(MA) 617-297-8641 (RI) 401-641-5774

Contact@MandrellCo.com

All posts tagged multifamily


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!

Read more

In this video, Patrick Wheeler of the Mandrell company shows you how to easily determine whether your real estate investment is profitable. He takes you through a simple to use rental property deal analyzer that allows you to determine return on investment, cap rate, cash on cash return and several other investment measures. Great investors know that your money is made during the purchase. Use this terrific calculator to make sure you fully understand your investment on the way in. Download now with the link below.

http://mandrellco.com/dealanalyzer

Read more

What Does It Cost To Live In Randolph?

Want to know what’s happening with Randolph home sales and rentals?

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

Total Multi-Family Listings SOLD: 6

Average Living Area by Square Feet: 3,174.00

Average Listing Price: $471,735

Average DOM (Days on Market): 14.87 Days

Average Sales Price: $495,680

Average Rent for 1 Bedroom Units: $1,300

Average Rent for 2 Bedroom Units: $1,658

Average Rent for 3 Bedroom Units: $2,121

Average Rent for 4 Bedroom Units: $2,350

Want to see sales data for another local area?

I Want To Know My Home’s Value!

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

Read more

Brand New Multifamily Home Coming To Market! 15 Whitman St, Dorchester

15 Whitman Street, Dorchester MA – $595,000

Expansive two-family home offering quality finishes and peace of mind, to make you love coming home.

Designed and built to Oxbow’s high standards of elegant, efficient and smart. This home combines vibrant exterior detailing, thoughtful interior elements that anticipate the need for privacy and the opportunity for entertainment with the newest systems, energy efficiency, and materials found only in new construction. We want you to love coming home.

First Floor Unit offers 2 bedrooms with granite counter tops, hardwood floors, stainless steel appliances and much more.

Owner’s Unit offers 3 bedrooms, 2 bathrooms, stainless steel appliances, granite counter tops, hardwood floors, in-unit laundry, expansive finished attic space. This unit provides the perfect opportunity to let your imagination run free with numerous options for the attic space. Property comes with highly sought after off street parking.

Property Specifications

3,680 square feet of living space

2 Bedroom/1 Bath First Floor Unit: 1,220sf

3 Bedroom/2 Bath Upper Floor Unit: 2,460sf

Full unfinished basement

Fully Equipped Kitchens

Washer and Dryer Hookups

Off Street Parking

Please contact Denisha McDonald for more information and to schedule a showing. Denisha@MandrellCo.com or 617-982-3337

15-whitman-first-floor-ff 15-whitman-second-floor-f

 

Read more

Let’s talk about converting your multifamily into condos. What does it entail, who are the people you need to speak to, what are the things that you need to consider? I have a lot of clients that often come to me and say, “I have a two-family, I have a three-family, I have a four-family and there are some condos selling in my neighborhood, and I’m considering instead of selling my multifamily as a multifamily, what do you think about converting this building into condos and selling them off individually as condos? A couple things. I’m going to go over five things that you want to consider, five people that you want to speak to and get their advice before you make that final decision.

Number one, the number one person you want to speak to is your local real estate agent, a real estate agent that is versed in the multifamily, in condo sales within your market, within your neighborhood. What you’re trying to find out from that real estate agent is two things. One, “What would my multifamily building sell for if it sold as a whole, as a multifamily building?” The second number is, “If I break this into two units, or three units, what are those individual condos going to sell for?” That seems pretty elementary, pretty straight forward. Of course you want to know that. In addition to that what are the things that need to be done to these condos? What are the quality of the finishes within these condos that are required for the sale?

Again, if I’m renting … Right now if I live in unit one and I’m renting units two and units three, and I have laminate flooring and formica countertops and Home Depot cabinets, is that okay for this neighborhood? Is it a requirement for me to upgrade now to granite, to hardwood flooring, to stainless steel if I’m going to convert these into condos? What is the quality of the finishes needed for me to actually put a finished product on the market and actually have them sell?

