Multifamily & investing
Buy the building the numbers describe, not the one in the photos.
Two- and three-families are some of the most common housing on the North Shore and in the Merrimack Valley. They can also hide the most expensive surprises. I help owner-occupants and investors underwrite them honestly.
What I look at on every building
Income
In-place rents versus market rents, lease terms, and how long it realistically takes to close the gap, if it can be closed at all.
Expenses
Taxes, insurance, water and sewer, utilities by who pays, vacancy, and a maintenance reserve that reflects the building's actual age.
Condition
Roof, heating systems, electrical, plumbing, porches, and code items. The inspection is where multifamily deals are made or unmade.
Financing
Owner-occupied versus investor loans, down payment, and how lenders count rental income. The structure changes what makes sense to pay.
Tenancy
Leases, deposits, and what transfers with the building. Documents are requested early, not the week before closing.
Exit
Who buys this building from you later, and what it needs to look like when you sell.
Owner-occupants
Living in one unit and renting the others is one of the more practical ways into ownership around Boston. It also makes you a landlord on day one. We'll run the numbers both ways, with the rent you expect and with a vacant unit, so the decision holds up if things don't go perfectly.
When the inspection comes back ugly
Big repair findings aren't automatically a reason to walk, and they aren't automatically a negotiating win. The right move depends on what's actually wrong, what it costs, and what the building is worth once it's fixed.
Read: what to do when an inspection finds $50,000 in repairs