Estate, please feel free to email me at Willie@MandrellCo.com

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Boston is Healthiest City of Country’s 25 Big Cities

WalletHub.com recently released a study showing Boston as the country’s healthiest city. “WalletHub compared the real-estate markets in 25 of the largest metropolitan areas across 10 key metrics. Our data set ranges from the interest rate on a first mortgage to the percentage of households that have received state or local assistance on their first housing loan”.

“As of the first quarter of 2015, for instance, about 255,000 consumers had a bankruptcy notation added to their credit reports, the lowest quarterly total since 2006. Foreclosure rates have also dipped to their lowest since that same year. In addition, lower down payments and higher approval rates for people with average credit scores indicate a growing housing market.”

Given such promising evidence of steady economic recovery, and with Boston’s current building boom, is it time to invest more into Boston real estate? Read the report for yourself with the link below. Interested in speaking with a local real estate investment specialist? Give us a call at 617-297-8641 and let talk about Boston’s future.

http://wallethub.com/edu/the-health-of-housing-market-in-25-big-cities/7664/

Source: WalletHub
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Your invited to join Boston Wealth Builders at the Quincy Marriott Hotel (September 19th, 2015) as we learn how to intelligently improve our property values. Come get a better understanding of what local appraisers are looking for when determining the values they place on property and how you can ensure your home’s appreciation. This event is free to the public but you must RSVP as seating is limited.

The residential appraisal is an integral part of the real estate transaction since appraisers are the trusted vendor for lenders in the mortgage business.  Whether you’re a real estate homeowner or an investor, understanding the appraisal process is a critical component for increasing your property value for the years ahead.  Danyl Collings, of Forsythe Appraisals, will be addressing the following items in regards to real estate appraisals:

1.)  What are the three main items appraisers are looking for when appraising real estate investment properties?  Why are they important?

2.)  What information can you provide the appraiser to expedite your appraisal process and getting the report into the lender?

3.)  Understanding your improvements to the property relative to the property’s market neighborhood and Town/City.

4.)  Why is rental income important in an investor appraisal?

Since 2009, Danyl has served as branch manager for Forsythe Appraisals, LLC – Boston Branch which provides residential appraisal services in MA, NH and RI.  In this role, he is in charge of the sales, marketing, recruiting, training and report quality and delivery for the Boston Branch.  Forsythe Appraisals, LLC is the largest private appraisal firm in the County with over 250 + appraisers throughout the United States.

To RSVP for this event, please click the link below. You’ll be asked to create a FREE account and join Boston Wealth Builders. Once you’ve become a member you can RSVP and save your seat. Hope to see you there!

http://www.BostonWealthBuilders.com

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Are you interested in buying or selling property in Roxbury? Before you do, making sure you fully understand your local market is very important. Receiving regular market updates will also allow you to see where similar properties are selling as well as what landlords are charging for their rentals.

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

Total Multifamily Listings SOLD: 13

Average Living Area by Square Feet: 2,976

Average Listing Price: $513,054

Average DOM (Days on Market): 31.92

Average Sales Price: $494,233

Average Rent for 1 Bedroom Units: $1,334

Average Rent for 2 Bedroom Units: $1,727

Average Rent for 3 Bedroom Units: $2,304

Average Rent for 4 Bedroom Units: $3,000

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email (or complete the contact form below) 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 where you’d like to receive data. 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 crowd!

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

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Are you interested in buying or selling property in Allston or Brighton? Before you do, making sure you fully understanding your local market is very important. Receiving regular market updates will also allow you to see what similar properties are selling for as well as what landlords are charging for their rentals.

Here is Allston/ Brighton multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 24

Average Living Area by Square Feet: 2,904

Average Listing Price: $833,812

Average DOM (Days on Market): 44.04

Average Sales Price: $818,917

Average Rent for 1 Bedroom Units: $1,571

Average Rent for 2 Bedroom Units: $2,039

Average Rent for 3 Bedroom Units: $2,531

Average Rent for 4 Bedroom Units: $3,186

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email (or complete the contact form below) 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 about the data provided.

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I recently received a lead from a friend of mine about a 10 unit multifamily building going up for sale in the coming weeks. This friend knows I’m an investor and thought it would be a good opportunity for me. While I appreciate my friend thinking of me, this property one of the worse investment option I’ve ever come across….despite the price.  Here are the 8 features of this building that kept me from pursuing the opportunity.

