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All posts tagged Apartments

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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10 Task Every Boston Landlord Must Complete To Find The Perfect Tenant

Cheryl Ricketts and Kate Brennan of The Mandrell Company take you through “10 Things Every Landlord Must Do Find Great Tenants”. While the information is geared toward Boston area landlords, must of the tips and tricks can be used anywhere in the state of Mass. For more information or for questions, you can contact them at Kate@MandrellCo.com or Cheryl@MandrellCo.com.

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BBRRR Investment Strategy (Boston’s Buy, Rehab, Rent & Refinance)

One of the best ways to invest in Boston real estate with little to no money out of your own pocket, is the BRRR strategy. BRRR stands for Buy, Renovate, Rent & Refinance. With this strategy the goal is to buy single or multifamily homes that need significant work. You would then renovate this property and bring it to current rental standards. Once the property is fully rehabbed, and rented, you would seek out permanent bank financing to pay off your construction financing.

Part 1: The goal is to create enough equity via your rehab, and to stabilize the property with tenants, that the banks will not require a down payment when you attempt to refinance. An ideal situation is laid out below.
Purchase Price – $350,000
Rehab Cost – $130,000
Financing Cost – $20,000
Total Invested = $500,000 (Refinance Amount)
ARV = $625,000
$500/ $625 = .80 or 80% LTV

Part 2: The second part of the equation, is making sure that your rents fully cover your monthly debts after refinancing. In other words you need your income to exceed your expenses and to producing cash flow for the banks to consider this a good loan. The numbers should look similar to below.
Total Rents Collected – $6,000 Monthly
Mortgage Payment – $2,000
Taxes & Insurance – $1,500
Other Cost = $500
Total Monthly Cost = $4,000
$6000 Rents – $4000 Expenses = $2000 Monthly Cash Flow

Want to see a current BRRR project in process? Come check out our latest 3 family investment as we prepare to bring this rental property back to life! This is a buy and hold deal that’s getting a full rehab. During the property tour we’ll explain:
• Exactly how we acquired the property
• How we raised the capital to purchase
• Our rehab budget & plans for the units
• Our timeline & issues we’ve had along the way
• Rental expectations & cash flow projections

For more details and to RSVP to the meeting, please visit the link below. Hope to see you there!

(BRRR Strategy) Buy, Rehab, Rent, Refinance – Property Tour!

Saturday, Mar 18, 2017, 11:00 AM

701 Walk Hill Street
02126 Boston, MA

56 Wealth Builders Attending

Come check out our latest 3 family investment as we prepare to bring this rental property back to life! This is a buy and hold deal that’s getting a full rehab. During the property tour we’ll explain:·  Exactly how we acquired the property·  How we raised the capital to purchase·  Our rehab budget & plans for the units·  Our timeline & issues w…

Check out this Meetup →

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Dear Boston Landlords : Here’s How To Find Well Qualified Tenants

If you’re a landlord in the Boston area and you have a vacant unit currently or becoming vacant in the coming months, myself and the Mandrell Company would love to help you fill that vacant unit with a qualified tenant.

We do so completely free. There is no cost to you the owner or landlord. We start off by advertising your rental unit for lease. We help you show the apartment so you are not using your valuable time standing around waiting for potential tenants. We take care of that for you as well.

Once we find an applicant who we feel is qualified, based on the criteria that you’ve presented, we then do background checks, credit checks, employment verification and several other background checks to make sure that that person is qualified and they are who they say they are.

Once we gather all that information we then present you with a full package on that tenant. If you deem that tenant qualified and the person that you’re looking for we move forward with the lease signing process and if not we put the unit back on the market and proceed to find another qualified tenant.

We also, again, assuming the tenant is qualified, draft the lease for you, collect all the first month fees, security deposits and anything else that you were asking for and then assist you and the tenant through those first few days of keys, lease signing and various other things that need to be taken care of at the time.

If you do have a vacant unit, if you are looking to fill a vacancy we would love to work with you. You can contact us at 617-297-8641. You can also reach us at contact@mandrellco.com. We look forward to working with you. Thanks.

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