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East Boston : Real Estate Advice

  • All22
  • Local Info4
  • Home Buying5
  • Home Selling1
  • Market Conditions2

Activity 8
Wed Jan 16, 2013
Don Tepper answered:
Be very careful.

I'm not a lawyer, so this isn't legal advice. For that, you need a lawyer. However . . .

If you buy a property with tenants in place, you must observe the existing lease.

So: How hard can you have rent increase to market rent? Not at all under the terms of their existing lease.

If they refuse to pay the market rent, how easily can you get them to move out? Not easy at all. They'll point to the valid lease.

You have three options:
(1) Buy and wait until the lease expires. If there's only a month or two left, that probably won't be a problem.
(2) Ask the current owner to either remove the tenants or raise the rent as one of the conditions of your purchase. Now, he can't just break the existing lease, either. But it's better to put the burden on him. He's got more incentive to do so.
(3) Buy the tenants out of the lease. See if they'll accept a few thousand dollars to voluntarily terminate early.

If the tenants are in violation of the lease, you certainly would have the right to evict them. However, that too is better done by the current owner than you.

If the seller won't deliver the property vacant and there's a lot of time left on the lease, reduce your purchase price to account for that difference. Let's say they're renting for $300 under market rent and they've got 7 months left on the lease. Reduce your purchase price by $2,100.

Check with your Realtor for more strategies.

Hope that helps.
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Tue Dec 14, 2010
Jaime Fernandez-de-Castro answered:
Hola Susana,
Mi nombre es Jaime y trabajo con Realty Executives aca en Boston.
Me encantaria ayudarte a buscar la propriedad que necesitas.
Ve a mi sitio web y has me saber de tus planes para venir a Boston.
http://vow.mlspin.com/clients/signin.aspx?aid=&id=84849
http://www.homesatrealtyexecutives.com/
Sinceramente,
Jaime Fernandez-de-Castro
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Mon Feb 22, 2010
answered:
Hi D...

I don't do financing in Boston but I can lend you some advise form California. With 5% down here that would still be an FHA loan. I'm pretty sure its the same in Boston where conventional loans start at 10% down. There are rumors though here that 95% should be available soon so maybe Boston is ahead of the curve.

A GFE is provided with a loan commitment. I would ask a broker there to list their fees in an email that way you can compare a few.

I hope this helps D. Good luck shopping.
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Tue Sep 29, 2009
Ken Lambert answered:
Hello Moussa- Good luck with this home. Is it in good shape? Is it liveable right now? These are important things- especially for your new mortgage lender. I assume you'll need a mortgage. If you have any questions on that end, please contact me. Thanks, and good luck,

Ken L.
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Thu Jul 30, 2009
Cameron Piper answered:
Trav,

My advice is to pay cash. A tax break in essence is really sending the mortgage company $1 so that you don't have to send the government $.40, that really doesn't make a lot of sense to me. If you really need a tax break you can always give your money to your church or _____ (insert your favorite non profit organization). You will also have the added benefit of having reduced financial risk and as an added kicker you will save some money on the closing.

Cameron Piper
#1 Trulia Agent in MN
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Wed Feb 27, 2013
Territory.com answered:
Here is a place with some interesting feedback:
http://www.apartmentratings.com/rate/MA-Boston-Brandywyne-Village-Apartments.html

If you post your question there someone who actually lives in the complex might be able to give you some good advice. Also, you can check crime stat's on trulia :) ... more
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Sat Mar 2, 2013
Michael Lefebvre answered:
Chris,
Eastie is hot right now. One of the last essentially untapped neighborhoods of Boston. Sounds like the place is really nice. It all boils down to if what you need to get out of it is in line with what the true market value of the home is. If you get a few market analysis and/or appraisals and you can happily live with the LOWEST of the numbers you are hearing, I'd say it's a good time to sell. If you really need to max out your equity, pay very close attention to the closed comparable sales in your neighborhood. That will give you a pretty good sense of what yours will most likely sell for. This is not the market to be pricing aggressively high, even in Eastie. Price to sell. Price based on reality. If you can swing that, I'd say go for it.

AND if you are buying back into this market, remember: you will make up for any pain you feel on the sell side with your buy side. Good luck!

Mike
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Wed Feb 27, 2013
Michael Giles answered:
Hi Luis,
I work mainly in the North Shore area of Boston, so I would defer any real estate trend predictions to someone working the market. Here is the BRA's recent draft of the East Boston Waterfront District Municiple Harbor Plan http://www.cityofboston.gov/bra/pdf/PlanningPublications/DRAFT%20East%20Boston%20MHP%20Amendment%203-7-08.pdf I hope it can answer some of your questions ... more
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