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All posts tagged House

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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How Do I Sell My (Massachusetts) Home If It Needs Fixing?

How do I sell a home if it needs significant repair? If by significant you mean you have foundation issues, there’s water damage, the roof is bad, you have bad tenants, it would be a bad situation. In that case what you’re looking for is you don’t want your typical realtor, you don’t want your typical buyer. Typical realtor, typical buyer is probably going to present you with a sign in the yard, open house, a lot of people doing showings, coming through your property. That’s probably not what you want. It’s probably not a safe environment, it’s probably not an environment that you want to have a realtor coming in and taking photos of and posting them all online.

What you are looking for in your situation if it’s a home with significant repair needed is a renovation specialist. You’re looking for someone to come in who understands how to buy homes that need repair, that have their own money, that don’t need a bank appraisal. These renovation specialists are also not going to do home inspections. They can close quickly if that’s what you’re looking to do. They are professionals at renovating homes that need a lot of work. At the Mandrell Company we have a long list of these professionals, professionals that we’re working with and contacting on a regular basis.

If you are in need to sell a home or if you are in possession of a home that needs significant repair, you are looking to sell, we would love to connect you with these professionals. They are looking to create a win/win situation. They want to make sure that everyone involved, as well as the Mandrell Company, we want to make sure everyone involved comes out on the other end satisfied, happy with the solution that was achieved. These renovations specialists can make you an offer on your property within 48 hours. The offer would be cash. Again, they can close quickly if that’s what you need.

If you do have an interest please give us a call. You can reach us at 617-297-8641 or you can contact us through email at contact@mandrellco.com. You can also visit our website at mandrellco.com or the easiest way would be to click on the link below in the video description or the learn more button to your lower right hand side. Again, we’d love to work with you. Hopefully we can come up with a win/win solution for your home if it needs significant repair. Please reach out to us and we’ll see what we can do. 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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What’s Up With Woburn Real Estate? Check Out These #’s

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

Here are Woburn’s multifamily sales and rental market statistics over the last 6 months of 2016.  

Total Multi-Family Listings SOLD: 9

Average Living Area by Square Feet: 2,594.00   

Average Listing Price: $521,735   

Average DOM (Days on Market): 37.87 Days 

Average Sales Price: $515,880

Average Rent for 1 Bedroom Units: $1,238

Average Rent for 2 Bedroom Units: $1,879

Average Rent for 3 Bedroom Units: $2,274

Average Rent for 4 Bedroom Units: $2,422

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

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

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

Condominium Listings
Total Condos SOLD: 251
Average Living Area by Square Feet: 1,148.33
Average Listing Price: $1,026,012
Average DOM (Days on Market):  36.49
Average Sales Price: $1,040,665

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

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

Multifamily Listings
Total Multifamily Buildings SOLD: 19
Average Living Area by Square Feet: 3,442.79
Average Listing Price: $1,053,368
Average DOM (Days on Market):  46.95
Average Sales Price: $1,038,290

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

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

Condominium Listings
Total Condos SOLD: 93
Average Living Area by Square Feet: 869.96
Average Listing Price: $436,205
Average DOM (Days on Market): 29.59
Average Sales Price: $438,291

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

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

Single Family Listings
Total Homes SOLD: 85
Average Living Area by Square Feet: 1,721.19
Average Listing Price: $539,540
Average DOM (Days on Market):  49.16
Average Sales Price: $540,895

Condominium Listings
Total Condos SOLD: 59
Average Living Area by Square Feet: 1,118.38
Average Listing Price: $348,744
Average DOM (Days on Market): 62.66
Average Sales Price: $344,178

Multifamily Listings
Total Multifamily Buildings SOLD: 3
Average Living Area by Square Feet: 2,106.00
Average Listing Price: $561,300
Average DOM (Days on Market):  38.00
Average Sales Price: $550,000
 

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

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

Single Family Listings
Total Homes SOLD: 10
Average Living Area by Square Feet: 1,540.70
Average Listing Price: $430,460
Average DOM (Days on Market):  62.30
Average Sales Price: $414,100