Once you get those two comparisons. Let’s throw some numbers out there and let’s say we’re in a Cambridge market, let’s say it’s a three-family unit, and I can sell my multifamily for, let’s say, a million bucks. I’m looking at the condos in the same neighborhood and the condos are selling for let’s say six hundred apiece. This a pretty good spread. You have a million bucks as a multifamily. You have almost 1.8 million dollars in sales as a condo conversion. Most people would say, “Pretty straight forward.”

There’s a couple other considerations that you have, though. Next what I would do is I would talk to my general contractor. There’s a couple different ways … I’m going to give you the five people that you should speak to. The real estate agent I would say is always first and then you can toggle through the next four. I would probably bring in my general contractor next and say, “I’ve spoken to my real estate agent and I’m considering going the condo route. Here are the things that I want to do. Based on what my real estate agent is telling me, I need to probably gut this kitchen and we’re gonna go new flooring, new hardwood. We’re gonna bring in stainless appliances. I want new plumbing. I’m probably gonna change out a couple furnaces in the basement. I’m gonna separate these into different utilities for each unit.

Based on those things, what is that full renovation budget gonna run me?” Have your contractor come in, give them the specs, and then have them give you a proposal, a contracting proposal so you know exactly what you’re getting yourself into. The reason you want to do that is because, again, there’s an $800,000 spread between selling it as a multifamily and selling it as condos, but if you come in and your contractor says it’s gonna cost you about a half a million dollars to convert these into condos, is there still an 800. Now there’s only a $300,000 spread.

The other things you want to consider, $300,000 spread still a lot of money but, again, there are realtor fees, there are three realtor fees because you’ll be selling three condos. There are attorney fees. There would be three attorney fees because you’re selling three condos. There is also a bit of a home warranty, and you as a developer, or you selling these condos also have to make some type of guarantees. It’s not guarantees but some type of warranty to the end buyers. If the utilities break down, if the furnaces break down, those end condo buyers are going to be looking back to you. There are a lot of considerations there.

The next person I would speak to is an architect. The reason you would want to speak to an architect is because when you are going from a multifamily to a condo, in your condo docs you are going to need floor plans and the floor plans are going to lay out specifically which units own how much square footage, and then typically their condo fees are based on the square footage, and their ownership. Everything is kind of laid out in the condo docs and the architect is going to be the person that is going to come in and make sure that all the details of this building are specifically laid out, and then transfer all that to the attorney, which is the next person you would probably want to speak to. The attorney is going to talk to you a little bit about the process of drafting up condo docs, splitting your units into three separate entities, or three separate deeds.

There’s a lot of legals that go into taking one deed, one multifamily, and now dividing it up into three separate living quarters. The attorney is the next person you would want to speak to. You want to make sure that you are on board and fully understanding everything that legally needs to be done to convert these into condos, get your new condo docs, and everything else that goes along with it.

The last person you want to speak to, very important, as well, is your CPA, whoever does your taxes. You really want to make sure that they are versed in the real estate world. You want to make sure that they fully understand capital gains tax. What are my tax consequences for selling this building. Are they any different from selling it … your cost basis is going to be adjusted. Your cost basis is going to be adjusted from depending on how much money you put in, what your renovation budget is. Your renovation budget is going to affect your cost basis. You really want to ask them a lot of questions, your CPA a lot of question about the tax consequences that come with selling property and then your opportunity to sell these three or four condos, two, three condos, as well.

Again, talk to your real estate agent. Ask a lot of questions. Does it make financial sense? Talk to your attorney. What are the legal ramifications? Talk to your CPA. What are the tax ramifications? Talk to your general contractor. What is this going to cost me to get this to a market-ready condo? Last, but not least, talk to your architect about getting your floor plans ready so you can actually present them to your attorney to be included in the condo docs and, again, your realtor would probably want to see those floor plans, as well, because they would actually help the sale of the potential building, as well.

Again, Willie Mandrell, Mandrell Company. Five people that you want to speak to before you consider, or while you’re considering, changing your multifamily into a condo. If I can be of any help, please reach out. Mandrellco.com, m-a-n-d-r-e-l-l-c-o.com, or you can reach us at 617-297-8641. Thanks and have a nice day.

Read more

Do You Know What A Multi-family In Quincy Sells For? Check Out The #’s!

