"Name That Beach" competition announced...

Name this beach and the neighborhood it is in to win a $20 gift card to a Dorchester restaurant of your choice; the prize is awarded to the first person to name it correctly and email their full information to james@bostonbayside.com

Is this Wellfeet down the Cape? Is this Old Orchards's beach in Maine? Is this Rye Beach in New Hampshire? Is this Brant Rock? Is it near L Street? Is it Carson Beach in South Boston? Is it near Orient Heights, East Boston? Or is it none of the above? QUICK- get your answer in before someone else does.

Hint: look in the background for a large landmark that is a dead give-away. What beach will be next week? Stay tuned.

10 Ways to Prepare for Homeownership in 2009

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.


Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved

Tips to Investors, Homeowners, and Landlords

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@bostonbayside.com

Don't forgot about this great rental building....

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.