Multifamily Properties For Sale Under 600K In Framingham Ma
Investors that buy and hold or fix and flip multifamily properties have the ability to acquire these properties even in this sellers market. When selling single family homes or condos in Framingham now, they sell quick. Multifamily properties take longer to sell , not as long as in the past. The inventory is still low so you may have to give yourself a few towns as other possible options. Rents are still great and always in need. Landlords have most of their properties at 95% occupancy or higher in Framingham and the Metrowest. Every landlord owns differently and buys different investment properties, whether value add, or stabilized deals, or repositions(that have 70% or below occupancy). It really depends on every investors risk tolerance. You still need to make sure to do the appropriate check and background checks on every tenant, ass. is the toughest state to have tenanst if not done properly because all the laws are scued in the tenants favor. In Texas, and other states down South you could get tenants out in 2 weeks, but in Mass. it could take 6 months. Tenants have every protection possible and really more than they should be allowed. As a landlord, you need to look into protection for yourself with an attorney who is experienced in the eviction process, asset pretection and a litigation attorney in case you are sued by one of your tenants.
You also should never leave yourself open to being personally liable if a lawsuit arises. You need to setup a corporation or liited liability company or another powerful entity so you are not stuck for damages personally. These are essential steps you need to take and should discuss with your asset proetcion attorney. Multifamily Properties ForSale Under 600K In Framingha are a great move to acquire. There is nothing better than owning properties that produce income, while your tenants pay down your mortgage,and meanwhile increasing your equity position. You can also force appreciation and increase your property's value by raising the occupancy, raising rents, separating the utilities, adding storage units, or laundry , buying in an appreciating market etc. These are just a few of many ways to increasing your investent property's income and profitability. You must have your exit strategy planned out so that you know how long you will hold it and your plan for ownnership and resale.
This will allow you to prepare for increasing profits. Another very good way to increase profits at resale is to turn the apartents into condo units( condo conversion), and reap amazing prfits at resale if the market is right to do so. It is not cheap to do this but worth the money if done right, and at the right time. There has to be 2 parking spots per unit to be able to do so.
For a free arket analysis of your home or investent property, or to find your next investment property call me today at 774-286-9161.
Dan Greenberger
RE/MAX Executive Realty
dangreenberger.com
Multifamily Properties For Sale Under 600K in Framingham Ma.
Comments(0)