Quincy Multifamily Sales & Rental Market Report
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? Is now a good time to sell?

Here is Quincy’s multifamily sales and rental market statistics for the last 6 months.
Total Multi-Family Listings SOLD: 80
Average Living Area by Square Feet: 2,523.00
Average Listing Price: $642,735 (What seller asked for the property)
Average DOM (Days on Market): 45.11 Days (How long it took to sell)
Average Sales Price: $632,778 (What buyers actually paid for the home)
Average Rent for 1 Bedroom Units: $1,445
Average Rent for 2 Bedroom Units: $1,772
Average Rent for 3 Bedroom Units: $2,133
Average Rent for 4 Bedroom Units: $2,533

I Want To Know My Home’s Value!

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.

Read more

Over the years we have seen the real estate market in Boston increase steadily. The Hyde Park Multi-Family market has experienced a $100,000 value increase in the last 2 years. Multi-families were sold for an average price of $417,000 in 2014, today, they are sold for upwards of $523,000.  Multifamily homeowners must be ecstatic with this because they are recouping some equity and making a huge profit.

Multi Families 2014 2015 2016 (January to July)
# Sales 31 46 28
Average Sales Price $417,710 $450,087 $522,978
Days on Market (DOM) 58 84 79

Condominium values have risen slightly from last year but Hyde park is more of a family oriented neighborhood so we suspect single families and multifamilies are a more stable purchase in this area. 

Condominiums 2014 2015 2016 (January to July)
# Sales 29 29 16
Average Sales Price $244,712 $232,617 $240,573
Days on Market (DOM) 56 46 77

Single family sales are on track to surpass previous years with value steadily increasing. Families looking for a great neighborhood should consider Hyde Park as you still get some land and a decent sized home.

Single Families 2014 2015 2016 (January to July)
# Sales 99 116 55
Average Sales Price $353,837 $385,299 $392,760
Days on Market (DOM) 64 62 58

For more information on the Hyde Park market, contact your Hyde Park Real Estate Specialist Denisha McDonald

Read more

Many people think they can’t buy a home because they don’t make enough money. I honestly believe you can accomplish almost anything you put your mind to with hard work, sacrifice and some thorough research on your options. I am a fan of real estate as a tool to building wealth because it is tried and true…tested for centuries and when executed correctly (which isn’t that hard), it can really propel your financial trajectory. 

Let’s say you are looking for your first home purchase…. what are some sacrifices you are willing to make to get into the game? I’ll tell you what I would do in this aggressive Boston market, especially if I HAD TO stay in Boston.

  1. I would research the most inexpensive yet safe and inviting neighborhoods in the city…. currently, Mattapan is wide open but picking up steam, some parts of Dorchester, and Hyde Park, however, the prices in these areas are constantly being pushed to a new limit. 
  2. See you qualify for any city programs. There are numerous options available to first time homebuyers through the city. Although you may have money saved for a down payment, if there is free money available… utilize it.
  3. I would research streets within these neighborhoods to identify where I could see myself living for 3-5 years. Select multi-family homes in decent condition. Depending on the time of year and your pre-approval amount, the property condition could be a little worse and you can utilize a rehab loan. 
  4. Screen ALL tenants to ensure they are most likely to pay rent on time monthly. If the place comes with tenants, when do their leases expire? What is their payment history? Are they paying market rent? (sidetone: I am for giving a discount to great tenants but still keep within reach of market rents; not more than $200 discount. If you are providing a larger discount, this WILL hurt your resale value.)
  5. Occupy one unit for 3-5 years which will allow the market to possibly rise and therefore increase your equity; you can start saving again for the downpayment to your second property (now at 20-25% down)
  6. Be smart…run this like a business. Set aside 3-5% of rent toward long term maintenance and repairs (water heater, furnace, plumbing, roof). Budget for incidentals, things break down in every home over time. The income generated from your 1st property will be utilized to calculate your pre-approval amount for your second property.
  7. Depending on which home you like more, decide which you will live in and which will be 100% investment property.
  8. Rinse, and reuse. The key is knowing the numbers of how much to spend. Our agents are trained to evaluate the numbers to ensure you buy at the right price point for your goals.

