Hello. Looking for a small investment property in Boston area.

Asked by Jon, Boston College, MA Tue Jun 10, 2008

I'm not a resident of the US (the sign up form couldn't accommodate that). My key priorities are an easy rent (short term) and captial appreciation over say 3-5 years. Budget upto $500k -probably cash purchase. My questions are a) Is this a good time or is market still falling b) does foreclosure property make sense c) any specific district better? Thank you.

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12
Thomas Cinco…, , Boston, MA
Fri Nov 21, 2008
Hi Jon,

It today's RE times its a little tricky to actually receive ROI on a month to month basis. Though as for 3-5 year term, now that's were your being savy about your investment. In Boston today, its a buyers market 100% and pending on the seller's situations (financially) most properties are seeing some attractive discounts. (3-6%)

The areas I am referencing too are The North End and The Back Bay, two amazing unique neighborhoods right smack dab in the middle of Boston. In both areas there is some great inventory and both markets get top dollar rentals to cover your monthly payments or more. If I were you I would really look into both of these areas as an investment.

If you need help narrowing down a specific property, let me some more details and I would more than happy to assist you in your investment. Were experts in the Boston market and have all the tools to suite your needs


Thanks,
Thomas
Web Reference:  http://www.CondoDomain.com
1 vote
Territory.c…, Agent, MA,
Wed Nov 19, 2008
Jon -

I wish I had a crystal ball for all my investor clients about where the market stands but unfortunately I don't. However, my prediction is that the market in the suburbs will likely remain soft for another year ... Real Estate is directly tied to wall street and the stock market is still a little shaky, gas prices are up and the dollar is down.
Foreclosures are difficult. You will have to be negotiating directly with the bank and those deals can take a while to come together and markets with high foreclosures may not be great long term investments.

If you are considering a place to buy, rent and sell short term you should consider the markets that have remained somewhat stable despite the RE market crisis and have great rental history. Here are the below places:
Back Bay
Beacon Hill
South End - This area has seen great gentrification over the last 5 years and continues to expand and upgrade and is close to the central part of the city
Harvard Square/Central Square in Cambridge - near MIT and Harvard (lots of renters)
Allston - ** Great place to consider investing as Harvard is currently expanding their life sciences campus here which is right next to Harvard Business School
Brookline - Right near BU and BC, etc

Here are links to every property on the market in each town:

Brookline:
http://www.territoryre.com/idx/search.html?search=true&s…

South End:
http://www.territoryre.com/idx/search.html?search=true&s…

Allston:
http://www.territoryre.com/idx/search.html?search=true&s…

Beacon Hill:
http://www.territoryre.com/idx/search.html?search=true&s…


Back Bay:
http://www.territoryre.com/idx/search.html?search=true&s…

The Fenway:
http://www.territoryre.com/idx/search.html?search=true&s…


Cambridge (Harvard/Central):
http://www.territoryre.com/idx/search.html?search=true&s…

Next up is finding someone who can help you crunch the numbers: make sure you buy a place for the right and lowest price so that at the very least you break even with your rental income. Hire an exclusive and effective buyers agent.

Hope that helps!
0 votes
Jeanne & Jul…, Agent, Hyannis, MA
Wed Nov 19, 2008
The Buyer is in the Driver's seat today.
Check out my website http://www.JeanSOLDMyHouse.com for a free search on Cape Cod as the Boston Area. You can save the searches that appeal to you and I will get more info if you'd like. I am a Buyers' agent and am able to work for you in YOUR best interest should you decide to move forward.
Regards, Jean's Dream Team
0 votes
Ron Priore, , Newton, MA
Wed Aug 20, 2008
I have a friend in Dover that is thinking about selling his Condo, very nice area and I think it was $475k because no broker is involved. Dover, MA is a great investment I've done a few homes and renovations in Dover and have been very successful. Let me know if interested
Web Reference:  http://www.prioredesign.com
0 votes
Sue Keenan, Agent, Salem, MA
Tue Jul 29, 2008
Would you consider buying North of Boston? Salem, MA is a popular place to live for people that work in Boston. Its has a train and a ferry for commuting. I can find you three foreclosures in Salem for $500,000.00.
Let me know if your interested? You can also check out my Web site for forclosures @ Suekeenan.com or call me 978-502-9854
Web Reference:  http://suekeenan.com
0 votes
Irena, , Newton, MA
Sat Jul 5, 2008
Have you considered buying condo's as an investment property?
Low prices and low maintenance can amount to a decent return in few years.
0 votes
Jeanne & Jul…, Agent, Hyannis, MA
Thu Jul 3, 2008
I have several bank owned properties on Cape Cod. If you are interested, check out my website:

http://www.jeanSOLDmyhouse.com
0 votes
Mike, , Boston, MA
Tue Jun 24, 2008
There is access to free Boston MLS on http://www.bostoncityproperties.com/sign_up.html .... also -- are you familiar with the various neighborhoods in and around Boston? There are definitely some great areas to invest right now.... in fact, last year some neighborhoods appreciated over 20%, such as Charlestown --- also, in 2007 condos over $1,000,000 in Downtown Boston went up approx 8%.... even the luxury market is booming..... as far as foreclosures go, there aren't too many in Downtown Boston... and are mainly concentrated in lower income areas outside the Downtown core.
0 votes
Jon, Home Buyer, Boston College, MA
Wed Jun 11, 2008
Thanks to all of you for you guidance in this area. I'll follow up on review the details you've provided. Best. Jon.
0 votes
Michael Sylv…, Agent, Boston, MA
Wed Jun 11, 2008
Hey Jon. If you are looking to purchase an investment property close to Boston, your best bet is probably going to be in Dorchester, South Boston, or Somerville. Dorchester will be the least expensive and have the largest inventory to choose from (200+ multi-families on the market), but some locations are not great. There are quite of few foreclosures there also, but where you don't know the market or locations well, I would not recommend purchasing a foreclosed property. South Boston is a great area, and the rents are very strong, but there are probably only 25 or so multi-families on the market. When I say multi-families, I mean 2-3 Family homes.

As far as the market, Boston is holding up rather well. If you have the funds, it is definitely a good time to buy. The most difficult thing right now is financing. Your purchase would be cash, so that would make things much easier. Banks here are now requiring 20-25% for investment properties, where as a year ago, you could have purchased a multi-family with 0-5% down.

Shoot me an email, or grab my contact info from http://www.ttgre.com. Once you contact me I can give you some additional info on different investment opportunities. I deal with a lot of international investors, so I'd be more than happy to assist you.
0 votes
Peggy Dinger, , 02066
Tue Jun 10, 2008
I handle real estate on the South Shore of Boston. I have a listing of a two-family in Hull, steps from Gunrock beach on Atlantic Hill that is a great investment property. It is listed for $429,900 and has two 2 br apartments of 1200 sq ft. each. They each have a covered deck for their use. Newer windows, heating system and kitchens and baths. They have been continually rented the entire time my client has owned it. It also has a third floor walk up area that could be attached to the upstairs apartment if finished off. Could work well for you. Feel free to contact me for more info. http://www.peggydinger.com
0 votes
Karlene Grim…, Agent, Orlando, FL
Tue Jun 10, 2008
If you want a great investment specialist. I can definitely refer you to one. Email me at karlene.grimes@coldwellbanker with your information. Telephone, full name and email address and I wil refer you to the best in Boston. I am an investment specialist myself
0 votes
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