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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.

Thanks for watching our video. Did you find this information useful? If so please remember to like the video and also subscribe to our channel for more useful information. I would also encourage you to share this video with your friends and family. Thanks again and we’ll talk to you soon.

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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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How Long Will It Take For My Home To Sell?

What is your typical selling timeline and why it’s important to you as a potential seller? If you’re selling a property, you really need to know what’s the next steps and What am I looking forward to. How soon do I need to move out of this property? How soon do I need to turn over the keys to the new buyer?

That’s what I’m going to try to lay out for you. Hopefully it’s pretty clear through my timeline sketch here. When you first put a piece of property on the market and you tell your realtor, let’s go ahead and let’s sell this property, the first thing that your realtor is responsible for doing is marketing and selling the property. Your realtor’s going out and they’re putting the property on the MLS, on Zillow, on Trulia, these different marketing websites, they’re putting it on their own company website. They’re going out there and they’re doing open houses, doing private showings. They’re trying to find that potential buyer for you.

Once that potential buyer is found, and by found what we mean is, a potential buyer has seen the property through an open house, through some type of marketing venue and they’ve now placed an offer on the property. You realtor at the time of receiving that offer is going to come to you, they’re going to negotiate with the potential buyer on your behalf to get the highest sales price with the best terms possible. Once you, the seller, and that potential buyer have agreed to a price, agreed to terms, we call that day one. That is your offer to purchase day, that is the day that the offer, or OTP, has been accepted. That starts your timeline.

You have agreed to sell for a particular price, the buyer has agreed to buy for a particular price, which starts your 45 day approximate timeline. From there, in a typical situation your buyer is going to go into their 10 day home inspection window. Most offers are submitted with a 10 day, standard 10 day window and this allows the buyer to now enter your property, and to your tenant units and to, if it’s a multi-family enter the property to inspect the home with a licensed home inspector, with a contractor, to make sure that the systems are working, to make sure that the roof is okay, to make sure that the windows operate.

They’re going to do a full inspection to make sure that the property is truly what was being presented to them and it is in good working shape. At the end of that 10 day period, you can go with the buyer, it can go in a couple different ways, the buyer can say, I love the property and I want to move forward. That’s what we hope that the buyer does. The buyer can say, there were some things I didn’t really agree with at the potential property, this is not the right property for me, I’m going to back out of this transaction, or the buyer can say yes, I like the property but the price that we agreed to on day one, I don’t feel like that price is appropriate any longer.

The heating system is not working the way it should be, or it’s working but it’s much older than I anticipated. The roof is fine, but it’s much older, it’s 20 years into it’s life and is going to need to be replaced. The buyer has three options, either back out, move forward or renegotiate after that 10 day period. They’ve done their home inspection, let’s say hypothetically we’ve renegotiated and you both, the seller and the buyer, have come to an agreement on price. After that, you as a seller, the buyer, would both hire attorneys and you would go into what’s called the purchase and sales contract, or P & S.

What that does, it solidifies the deal and puts all of the offer information and the final price with the terms into a nice contract that the attorneys can use and it helps us move forward into the sale with a more concrete contract than the offer and purchase. The buyer is also going to put down a larger deposit this time and say yes, this is the property that I want, I’m now going to pursue my mortgage. You’ve had day one, you’ve had your home inspection period, we’ve renegotiated the price, we’ve gone and we’ve hired two attorneys, we’re gone onto purchase and sales.

The buyer is moving forward, the seller is moving forward. Now for you as a seller, from that day 15 to day 45, it’s about a 30 day window, I’ll describe to you a little bit about what the buyer is doing. The buyer in this particular situation is putting their mortgage together. They’re going back to the mortgage company and they’re saying, I found the property that I want, I’m submitting my taxes now, I’m submitting my other documents and the mortgage company is processing all that information to make the distribution, to pay you for the property and to put a lien on the buyer’s property.

You on the other hand, you as the seller, are working with your realtor to do three main things. One is the bank of the buyer is going to send out an appraiser to appraise the property to make sure that the property is worth the amount of money that you have agreed upon. Your realtor is going to make sure that the appraiser has access to the property and that the appraisal is properly done for the bank. The realtor, your realtor is also going to work with the local fire department to make sure that you have a smoke certificate.

Any time a property is being sold, the property needs to come with a certificate from the Boston or local municipality saying that the smoke detectors are in working order. Your realtor is going to help you cover that and you also have to get a final water reading. What are you paying for water bills, at the closing day you want to make sure that all your water bills have been paid and leaving the new buyer, the new owner of that home with a clean balance, a clean water lien with the local municipality or local water department.