To connect with one of our real estate specialists, please click on the link

Below is a story of a gentleman who followed the steps above and owns 9 properties while working full time. 

Full Story

Read more

The Mattapan market has probably been the quietest in Boston  thus far. This signifies a stable community with homeowners who are satisfied with where they are and limited interest in selling. 

Multi Family homes have gained over $60,000 in equity since 2014. 

Condominiums are not popular in this area as evidenced by only one being sold thus far this year. 

Single family homes have experienced over $50,000 in added value of the past 2 years. Homes are selling for more and in less time. 

Multi Families 2014 2015 2016 (January to July)
# Sales 27 30 11
Average Sales Price $414,996 $434,081 $478,000
Days on Market (DOM) 70 57 124

 

Condominiums 2014 2015 2016 (January to July)
# Sales 7 5 1
Average Sales Price $115,357 $217,580 $185,000
Days on Market (DOM) 153 84 269

 

Single Families 2014 2015 2016 (January to July)
# Sales 14 26 12
Average Sales Price $255,743 $293,885 $313,158
Days on Market (DOM) 96 58 54

For more information on your mattapan market, contact your Mattapan specialist Rebecca Moise

Read more

The Roxbury Real Estate market is experiencing a boom. Condo sales are through the roof and buyers cant seem to get enough. Single families and multifamilies are selling off market more than on market and being converted to condos because the demand is greatest. 

Mutli family home values have aggressively increased due to the high demand for rental units and the lure of condo conversions. MF homes were selling for $532,000 in 2014 and to date (keep in mind we are only in July) are selling for $879,000.

Multi Families 2014 2015 2016 (January to July)
# Sales 24 33 13
Average Sales Price $532,595 $574,782 $879,308 
Days on Market (DOM) 53 57 105

Half way through the year and condo sales have already matched the entire year of 2015 sales and surpassed that of 2014. Values have increased by $100,000. Savvy investors have taken notice and have been trying to meet the demand for luxury condos in the community. 

Condominiums 2014 2015 2016 (January to July)
# Sales 29 34 32
Average Sales Price $290,023 $404,094 $387,293 
Days on Market (DOM) 65 58 62

Single family sales have always been lower because they are hard to sell due to their large size. The average family does not want the responsibility of these massive Victorians. Savvy buyers have started converting them to multi-families to utilize the space. 

Single Families 2014 2015 2016 (January to July)
# Sales 12 14 7
Average Sales Price $435,975  $406,214   $444,964 
Days on Market (DOM) 63 94 43

For more information on the Roxbury real estate market, connect with your area specialist Terrance Moreau

Read more

 

 

When you are preparing to sell a MultiFamily, Here are 8 things you should do to ensure a smooth transition and to limit surprises. 

  1. Hire a Certified Professional Accountant (CPA) who is well versed in real estate. You want to know what your tax consequences are when you sell. There are capital gains taxes associated and you want to know next steps before you begin the process.
  2. Talk to a Realtor who is familiar with your area and multi-family homes. It is not just about listing your home, they need to understand the intricacies of a multi-family and how rent, condition, location etc affects the value. Is it a buyer’s market or a seller’s market?
  3. Does it make sense to sell as condos? Boston is experiencing a real estate boom and oftentimes in some neighborhoods, it is more profitable to divide the property and sell as condos as opposed to selling as a multi-family.
  4. Informing tenants of the sale. You want to inform them as early as possible. You want to be respectful of your relationship because a disgruntled tenant can hinder the sale of your property. You want their cooperation in coordinating showings, assist them in providing information for relocating.
  5. Gather property Financials. Buyers want to know the additional cost associated with the property so they know if the numbers make sense
  6. Gather tenant lease information. The buyer will want to see the lease agreements. When do leases expire? Are they market rent rates or below market rents?
  7. Fix any major and minor repairs in home. You want building in best shape possible as first impressions are lasting. Also, home inspections are a time to renegotiate the price. If you do not want to renegotiate the price, repair as much as you can that makes sense (discuss with realtor) so that you get the strongest offers.
  8. Connect with a real estate attorney. You want to ensure your best interests are protected.