Condominium Listings
Total Condos SOLD: 53
Average Living Area by Square Feet: 980.87
Average Listing Price: $357,845
Average DOM (Days on Market): 51.49
Average Sales Price: $356,586

Multifamily Listings
Total Multifamily Buildings SOLD: 36
Average Living Area by Square Feet: 2,602.06
Average Listing Price: $609,300
Average DOM (Days on Market): 64.14
Average Sales Price: $599,417

Rental Stats
Average Rent for 1 Bedroom Units: $0
Average Rent for 2 Bedroom Units: $$1,881
Average Rent for 3 Bedroom Units: $2,330
Average Rent for 4 Bedroom Units: $2,650

 

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

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

Single Family Listings
Total Homes SOLD: 55
Average Living Area by Square Feet: 1,682.43
Average Listing Price: $381,615
Average DOM (Days on Market): 75.85
Average Sales Price: $375,956

Condominium Listings
Total Condos SOLD: 13
Average Living Area by Square Feet: 1,233.08
Average Listing Price: $265,515
Average DOM (Days on Market):   75.23
Average Sales Price: $254,962

Multifamily Listings
Total Multifamily Buildings SOLD: 24
Average Living Area by Square Feet: 2,790.71
Average Listing Price: $484,217
Average DOM (Days on Market):  89.17
Average Sales Price: $475,537

Rental Stats
Average Rent for 1 Bedroom Units: $1,175
Average Rent for 2 Bedroom Units: $1,598
Average Rent for 3 Bedroom Units: $1,907
Average Rent for 4 Bedroom Units: $2,200

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

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Do you have a single or multifamily property in the Boston area with problem tenants? Are your tenants not paying or just causing you headache? If so, we may have a quick solution for you.

The Mandrell Company works with a long list of local real estate investors and developers and each of them is looking for new investment property. These investors buy single family and multi-family homes of any size, any price range, any number of units, and in any condition.

Working with us and our investors we can help to sell your home quickly and easily. You don’t have to worry about spending money on repairs, putting a sign in the yard, having strangers drop in through your house,  or wondering when your property will sell.

When you sell your troubled property with our investors and developer clients:

• You get multiple cash offers and avoid most normal closing costs
• You sell directly to them and there isn’t often no Realtor commission to pay
• You sell your house in “as is” condition – no cleaning or repairs to make
• You can close quickly – if that’s what you need.

Our clients are also buying properties in foreclosure, probate, pending evictions, inherited, vacant or abandoned, or just in need of much work.

If you are interested in a quick cash offer on your property, please call our office today at 617-297-8641 or email me at Willie @ MandrellCo.com

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Mortgage Rates Remain Low Despite Boston Values Skyrocketing

 Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining for the third consecutive week on disappointing national manufacturing data. While many cities and towns across the country seem to still be feeling parts of the recession, Boston’s economy (and as a result our home values) seem to be flourishing. The consistency in low mortgage rates are allowing Boston borrowers to also pull equity from their homes and make improvements and repairs.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending December 3, 2015, down from last week when it averaged 3.95 percent. A year ago at this time, the 30-year FRM averaged 3.89 percent. 
  • 15-year FRM this week averaged 3.16 percent with an average 0.5 point, down from last week when it averaged 3.18 percent. A year ago at this time, the 15-year FRM averaged 3.10 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.99 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.61 percent this week with an average 0.3 point, up from 2.59 percent last week. At this time last year, the 1-year ARM averaged 2.41 percent. 

Would you like to speak with a mortgage broker about buying a home or refinancing an existing mortgage? Call us at 617-297-8641 to be connected with some of the best home loan professionals in the city!

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Boston Area Mortgage Rates Remain Low Going Into 2016

MCLEAN, VA–(Marketwired – Oct 29, 2015) – Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling slightly lower amid market expectations of no rate increase by the Federal Reserve.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending October 29, 2015, down from last week when it averaged 3.79 percent. A year ago at this time, the 30-year FRM averaged 3.98 percent. 
  • 15-year FRM this week averaged 2.98 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.13 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.89 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.54 percent this week with an average 0.2 point, down from 2.62 percent last week. At this time last year, the 1-year ARM averaged 2.43 percent. 