Day one, day 10, day 15 and then finally we get to day 45, sometimes there is delays depending on holidays, sometimes it’s bumped up depending on if the buyer can submit their mortgage documents sooner but it’s typically a 45 day timeline from the time that you receive that offer to the time that you get to closing day. At the closing table you would exchange keys with the buyer, you would get the check from the closing attorney for the balance, assuming that your mortgage will be paid off, all the liens will be paid off on the property and whatever is left over you would receive as the potential seller.

Again, when you’re selling a property you typically have about a 45 day timeline from the day that you receive an offer, that offer to purchase is accepted to the day that you close and the new buyer is now the owner of that potential property.

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Criminal Record and Apartment Rentals

2016 has been a year of initiatives, laws and policies affecting homeowners, and renters. One such “guidance”  as it pertains to screening tenant applicants with a criminal history record. I have mixed views on this as I can see both sides of the argument.

Tenant: I made a terrible mistake when I was 19 that has remained on my record. Now at age 29, I am trying to find an apartment and I am constantly being denied due to my prior criminal history. THEN I was a nuisance to society but today… I stand before you an upstanding citizen. I have my Master’s degree in Physical Therapy, I make $75,000/year but I cannot find an apartment because of my prior transgression. How do I grow? How do I move on to the next stage of life if I am constantly penalized for a mistake I made 10 years ago?

Landlord: The government is imposing poilicies and laws that make it increasingly harder to protect my investment. I believe in giving people a chance but I do not want to be forced into a decision. Criminal background checks are meant to protect my tenants. They want a safe place to live and not feel threatened. If someone has a history of violence or burglary… how can I in good conscience, accept them as a new tenant? I understand people change, but am I not failing in my duty as a landlord to the tenants I currently have? I believe this creates undue tension between landlord and good tenants.

I can argue either side. I choose to see the good in people most times but I do not want to be forced to overlook something that troubles me. I do also see the connection between minorities disproportionately being affected by this decision. What is the middle ground? How do we obtain more information on a person’s record with regard to timeline of criminal activity? Something I will be following over time to see what develops.

For more details see the excerpt below on the decision.

HUD issued legal guidance from the Office of General Counsel (OGC) regarding the likely violation of the Fair Housing Act when housing providers employ blanket policies in refusing to rent or renew a lease based on an individual’s criminal history because such policies may have a disparate impact on racial minorities. The guidance states, “Because of widespread racial and ethnic disparities in the U.S. criminal justice system, criminal history-based restrictions on access to housing are likely disproportionately to burden African-Americans and Hispanics.” The protected classes of the Fair Housing Act are race, color, national origin, religion, sex, familial status, and disability.

The guidance states that when a housing provider’s seemingly neutral policy or practice has a discriminatory effect, such as restricting access to housing on the basis of criminal history, and has a disparate impact on individuals of a particular race, national origin, or other protected class.

Some landlords and property managers assert that the reason they have blanket criminal history policies is to protect other residents and the property. Landlords and property managers must be able to prove through reliable evidence that blanket policies actually assist in protecting residents and property.

The guidance also states that a housing provider with policies of excluding people because of a prior arrest without conviction cannot satisfy its burden of showing such a policy is necessary to achieve a “substantial, legitimate, nondiscriminatory interest,” since an arrest is not a reliable basis upon which to assess the potential risk to residents or property. In instances when a person has been convicted, the policy must be applied on a case-by-case basis considering the nature and severity of the conviction, what the individual has done since conviction, and how long ago the conviction took place.

In addition, the guidance discusses how a housing provider may violate the Fair Housing Act if the provider intentionally discriminates when using criminal history information in evaluating applicants and tenants. “This occurs when the provider treats an applicant or renter differently because of race, national origin or another protected characteristic. In these cases, the housing provider’s use of criminal records or other criminal history information as a pretext for unequal treatment of individuals because of race, national origin or other protected characteristics is no different from the discriminatory application of any other rental or purchase criteria.”

The HUD guidance is at http://1.usa.gov/1TwM6m5

 

If you are a landlord and looking for assistance in finding quality tenants for your units… Call The Mandrell CompanyCall The Mandrell Company. We work hard to screen tenants to ensure you have the most qualified and highly referred tenants.

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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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What’s the difference between a lease and a Tenant At Will (TAW)?


