Happy Holidays and Happy New Year!

Labels: buyers, clients, success

We'll keep this November's blog simple.

Labels: luxury rentals, rent increase, rising rents

With the ever changing market, more and more owners are required to become real estate investors or landlords when they only intended to be homeowners buying and then selling their homes before moving on to the next. Many homeowners have found themselves in a buy and hold pattern.

Never fear, with September being the largest month for rental turnover in the Boston area I thought I'd give some tips to successfully renting your place to quality tenants:

1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.
2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants. Or at the very least request that he accepts 1/2 month from the landlord and 1/2 month from the tenant based on the location and desirability of unit.
3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security).
4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s).
5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. In any town or city, there are more or less desirable areas so you have to be aware of this. (check out www.walkscore.com as a fun site that rates the workability of your location)
6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.

Any questions give me a call at 617 784 8635 or james.harrison@remax.net

Labels: Boston, dorchester, homewoners, Investors, landlords, renters

Schoolhouse at Lower Mills

Don't forgot about this great rental building, definitely a nice addition to the Lower Mills community. A great combination of:

One Bedrooms
One Bedroom Plus
Two Bedrooms

All residences offer high-end finishes and amenities through inspired design. Washer/dryer in unit, community room with flat screen tv and fireplace, and work-out facility. Garaged parking available and storage units.

Rental rates starting at $1,550 per month. Call James - 617 784 8635 to negotiate 1-month free on rent.

Labels: Boston, dorchester, granite, high end unit, luxury rentals, rent, rentals

I figure top 10 lists are overrated so here are the Top 7 Reasons It's a Great Time To Buy:

1. Selection, selection, selection. Regardless of price range, there are plenty of houses from which to choose. There's a great selection of attached homes, condos and townhouses. You can find large lots, small lots, and a lot that will accommodate your boat or RV. You have many options. When resale inventories are low, buyers are forced to make compromises. Not today.

2. No bidding wars.In 2005, we knew one family who made offers on 10 homes. They lost the
first nine to the feeding frenzy that existed in the market - other buyers bid the properties up substantially from the original listing prices. There were even escalation clauses where buyers authorized their agents to outbid other offers by thousands of dollars. There's no competitive bidding in the buyer's market of today.

3. You can make an offer. A few years ago when you made an offer, the only question was how high above the list price you should reach in hopes of being the best offer on the table. Today the sell price vs. list price ratio is about 96 percent. Sellers won't be insulted if you "make them an offer they can't refuse."

4. Patience is tolerated. In the hot seller's market, everything was rushed. You had to find a house before other buyers did, then hurry up and make the offer. Today, buyers can take their time. They can look at several homes and think about their decision for a while.

5. Due diligence is welcomed. In this market, a buyer is encouraged to obtain a home inspection, termite inspection and appraisal. In 2005, many buyers waived these contingencies in order to gain an advantage.

6. Location, location, location.Today's buyers can find homes closer to work. In this market, reasonably priced homes are within biking or walking distance to schools, rapid transit lines and relatives.

7. Real financing is available.The "wink, wink" zero-down, no-doc, adjustable, sub-prime loans are gone. Fixed rates are back. FHA financing, first-time homeowner bond programs, and special loans for teachers or police officers are back in business. The bottom line: It's a great time to buy real estate!

Call me at 617 784 8635 to buy something this summer!

Copyright © 2008 RE/MAX International Inc. 7/22/08

Labels: advice, buying, condos, deal, dorchester, for sale, homes

Either good or bad..... it's happening....The Carruth and The Schoolhouse at Lower Mills will be rental buildings for the coming years.

Labels: buying, high end buildings in Dorchester, luxury rentals