For more information and helpful tips, please follow our blog posts or connect with us on  facebook or email at contact@mandrellco.com

Read more

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.

Read more

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.

Read more

We are currently in the process of finishing (hopefully) a 3 family listing in Dorchester, which has had many speed bumps along the way. The owner of the triple decker decided to convert the property into three separate condos, going against the advice that he received from the listing agent. The problem with doing this was that he was therefore, involving many more parties to the buying process than there would be, had he just sold the property as a whole.

Five takeaways from this experience from an outside perspective:

• You need to value your time: Most people do not put a value on their time. Sometimes you need to ask yourself, “is this worth my time” and if your time could be better spent doing something else, then the answer is no. Doing everything yourself isn’t always the best option.
• It is better to hire out the work: Similar to the first takeaway, you hold up the project when you try to do everything yourself. Big picture, it is best to hire a contractor to do all the work. Yes, it is more expensive doing this, but the quality of work should be the best it can be and more importantly, this frees up your TIME.
• Listen to people’s advice: By going against the listing agent’s advice, the owner has added months and months onto the sale of his property. In hindsight, he ultimately admitted that he wished he took the original advice he received and sold the property “as is.”
• Don’t chase extra money: The decision to convert the property to three separate condos was due to the thought that by doing so, the owner could roughly an extra $100,000 off the sale. Even though this will be the end result, the extra six months the project took, along with many other factors, eats into those profits more that you realize until all is said and done.
• Learn from your mistakes: Everyone makes mistakes. The most important thing is that you learn from that mistake and do not make the same one again. Fortunately, the seller acknowledged his mistakes and mentioned that he would do things very differently if this situation arose again.

Read more

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.

Read more

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.

Read more

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.

Read more

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.

Read more

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

Read more

Are you in the market to buy, rent or sell property in South 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: 16
Average Living Area by Square Feet: 1,490.13
Average Listing Price: $583,650
Average DOM (Days on Market):  60.81
Average Sales Price: $578,695

Condominium Listings
Total Condos SOLD: 230
Average Living Area by Square Feet: 1,103.45
Average Listing Price: $616,942
Average DOM (Days on Market): 46.42
Average Sales Price: $614,010

Multifamily Listings
Total Multifamily Buildings SOLD: 22
Average Living Area by Square Feet: 3,068.77
Average Listing Price: $1,064,345
Average DOM (Days on Market): 34.45
Average Sales Price: $1,046,450

Rental Stats
Average Rent for 1 Bedroom Units: $1,937
Average Rent for 2 Bedroom Units: $2,666
Average Rent for 3 Bedroom Units: $3,115
Average Rent for 4 Bedroom Units: $3,527

 

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.

 

 

Read more

3 Inexpensive Tools Landlords Can Use To Make Life Easier

Being a landlord is an excellent wealth building tool. All things designed to make you money, costs money. We want to help you be efficient and get the greatest return on your investment. Here are three inexpensive tools to help you run your real estate “business” more effectively:

  • Purchase a Lockbox so you don’t have to walk around with 50 keys
  • Invest in a toilet auger. Trust us, you’ll thank us later!
  • Purchase Quicken Rental Property Manager to track your expenses and rent payments

We hope the audio helped explain why each is a great, inexpensive investment into your property that will save you time, frustration and MONEY in the long run. For more advice on how to be a super landlord, feel free to contact Willie Mandrell at Willie@MandrellCo.com or 617-297-8641.

Happy Landlording!

Read more

I have 2 friends who both recently purchased their first homes in the Boston area. While I’m happy for them both, my friends took two completely different approaches to home ownership, which resulted in two wildly different financial scenarios. Below are the details

Larry (friend #1) makes about $40,000 annually, has very little consumer debt and a fair credit score (650). Larry was pre-approved by his mortgage broker for a $300,000 homes purchase based on his financials. As of 2016, $300,000 in Boston will buy you an entry level single family in the city which is what Larry decided to purchase. His mortgage, taxes, insurance, and water bills cost Larry about $2,077.30 after a 5% down payment and paying his own closing cost. His monthly cost of detailed below.