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Know to Own

A recent Bankrate.com survey finds while 29 percent of renters say they can’t afford a down payment, nearly a quarter report they don’t have a clue how much they would put down to buy a home.

Only 9 percent of non-homeowners said they would put down 1 – 5 percent of the purchase price as a down payment. It’s possible to get an FHA loan with just 3.5 percent down, or a conventional loan with 3 percent down.

As real estate professionals specializing in multi-family properties, we come across a lot of rental clients. Many of them are unaware of what is required to purchase a home. They are uninformed about the various programs available to assist with down-payment costs. As the real estate market continues to rebound and home values increase, many renters are feeling the heat with rising rent costs, making it harder to save for a down payment. 

We take time to research programs and educate potential clients on what is needed to purchase a home and provide resources to assist them in setting goals, finding financial assistance programs and becoming more financially responsible to build wealth through real estate. For more information on our upcoming FREE seminars, please visit www.urbanmoneymatters.com or contact us at Contact@MandrellCo.com

We look forward to serving you. 

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The City of Boston has designated the development team of the Cote Village  LLC, to redevelop the former Cote Ford Dealership site located 820 Cummins Highway in Mattapan. The Project will provide approximately 76, one-bedroom, two-bedroom and three-bedroom residential units (divided between flats an townhouse units), with an accessory rental office and community room, comprising of approximately 956 square feet for spadce, 4,172 square feet of ground-floor commercial space, including a 12,000 square foot public plaza with a total of approximately 84 parking spaces. The area impacted by the proposed development is the Mattapan neighborhood.

This development can provide much needed housing for area. “The proposed development will turn the now abandoned property, which has been vacant for decades and a blighted influence on the neighborhood and surrounding area, into a thriving part of the Mattapan neighborhood fabric,” wrote Lisa B. Alberghini, president of the Planning Office for Urban Affairs Inc., and Donald Alexis, president of Caribbean Integration Community Development, in a letter of intent to the BRA.

We will continue to monitor the progress of this proposal and see if it moves forward to breaking ground.

To stay current on what’s happening in your neighborhood, be sure to sign up for our blogs!

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Downtown Affordability Within Reach?

As we prepare to usher in a new year, something rarely seen in today’s market is also upon us. The developer Related Beal has begun work on a downtown apartment building where EVERY unit will rent at BELOW-market rates. Downtown is prime real estate so this endeavor is very shocking as developers could get top dollar for such apartments. Their efforts are especially applauded as it called for a hefty $230 million budget. 

The Related Beal project offers a template for other developers to meet the city’s goal of building more housing that middle-income residents can afford. The 14-story building at Beverly and Causeway streets in the Bulfinch Triangle near North Station will house 239 apartments priced at rents affordable to low- and middle-income tenants.

About half the units are aimed at renters earning mid-range incomes — up to $78,800 for a two-person household — with the rest set at rents for lower incomes. A family of four that earns $78,800 a year, for example, could rent a two-bedroom apartment for $1,628 a month, in a neighborhood where similar new apartments could be twice that price. 

When you are doing good for the community, you have to be creative in recouping the financial loss. Related Beal designed the project to also include a 220-room hotel, to help offset the development costs and make it easier to charge lower rents. This is exciting because it demonstrates that developers can impact their community with a little creativity. Areas like Mattapan and Roxbury could greatly benefit from creative projects like this to boost the local economy, provide affordable housing and rid neighborhoods of abandoned buildings. 

Related Beal is writing a road map that could help other builders finance more affordable housing in Boston. The issue with our housing is that middle income renters suffer the most. Generally, they earn too much for heavily-subsidized apartments but can’t afford the high-end apartments that are quickly taking over.  

Construction will likely take about two years and possibly a record breaking influx of applications for the lottery. We will be following this history making project so sign up for our blog to stay current on the progress and to learn more about the Boston real estate market.

If you have any questions regarding renting one of your units, please CONTACT US TODAY at 617-297-8641 or Contact@MandrellCo.com! Our agents are trained to find you the best tenant that meets your requirements.

 

 

adapted from The Boston Globe

 

 

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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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South Boston Rental Prices Quickly On The Rise

Are you a current or aspiring landlord in South Boston? 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 South Boston’s rental market statistics for the last 6 months.

 
Total South Boston 1 Bedroom Listings Rented: 125
Average Rent for 1 Bedroom Units: $2,107

Total South Boston 2 Bedroom Listings Rented: 252
Average Rent for 2 Bedroom Units: $2,735

Total South Boston 3 Bedroom Listings Rented: 98
Average Rent for 3 Bedroom Units: $3,391

Total South Boston 4 Bedroom Listings Rented: 23
Average Rent for 4 Bedroom Units: $4,070

 
Would you like 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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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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Hamilton Company Building (48) 2 Bedroom Rental Units In Brighton.