Are you considering buying a home or possibly refinancing your current mortgage? Looking for a qualified professional to provide some lending advice? Give us a call. We work with the best home loan resources in Massachusetts! We’d love to learn a little more about your needs and connect you with the right company for the job.

You can reach us at 617-297-8641 or contact@mandrellco.com

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Single Family Flip Opportunity – Norwood, MA

Are you looking for your next flip? This may be one you’ve been waiting for!

420 Prospect st Norwood, Ma – 

This is a single family condo attach.  The unit consist with 3 beds and 1.5 bath, living room and dinning room and a full enclosed attic that can be use as a bedroom, plus a basement. Wholesale price $ 280k … Comps in the area around $385k to $400k.. This property is located within minutes to Westwood neighborhood and major highways. Great location!!!

Photos can be seen with the following link

https://www.icloud.com/sharedalbum/#B0D59UlCqJsWVJp

For more information contact Julio Evangelista at 407-914-5344 or Julio@ComEquityFunding.com

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Attention Future Home Buyers:

One of our great lenders has an exciting new mortgage program and I’d like to share the details with you!

Our lender has partnered with the National Homebuyer Fund (NHF Platinum Program). The NHF Platinum Program is designed to assist low-to-moderate income homebuyers with the purchase of a home, by providing down payment and/or closing cost assistance (currently in the form of a Grant). The grant does not have to be repaid. The grant (up to 5% of the total loan amount) can be used towards down payment or closing costs.

Many times this assistance allows homebuyers to purchase a home much sooner than they thought possible. One of the most attractive features of the Program is that you don’t have to be a first-time homebuyer. Even if you owned a home in the past, you may qualify. The Program is available for the purchase of an owner-occupied principal residence, including condominiums and planned unit developments, and offered in various states, including Massachusetts & New Hampshire.

 A borrower can purchase a single family, condo, or PUD with no money down with a credit score as low as 640.  The grant is combined with either a Fannie Mae (Conventional Loan) My community mortgage, FHA, VA, or USDA loan.

 Our lender will sponsor and obtain the grant for the borrower so you no longer will have to work with separate entities to obtain a down payment assistance grant!!

For more information about the program and to see if you qualify, please call our offices at 617-297-8641 or email us at contact@Mandrellco.com. We would love to connect you with our mortgage broker and help you achieve that long awaited home purchase! Call today!

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Attention Boston Real Estate Investors:

The Mandrell Co office has an off market FLIP opportunity in Weymouth, MA. It’s a 1450 square foot home with 3 bedrooms, 1.5 Bath home sitting on an 1 acre lot. The house is located at 641 Pleasant Street. The seller looking for cash offers and a quick closing. The home needs some work but has a ton of charm and character. Comparable sales in area say $400’s and none of the them are sitting on such a large lot.

Seller asking $259,000. Buyers to do own due diligence. Pending tax liens will be paid by seller at closing. Contact Willie Mandrell at 617-297-8641 or Willie@MandrellCo.com for more information and to schedule a showing.

Looking for other investment opportunities? Join Boston Wealth Builders! Membership is free and takes 2 mins to sign up. Join the group at http://www.BostonWealthBuilders.com

 

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Are you looking to buy a home in the near future? Has less then perfect credit stopped you from buying a home in the past? Home ownership is a huge part of the American dream and no one should be denied access. Here are 6 steps to improving your credit so you too, can achieve the American dream.

1. Pay down your credit cards to below 40%.

Ideally 30% but let’s start small and work our way up. It can be overwhelming if you have 5 credit cards that are all near their limit. Here are a couple strategies you could employ.  A. Pay off/down the highest interest card first. The money you save on interest payments will go toward paying off your next card on the list. B. Pay off/down the credit card with the smallest limit. Paying off something quickly gives you motivation to move on to the next. You feel motivated after paying down a $500 credit card in 2 months compared to paying $500 off a $5,000 credit card because you still see a high balance.

2. Slow down on opening new accounts

Each new account places an inquiry on your credit report, which decreases your credit score. When creditors see these inquiries, it decreases your chances of being approved. Also, new credit means less credit history, which is frowned upon. Side note: Choose cards with rewards so you earn while you spend.