Larry’s Payment Information
Principal & Interest: $1,360.63
PMI: $250.00
Water/ Sewer: $50.00
Taxes: $250.00
Insurance: $166.67
Total Monthly Payment: $2,077.30

Pros & Cons:

  • Larry has the joys of single family living and doesn’t have the responsibilities that come with tenants 
  • If anything happens to Larry financially, he is on his own when it come to covering his monthly obligations
  • Larry was able to purchase this home with 5% or just 15,000 out of pocket.

John (friend #2) makes nearly the same annual salary of $40,000. John also has very little consumer debt and a 650 credit score. Instead of accepting the same $300k pre-approval Larry did, John decide to talk to his mortgage broker about purchasing a multifamily property, more specifically a Boston triple decker. John planned to live on one floor and rent out the other 2 units to help cover his monthly cost.

John’s mortgage broker did some research and found that apartments in John’s area were renting for $1650 per month on average. If John occupied one unit and collected rents from the other two, he would be putting an additional (after his own salary) $3700 per month in his pocket. In this scenario, John’s mortgage broker re-evaluated John’s financials and determined that if John was to purchase a triplex, he could afford to spend up to $550,000. Simply put, the additional rental income allowed John to purchase a larger home. After John collected rental income from his tenants each month, John was left with a balance of $4.17 that he need to cover. John was essentially living for free. ($1650 per month x 2 rental units = $3700 – Monthly Cost of $3,704.17 = $4.17 balance)

John’s Payment Information
Principal & Interest: $2,554.17
PMI: $400.00
Water & Sewer: $150.00
Taxes: $350.00
Insurance: $250.00
Total Monthly Payment: $3,704.17

Pros & Cons:

  • John was able to purchase this property with 5% (27,5000) out of pocket.
  • John has a very small obligation every month  (4.17$) to cover but what if one of the tenants moves out? John will need to save money to cover the cost of vacancy. He will also need to cover the cost of repairs to the building/ tenant units. 
  • John doesn’t have the privacy single family home provides.
  • John will eventually raise his tenants rents. If rents go up, John’s income from the property goes up as well. Now he’s putting money in his pocket every month after his expenses…”cash flowing”
  • If John ever moves out of his apartment he could also rent it for market value. In the near future he could be putting $2000 into his pocket every month.
  • John does need to create a reserve account for the raining days that come as a landlord.

 

Would you like to speak to one of our mortgage brokers and find out what you qualify for? Are you interested in purchasing a multifamily home and need more information? Give us a shout at 617-297-8641 or email us at Contact@MandrellCo.com

 

Read more

10 Must Do’s Before Selling Your Boston Triple Decker

Are you preparing to sell your multifamily property (2+ units) and want to make sure you earn top dollar from the market? The best way to maximize the resale of rental apartments is to get buyers to fall in love with the building. Here’s a list of 10 things you can do to ensure buyers open up their wallets.

1. Inform your tenants of the sale:
A multifamily seller’s tenants can often make or break a transaction. If the tenants are non responsive to showing requests or provide damaging information to prospective buyers it could instantly mean a lower sales price or possibly no sale at all. The best thing to do to avoid trouble is to have a conversation with your tenants about your intention to sell. You’ll need to inform them that potential buyers are going to be viewing their living space and they will need to make themselves (or their unit) available during certain scheduled times. Let them know you’ll be respectful of their living quarters but will need access for potential buyers soon. If there are any complaints that have yet to be resolved, now would be the best time to handle these issues.

2. Prepare the property financials:
When you’re selling a multifamily home you need to consider your potential buyers and their wants/needs. Many multifamily homes are purchased for investments purposes. If you’re perfect buyer is an investor, they’re going to want information on the buildings operating expenses. You should gather this information and be prepared to show it to potential buyers during the selling process. Operating expenses include: Taxes, Insurance, Water/Sewer, Common Area Cost (Heating & Electric), Utilities, Trash Removal, General Maintenance, and anything else needed to keep the building running smoothly. They are costs your potential buyer will need to consider during the purchase.