The Hamilton Co. recently broke ground on a new six-story, 49,000-square-foot apartment building in Brighton.

The property, located at 40 Malvern St., is the first step in the company’s plan to invest $100 million in Packard’s Corner, in Boston’s Allston neighborhood.

The complex is expected to be completed in September 2016, and will have 48 units, each with two bedrooms and two baths. The units will average 900 square feet and the top-floor units will have views of the Charles River. Rents will start at $2,600 a month.

Amenities for residents will include off-street parking, a “green” roof garden and access to both a Hamilton-owned recreational facility and the MBTA.

“This project is an excellent example of a transit-oriented development that will transform a parking lot into much-need housing,” Brian Golden, director of the Boston Redevelopment Authority, said in a statement. “I congratulate Hamilton Co. on its success, and I look forward to seeing the building come to life.”

Like The Mandrell Company on face book to stay in tune with other local developments around the city of Boston.

Dorchester Real Estate Agent

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Boston real estate is a terrific investment for a variety of reasons and the focus for many real estate investors around the world.  Boston is one of the most popular cities in the United States. It’s a financial and cultural center and its influence in politics, education, entertainment, media, fashion and the arts all contribute to its status as one of the major global cities. The city boasts a high quality of life, high household incomes, and vast opportunities for cultural and entertainment activities.  Boston has one of the world’s most highly-developed and integrated economies and is a  hub of international business and commerce. The city is a major center for finance, insurance, real estate, media and the arts in the United States.

The Universities of Boston:

Boston is always going to be a great market for real estate investors simply because of our student base. Boston has some of the most prestigious universities in the country including Harvard, MIT, BC & BU. With the constant influx of students and young professionals, there is a virtually never ending demand for rental units. The Boston rental market is very dynamic and a few blocks closer to the university can mean a few hundred dollars a month more in rent.

“Students aren’t going to stop coming to school here, so there will always be a great demand for housing.”

Boston is a great city and our colleges aren’t going anywhere. If you’re looking for a great buy and hold investment, purchasing a multifamily building or a condo rental is a wise choice. The closer your rentals are to campus the higher the monthly rental rate but you don’t necessarily need to be next door to one of the school to grab a terrific investment. Boston has a terrific public transportation system and you can be almost anywhere in the city within 30 minutes.

The Mandrell Company always suggest an investors approach these investments with a long-term timeline. Potential buyers also need to have their financing lined up and be ready to make moves quickly. These properties don’t become available on a regular basis, so to catch a deal you have to do your homework, work with a good Realtor and be ready to make a move when an opportunity presents itself.

Realtor.com contacted TMC awhile back and asked if we could contribute to a couple articles the site was writing about investing in neighborhoods with big college crowds. They were looking for Realtors in a few different cities to write about their experience dealing with investors of college apartments. Below the link to the article they published. Check it out.

http://www.realtytoday.com/articles/2741/20120823/top-10-college-towns-investors-condo-boston.htm

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Want to learn more about what’s happening with Boston’s large real estate developments? Are you interested in how these developments will affect local business and the future Boston economy? Come join us for panel discussions between a variety local real estate developers, entrepreneurs, business owners and politicians at the 2015 “Boston Means Business”. You can RSVP for this event with the link below. Hope to see you there.

https://www.eventbrite.com/e/boston-means-business-ii-the-economic-landscape-of-boston-tickets-15880109836

Boston Convention and Exhibition Center
415 Summer Street
Boston, MA 02210

Monday, March 23, 2015 from 5:30 PM to 8:30 PM

https://www.eventbrite.com/e/boston-means-business-ii-the-economic-landscape-of-boston-tickets-15880109836

Boston Real Estate Developers & Business Owners

 

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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.

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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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Are you a landlord in the Boston area or are thinking about getting into the rental business? If so, make sure you fully understand the required and optional insurance coverage available to you. Having the right insurance in place could mean the difference between a well run real estate business and financial ruin.

Here are several insurance policies every Massachusetts landlord should be aware of:

Owner Occupied Coverage – If you purchase a multifamily building and you intend to occupy the property as your primary residence you’ll be required to obtain homeowners insurance. This insurance will typically cover the building itself as well as all the buildings fixtures. This policy will not cover your tenants personal belonging (or yours if not specifically written in the property).