3. Add someone’s credit history to your profile

If you have a family member that has good credit and good credit history, consider asking them to add you to their oldest credit card and preferably the one with the best credit history attached to it. While you will not adopt their credit score, you will obtain their history, so if they have owned the card for 10 years, you now have that 10-year history on your credit report. We DO NOT recommend you having access to their credit however. No matter how good your intentions, you never want to jeopardize someone’s credit for your own gain. They can give you their history without giving you access to their credit.

4. Get a secured line of credit

If you were unable to add someone’s credit history to your profile, your next best option is to open a secured line of credit. Essentially, you would put money on a card (like a debit card) and whatever amount you deposit, becomes your new credit limit. For example, you deposit $500 on your secured credit card, you now have a $500 credit limit on your card. If you decide to increase it to $1000, you pay the $1000 upfront and you can borrow against it up to $1000. The benefit is that if you decide to close the account, your money is refunded. Also, secured credit cards report to the credit bureaus unlike a debit card or some other services out there. Do your research and ask questions. See which card is best suited for your needs. The most important thing is to make sure they report to all 3 credit bureaus to help you establish credit.

5. Diversify your credit profile

You do not want all your credit to be of the same type. The goal is to have a diverse portfolio such as credit cards, car loan, mortgage, etc. Creditors want to see that you are responsible over a variety of credit types.

6. Get your credit limit increased with current lenders

I do this every year. If you have a great track record of always paying on time, you can ask your credit card company to increase your limit. Most allow you to do this on the website and it is instant. This serves 2 purposes: A. It increases your credit iimit and the % of credit owed. For example $400 on a $500 limit is 80% utilization, however, $400 on a $1000 limit is only 40% utilization. Do you see how this can improve your credit score without you doing anything more than making a phone call? This is not something you do monthly but rather on a yearly basis because some companies will pull your credit to make the decision which could hurt you in the short term but will be beneficial in the long. B. It gives you greater access to funds. Wouldn’t it be nice to know that you have an extra $1000 of available credit in case of emergencies?

Would you like to learn more about how to improve your credit? Sign up for FREE course – “How To Achieve An 800+ Credit Score & Never Be Denied For Anything“. You can find details on this course with the following link. http://www.meetup.com/Urban-Money-Matters/

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One of the largest obstacles between you and home ownership is coming up with enough money fund the required mortgage down-payment.  Let’s assume that we’re looking for the average single family home in Massachusetts which is roughly $350,000. Let’s also assume you are like the majority of home buyers in this state and qualify for an FHA Loan, which is a 3.5% down payment or roughly $12,250. This isn’t amount of money most people have sitting in there bank accounts. So how do you find the cash to fund your dreams of home-ownership? Here are a list of things most buyers do to save up some cash:

Side Job or Temp Work –  Can you pick up a side job or work for a temp agency?  It’s may not be something you  ant to do permanently, but it’s worth it to reach your home-ownership goals.  Let’s assume you can pick up a part time job working 10 hours per week at $15 per hour. If you worked 48 of 52 weeks in the year you’d have an extra $7200 (before taxes) to add to your home savings account.

Cut Cable & Phone Bill – Many of us have Comcast or Verizon packages that consist of every movie channel, sport package and various other upgrades. Are these things we can live without for a little while?  The same goes for many phone bills. Many of us are paying $40 per month or more for data packages while the only thing we do with our phone that require data is posting to Facebook.  If you can reduce one of these bills by $50 or two of them by $25 each, you would be saving a total of $600 for the year.

Cut Gift Spending – We all love our family and friends but could you cut back on birthday and holiday gifts for one year? I think your friends and family would stand by you if your gift were less expensive this year because you’re saving to purchase a home.  Statistics show cutting this spending out entirely can put another $600 in your pocket for the year.

Work Overtime – Are there overtime hours available at your current job? Maybe it’s time to stay late or come in early. It may be a good idea to approach your manager and see what extra hours he/she can offer you.