  1. The property’s street position – The first thing I thought when I stepped out of the car was “what an awful position this building was in” It was located toward the bottom of a steep hilly street. There was no doubt in my mind that when it rains this basement would be taking on water. Upon entering the basement, it took a matter of seconds to smell the damp air.
  2. The condition of the roof – The roof was one of the things that was not very visible from the photos my friend sent. Once I arrived at the property I could see a couple immediate turnoffs. The 1st was that the roof was slate.  Slate is a great material when it’s in good condition but can be very expensive to repair. From the street I could see that the roof had already been patched and at some point and the patch was done with shingles versus the original slate material. This was probably done because the owner couldn’t afford the cost of the slate replacement. The 2 note I took was the steepness of the roof. When you’re replacing a roof the steeper the roof’s angles are the more difficult the work becomes. When the work become more difficult the price goes up.
  3. Public Transportation/ Parking – Before we entered the building I asked the owner about public transportation in the area. He replied that the bus stop was about 3 blocks “that way”. While 3 blocks isn’t very far for most people, please remember that this building is located on a hilly neighborhood in New England. Walking up or down a hill in the snowy weather is not the easiest thing to ask when you are trying to recruit good tenants. I also noticed there was parking for 6 vehicles while the building consisted of 10 units. Assuming each tenant had only one car, there would still be a few units without an open spot.
  4. Beautiful Victorian Structure – While Victorian homes are very appealing when properly maintained, the upkeep for this property style can be very costly. I don’t believe this is the best building style to choose for a rental apartment investor. This is something I noticed prior to visiting the building but the low price sucked me right in.
  5. No Uniformity – When you purchase a building with 10 plus units and none of the apartments are similar in size, shape or layout, the building become difficult to manage. For example, if I’m purchasing new kitchen cabinets for this building a would have to access each unit and measure whats needed for each individual space. If the apartments were uniform in terms of the layout, I would be able to measure one unit and multiply the order by 10.
  6. One Heating Unit – This isn’t a problem for every landlord but I personally do not like the idea of having one heating system for an entire apartment complex. Every tenant is going to either be too cold or too hot depending on the temperature you maintain in the building. Those that are too cold will consistently be calling the landlord to increase the heat and those that are too hot will a crack window to regulate the temperature in their units. In either case you have trouble. The alternative is to convert the building to separate heating systems for each unit, but this isn’t exactly a small investment.
  7. Inconsistent Rental Income – When I initially asked the owner about the occupancy of the building I was told that 9 of the 10 units were filled and rents flowing. By the time we connected with the property manager and received a tour of the building we found the it was closer to 6 units filled. I’m not sure where the disconnect happened but it didn’t appear the current owner could keep these units rented.
  8. Poor Job Market – Before we concluded our tour of this building I asked the property manager about the economic state of the city. His answer was less than encouraging and in so many words he told me that the “no one in the area could find work”. If that’s true then “no one in the area” can pay rent and this certainly isn’t the investment for me.

Are you looking for more investment articles like this one? Sign up to receive blog post! Drop your name and email address in form to the right.

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There are two very important investment calculators buy and hold investors should pay more attention to. Both of these calculators are forward looking and help investors predict the future of there real estate holdings.

The 1st of these two calculators in what’s called a “compounding calculator”. The compounding feature can help us estimate property values at a given point in the future. Say for instance, we purchased an investment property today at $550,000 and we want to know where we’ll stand in 10 years. Let’s then assumed the value increases at an average of 3% per year (which is a relatively safe assumption for the Boston Market). If our assumption hold true, at the end of year 10 this property would be worth almost $740,000 which is nearly $200,00 more than we paid for the property.

The 2nd of these two is simply a mortgage calculator with an “amortization schedule” attached. Assuming you make all your monthly mortgage payments on time, an amortization schedule will show you what your (principal) mortgage balance will be after every month.

Let’s go back to our investment purchase of $550,000 and assume we purchased this property with a 20% down payment ($110,000). Let’s also assume we financed the remaining balance ($440,000) at a rate of 4%, with a 30 year amortizing loan. If we looked 10 years down the road (payment number 120) we would find a principal balance of roughly $340,000.