3. Provide details on your systems:
When were the heating systems installed? When was the roof installed? What is the age of the hot water tank(s)? How old are the windows? Any electrical or plumbing upgrades recently completed. Have your real estate agent provide you with a check list of home systems so you can make sure you’re fully prepared to answer questions the buyer or investor has.

4. Get a home inspection done:
Home inspections are just for buyers. As a seller you can also have a home inspection done for the property prior to placing it for sale. This proactive approach will cost you a few extra bucks, but it will also allow you to see exactly what your potential buyers are going to see. The more issues you can resolve prior to the buyers home inspection, the less you’ll have to negotiate and the more the buyer will pay.

5. Bring your rents to market value:
If market rents for a two bedroom apartment in your area are $1500 a month (but you’re a nice lady) and you’re charging your tenants $1100 dollars per month, you’re hurting the value of your property. Charging tenants less than market value is what many landlords do to keep good tenants in place. They think to themselves that they don’t want to upset things and force the tenants to move out. While there is nothing wrong with this strategy, landlords are not helping the resale value of the building. For example, if you have two triple deckers side by side with one landlord collecting $1100 ($3300) per month while the other landlord is collecting $1500 ($4500) per month, all else being equal, the multifamily with the hire rental income is going to have a higher value. Put yourself in the buyer’s shoes. If I have the option to purchase two identical income producing homes, why would I pay the same price for a building producing less income than its counterpart? I wouldn’t. If you’re timeline allows, it may make sense to increase the rents a few months prior to selling your property to show the increased income. Consult your realtor about this strategy and make sure to properly assess the current rental market.

6. Assemble your real estate team:
Do you have a real estate agent? Does that agent understand the local market, the investment business and what potential investors are searching for? Do you have a good real estate attorney to represent you during the transaction? Your attorney will help work out the details in the purchase & sales contract which you and the buyer will sign. Have you spoken to your CPA or tax preparer? Do you fully understand the (if any) tax consequences for selling this investment property?

7. Have leases and tenant documents available:
Have your tenant leases and security deposit information available to show potential investors. Once both parties are in agreement on a selling price, and an offer has been accepted, your buyer will want to see leases and ask about deposits you have in place. This is important to them as these will be the documents they will need to honor after the property is in their name.

8. Make necessary repairs to the property:
If you’ve done a pre-sale property inspection, you now have a good list of what the property will need to avoid any buyer concerns. Now is the time to take care of these issues. Ask your realtor for local contractors and handy men and have them take care of what’s necessary. Making these proactive repairs will help deter the buyer from requesting a discount and help you achieve top dollar during the sale.

9. Have a Realtor provide the home’s value range:
Your home’s value isn’t determined by a real estate agent, the bank or an appraiser. All of these people (or entities) can provide you with opinions of value based on their market knowledge, but the true value of your property is always going to be determined by the open market (buyers). Your building is only worth as much as someone in the market is willing to pay for it. When buyers determine what to pay for a particular property they review what other properties have sold in the neighborhood similar to the one they’re considering. They do what’s called pulling “comps”. They “comp” or compare your house to other sold homes in the area. When determining a value, your real estate agent will do the same and provide you with this information. They will sit with you and go over other recent sales in the neighborhood and determine where your property lines up.

10. Brush up on the current real estate market:
Are you operating in a buyer’s or seller’s market? What’s happening within the local economy and is now a good time to sell? Your real estate agent will be able to help you answer both of these questions. It’s important to know if the current market benefits you as a seller or does it work in the favor of buyers. A sellers market is anytime inventory (amount of homes on the market) is really low, but there are a larger number of buyers looking to make a purchase. This is the best time for you to sell. In a perfect world you’ll have multiple buyers bidding for your property and driving the price upward. A buyers market is a condition when there are more homes available than willing and able buyers.
The local economy should also play a role in your sales decision. Is there development going on in the area? Are interest rates good and loans readily available for buyers? If money is tight and buyers aren’t able to find lending, you’ll have a tough time finding a suitable taker for your property.

Contact me directly to learn more about how The Mandrell Company can help you sell your multi-family for the most money in a reasonable time frame.

Willie@Mandrellco.com or 617-755-4938.

Read more

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 

 

Read more