Save Your Tax Returns – Getting a nice check back from the government this year? Don’t view this influx of cash as discretionary spending. Many Americans look at this check(s) as chance to buy a bigger TV or various other luxuries.  Be smart and save this money for your down payment.  The big screen will look better next year in your new home.

Hang At Home – Let’s assume that you’re like most of us and you love to hang out on the weekends. If you’re spending an average of $100 per weekend (drinks, food, movies etc) and your going out every other weekend, you’re spending an average of $2600 per year on entertainment. Can you cut than down this year to just 1 weekend per month? If so you’re saving $1300 per year and you’re that much closer to you saving goals.

Cut Your 401K Contributions – I’m a big believer in saving for your retirement, but I believe even more that every individual should own their own home. It may be a good idea for you to speak with your HR department and cut down (or cut out) your retirement contributions and add those additional funds to your savings.

Ask Your Family For Help – When your family sees all the lifestyle adjustments you’ve made to save for home ownership, they will see how important it is to you and will become important to them as well.  Can they help you with your down payment?

Are you looking for more helpful home ownership tips? Like us on Facebook at https://www.facebook.com/WMandrell.

You can also connect with us on Google Plus.

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The Mandrell Company would like you to give a warm welcome to the newest member of our sales team, Priscila Elias!

A native of Brazil, Priscila brings her warm personality, family real estate investment knowledge and exceptional customer service to the North Shore. Priscila is an accomplished sales professional with over six years of experience in customer-focused positions. Priscila has a natural ability to find innovative solutions and works hard to ensure satisfied clientele. Through her work experiences and connection to the real estate investment industry, we know Priscila will succeed and be a real asset to the firm.

Priscila can be reached at Priscila@Mandrellco.com

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The Mandrell Company would like you to give a warm welcome to the newest member of our sales team, Elizabeth Newcombe! 

Liz is outgoing, cheerful and passionate about real estate and helping her community. Liz obtained her Bachelor’s degree from Christendom College in Virginia where she actively participated in several outreach and missionary events in the community. Her genuine passion for helping people is invaluable when maneuvering the complexities of buying/selling a home. Liz also comes from a family that is active in the real estate industry.  Her experience, knowledge and great personality will serve her well as an agent on the South Shore.

Liz can be reached at Liz@MandrellCo.com

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With tax season ending a little more than a month ago… I’m sitting here thinking about all the questions I received this year about minimizing investor tax liability and wanted to share some quick tips. 

The tax deductions you will receive as a landlord will only be as good as the expense records you keep. To maximize your annual deductions (or minimize your expenses) you should establish and maintain a meticulous record keeping system for your rental properties. If you ever have to go through and IRS audit, you want to easily show that you were eligible to claim the deductions you did. On the other hand, for every 100 dollars in tax deductions, you will have approximately $25 in tax savings (for tax payers in the 25% bracket), so it’s in your best interest to deduct everything in which you are entitled. Nolo’s – Every Landlords Tax Deduction Guide is great book for learning more about tax deductions and the filing requirements of landlords. This book is updated annually and always contains the most recent laws and tax codes.

One of the best ways to ensure you are maximizing your annual deductions is to keep neat, thorough and exact expense records. Be sure that you are keeping hard copy or electronic files for receipts, invoices and anything else that documents your purchases. If you own more than one rental property, you should separate these records by property and year as required by your schedule E (the federal tax form completed for rental property owners).

A hand written or electronic expense journal is also great to have and should coexist along with your files. Use your journal throughout the year and take notes that will help you or your accountant properly prepare your returns. You will want to use this journal to record explanations for unordinary expenses, miles traveled for your rental business, items you paid for in cash and anything else you may not remember when the time comes to file. Quicken Rental Property Manager is a terrific tool help landlords maintain rental records and if set up properly, it can capture your expense records without data manual entry.

Separating your personal from your rental business banking is another great way to stay organized throughout the tax year. One of the first things you will want to do when becoming a landlord is to open a separate checking account (and maybe a credit card) for your rental business. Deposit all your rental income into this business checking and only pay for rental expanses from that account. Doing so will allow you to easily identify rental expenses when the time comes to file. It will also allow your monthly bank statements to serve as excellent reference tools from year to year, without the hassle of weeding out personal items.

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