We the combination of these two calculators we’ve been able to make some predictions as to what our investment will look like 10 years from now. With the $110,000 down payment we were able to secure this investment property and leverage the remaining balance. At the end of 10 years you will own a property worth $740,000 and have a mortgage balance of $340,00.

$740,000 Value – $340,000 Debt  = $400,000 Your Equity.

If you sold this property after 10 year you would have nearly quadrupled your initial invest $110,000. Your equity position would have grown 400% or an average of 40% annually. This doesn’t include any cash flows you received from the property over this 10 year period.

You can find both of these calculator with the links below!

http://www.amortization-calc.com/

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

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Boston Investment Specialist

 

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Drinks & Networking – Local Investor Gathering!

Come join us for drinks, appetizers and networking. This is an informal gathering for local Boston Real Estate Investors and a great opportunity to meet potential partners and mentors. The best way to push forward with your investing career is to surround yourself with people who want the same. Here’s your chance! Look forward to seeing you there!

Tuesday, February 10, 2015 – 6:00 PM to 8:00 PM

Savvor Restaurant & Lounge, 180 Lincoln Street, Boston, MA

RSVP @ http://www.meetup.com/Networth-Investors/events/220073418/

Boston Home Center University – Meet The Lenders

Meet The Lenders is a one-stop shopping opportunity to meet different mortgage lenders and learn about special mortgage programs, money to close, free mortgage pre-qualification, affordable homeownership listings applications, home repair, lead paint assitance and sign up for a free homebuyer and credit course.  Come learn about your options to get you on the right path to Homeownership! FREE Event!

Saturday, February 7, 2015 – 9:00 AM to 12:00 PM

Edward Brooke Charter School, 190 Cummins Hwy, Roslindale, MA

RSVP @ http://www.meetup.com/Urban-Money-Matters/events/219759172/

Building Wealth Through Home Ownership

Come learn how many build wealth through smart home ownership. Topics will include but not limited to the following:

• Why the surest path to wealth is through home ownership

• Basics of home buying and getting yourself on the path to ownership

• Home buying timeline and what to consider when searching

• The pre-approval process and mortgage loan basics

• How to manage yourself through bad times and avoid foreclosure

• Quick tips on how to repair bad credit and save for a down payment

• Loan programs and grants offered for first time buyers

• Intro to personal finance software and monitoring your financial position

Thursday, February 19, 2015 – 6:00 PM to 8:30 PM

Roxbury Community College, Academic Bldg #3 Rm 121, 1234 Columbus Avenue, Roxbury, MA

RSVP for FREE @ http://www.meetup.com/Urban-Money-Matters/events/219829343/

Dorchester Real Estate Agent

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Are you a current or aspiring landlord in Dorchester?  No matter your years in the rental business, fully understanding your local market is one the most important things 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 units rent for in comparison to your neighbors. Should you be increasing your rents?

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

Total Multi-Family Listings SOLD: 123

Average Living Area by Square Feet: 3,517

Average Listing Price: $532,918

Average DOM (Days on Market): 58.85

Average Sales Price: $527,420

Average Rent for 1 Bedroom Units: $1,451

Average Rent for 2 Bedroom Units: $1,691

Average Rent for 3 Bedroom Units: $1,823

Average Rent for 4 Bedroom Units: $2,170

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email (or complete the contact form below) 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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We have a unique opportunity that’s just come into our office. We have a client looking to sell a 4000 square foot lot in Dorchester with approved plans to build a 3 family home. The building would consist of 3 bedroom, 2 bathroom units and would include one parking spot for each unit. The seller is looking for $195,000 or B/O. The Dorchester multifamily market is still red hot and this deal is not expected to last long. Please email us at Contact@MandrellCo.com for more information and/ or a copy of the city approved plans.

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Proper Water Use – This one is pretty straight forward. I’ve had past tenants wash their cars in my driveway and go as far as bringing friends over to wash their cars as well. I had to stop that immediately.  People who’ve never owned property may not understand (or care) that water isn’t free. When they shower and flush the toilet the landlord is paying for it which is reasonable and required by law. But what isn’t required is that you fund their outside water activities. Make sure you address what is/ isn’t acceptable within a clause of your lease.