Rental Property Insurance – Let’s assume you initially purchased a Boston triple decker as your primary residence and then you decide you want to move out and rent the unit you’re currently occupying.  It would be a very good idea to contact your insurance agent prior to doing so. When you initially purchased the property you paid for insurance that covers you as an owner occupant, but not as an investor. Once you move out of that property and it now becomes and investment and no longer “owner occupied”. Investment real estate requires different coverage and you’ll need to discuss these changes with your agent. If you don’t switch your policy after moving out, and attempt to make a claim, the insurance company may argue that you had improper coverage and deny any payments to you.

Vacant Property Insurance – If your property ever becomes entirely vacant for an extended period of time, make sure you alert your insurance agent. There is often a different policy needed for a property that isn’t being occupied due to a higher risk of damage. Vandalism, rodents and frozen pipes are just a few of the many things that are more likely to take place in a vacant building. Make sure you’re fully covered.

Renters Insurance – One of the best things you can do as a landlord is alert your tenants about renters insurance. If there is ever a flood, fire, break in or anything that results in your tenants loosing personal property, they are not covered under your homeowners policy.  It’s a good idea to alert them of this fact (during move in) and encourage them to get coverage. Renter’s insurance policies can be obtained for as little as $300 annually for approximately $10,000 in coverage.

Email us (Contact@MandrellCo.com) and we can send you the form we use to educate our tenants about the need for renter’s insurance.

Umbrella Insurance – If you own more than one rental property, you should speak with your insurance agent about an umbrella policy. Simply put, an umbrella policy protects you from any losses that exceed the coverage amount in your property’s policy. Ask your agent if this type of coverage would be right considering your future investment goals.

Anytime you make a significant change to the occupancy or the structure of your investment property, you want to be on contact with your insurance agent. It’s also a very good idea to review your coverage amounts and deductibles to really understand what your policy covers…and what it doesn’t.

Visit us on Real Estate Investment VideosYou-Tube for more investment real estate tips and tricks.

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Are you a current or aspiring landlord in Massachusetts? No matter the years you have 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 Quincy’s multifamily sales and rental market statistics for the last 6 months.  

Total Multi-Family Listings SOLD: 66

Average Living Area by Square Feet:  2,543.61  

Average Listing Price: $526,589

Average DOM (Days on Market): 53.89

Average Sales Price: $516,286

Average Rent for 1 Bedroom Units: $1,358

Average Rent for 2 Bedroom Units: $1,737

Average Rent for 3 Bedroom Units: $2,330

Average Rent for 4 Bedroom Units: $2,265

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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Are you attending a University here in Boston? Will you need off campus housing? If so, give us a call us. Our company assists many undergraduate and graduate students in finding apartments while they are studying here in the city. We have a ton of resources at our disposal and are contacted by landlords all over the city looking for good tenants for their apartments.

Here are the top 5 things every student should know about renting here in Boston:

  1. Plan to start your search as early as possible. Boston rentals do not stay vacant very long so to land a great apartment you need to be proactive! Try to get ahead of the student rush and line something up a couple months in advance. This will be your best possible opportunity to get something close to your campus.
  2. Make sure you fully understand the cost of the apartment your plan to rent. When you move into an apartment, a landlord can charge you the first month’s rent, the last month’s rent, and a security deposit. In addition to what the landlord charges, you may also be charged a Realtor fee if you enlist the services of this professional. This fee can be up to a maximum of the equivalent of one month’s rent. For example, if you rented an apartment for $1000, you could be charged a maximum of $4000 to move in. 1st, last & security from the landlord and a full month’s rent from the real estate agent you hired.
  3. Make sure your roommates know the rules and plan to stay as long as you do. If one of your roommates moves out, you may still be responsible for paying his portion of the rent until you find a new one. When you sign a lease with a roommate, you are both committing to the term of that lease. If one individual does not hold up to this agreement you are both liable.
  4. You have probably invested more in personal property than you realize. Renter’s insurance is a good idea and can be surprisingly affordable. Don’t assume that your landlord’s or your parents’ insurance will cover your belongings.
  5. Before entering into a rental agreement, check out the condition of the apartment. If you can’t, have a friend do it for you. You do not want to be charged for damages that existed when you moved in! In most cases the landlord will do an “initial walkthrough” with you so you both can determine if there are items that need to be addressed prior to move in.

Still have questions? Need help starting your apartment search? Call us at 617-297-8641 or email Lloyd@MandrellCo.com.

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