Trash Removal – Have you had a tenant move out of your rental unit and leave large amounts of trash behind expecting you to take care of it? Here is the specific clause we use in our leases to make sure it’s clear that this needs to be done prior to move out!

Trash removal is your responsibility. If there are large items you need to dispose of, please do this prior to move out. We will not be responsible for removing trash from the unit, the basement or taking trash from the side of the house to the street. This also applies to an excessive amount of smaller items and anything that overflows the trash bin provided to you at move in.

Additional Occupants – Make sure you have a clear statement in your lease agreements that addresses additional people occupying the property after the lease is signed. It’s amazing how many people attempt to sign a lease with one or two individuals and afterward try to move in 3 or 4 people…or more. You always want to make sure you know who’s occupying your property.

Direct TV Dishes – Have you ever driven down a street in Boston and noticed a home with 10 satellite dishes hanging off the side? Did you ask yourself how many people live there and why do they all have their own TV service? Well the problem isn’t the number of occupants, it’s Direct TV. The service provide provides a new dish for every first time tenant while never bothering to come remove old dishes from tenants that have moved.  Why does this concern you as a landlord? Well lets say you’ve own a 3 family home for the past 10 years and between those 3 units you’ve had 15 different tenants. If half of these people chose to use Direct TV as there provider you may have up to 7 stat dishes drilled into the side of your home. Not only does this looks horrible and increases the chances of physical damage to your property.

So how do you address this? You take care of it within your leases. You would ideally insert a clause stating that the tenant must you cable or some other service that doesn’t hang dishes and damage your property. You could also state that the tenant must have the dish removed at their expense prior to moving out (or receiving their security deposit back).

Be sure you’re within legal guidelines when inserting clauses in your lease agreements. As a landlord I keep a Landlord/ Tenant legals guide handy and always consult my attorney if there is anything I’m still unsure about.

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Are you a new investor trying to learn his/her local real estate market? Are you a seasoned investor that trying to explore a new investment area? In either case, below are some great way to quickly become a local real estate guru!

Subscribe to your local newspaper – The local paper isn’t real estate focused but it will give you a very good idea of what’s happening in your new market. You really want to be up to date on what new businesses are coming to town, how the local economy is doing, what political changes are happening and anything else that will indirectly affect the real estate values in that neighborhood.

Find a local real estate Investment Association – Put yourself in the middle of local real estate conversations. Your local REIA allows you to connect with people of similar interest. You can learn from them as well as share your experiences. Many times you can find deals from local wholesalers as well as private money investors, and potential partners. Boston Wealth Builders is a local Boston Investment Group and membership is completely FREE. Join Today!

Get Sold comps from your agent – One of the best ways to gather information about your local market is to study what’s selling in that market. What are buyers paying for properties similar to the type you’re considering? How quickly are they selling? Is it a buyers or sellers market? The easiest way to gather this information is to ask your local real estate agent to send you “Sold Comps”.  All you need to provide is your email address and a list if the areas you’re interested in. These sold listings can be sent to you on a weekly basis. If you would like to receive “sold comps” from The Mandrell Co, simply send us an email (Contact@MandrellCo.com) with the towns you’ve selected and we can set that up for you within 24 hours!

Get Rental Comps from your agent – If you’re investing in rental property it’s also important to understand your local rental market as well.  Your real estate agent can also provide you with these “rental comps” just as easily.

Get Google Alerts for your keywords – This is a really cool feature offered by Google.com. It allows you to systematically search the web for information regarding certain keywords you’ve selected. How doe this help you become a local real estate expert you ask? Let me give you an example. If I wanted to become an expert within the Malden real estate market I would set up “Alerts” in google for key terms such as “Malden Real Estate, Malden Homes, and Malden Developements”. Google would then automatically search the web for me daily and email me any news articles relevant  to those search terms. I would be getting all Malden news sent right to my inbox versus having to periodically search for it. To set up google alerts visit https://www.google.com/alerts

Subscribe to a local real estate blog – To sign up for blog post like these by placing your email address in the box at the top right hand corner above! All post are sent directly to your email address.

Neighborhood associations – Join your local Chamber of Commerce. Your local chamber is full of people that make a difference in the community. If you want to know what’s happening in a particular neighborhood, these are the people to speak with.

 

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