After renting for a few years post college in Southie, Will Clark was debating whether to renew his lease or purchase his first slice of Boston real estate.
I connected Will with a mortgage lender, who was able to paint the financial picture and helped him to understand his options. Will realized that he was in a strong position to buy, but wanted a two-bedroom so that a roommate could help cover his housing costs. This is a great entry-level real estate investing strategy for anyone looking to offset their mortgage with rental income.
We ventured out to a few neighborhoods, but found ourselves back on familiar territory, near Will’s rental and current Southie stomping grounds.
Right out of the gate, we toured a few properties that matched Will’s wish list. After getting outbid by other buyers on publically listed properties, it was time to get scrappy. I found an off-market deal that seemed too good to be true.
The off-market condo featured two bedrooms, one and half baths, two decks, deeded roof rights and a whole lot of charm for under $550k. Not only did the unit jump out at us due to its sought after location and generously sized floor plan, but it also had character that most newly gutted buildings lack. With new development and condo conversions dominating the Southie scene, it can be hard to find a unit with original detail. This space, however, was loaded with it, offering 9ft ceilings, crown molding, pine floors and an ornate marble fireplace.
We put together an offer package and submitted it over to the seller. Unfortunately, the bid was countered because the owner found the purchase price to be too low. Rather than coming up to meet the counter offer, we decided to let things sit. In some cases, time can be your best negotiating tool.
Our search continued, but as housing prices continued to climb it became harder to justify the increasing price tags associated with new inventory. Just as Will was ready to put his house hunt on hold, the opportunity to place a bid on the charming condo presented itself again. This time the seller was more motivated to put a deal together. Knowing it was a second chance at a good buy and that the seller was ready to negotiate, we resubmitted with a purchase price that was $15k lower than the first time around. Finally, some good news…the offer was accepted!
Sometimes, buying a home takes serious creativity and patience. Congratulations to Will on his purchase and for having the persistence to see things through.
“As a first time home-owner, believe me when I say that I did not know the first thing about shopping for a condo. Add that ignorance with the constant buzz I was hearing about how intensely competitive Southie’s real estate market is, and I was pretty intimidated. That was before I started working with Dana. Her diligence and dedication to making sure I was educated and comfortable throughout the whole process absolutely couldn’t have been matched. Dana also brought an incredible amount of intangible knowledge and experience to the table, which I don’t think most first-time homebuyers get out of their realtors. Working with an expert like Dana really provided me the confidence that I was making smart and realistic decisions. As with most house-hunts, there were ups and downs, but Dana’s optimism and work ethic helped me keep my head in the game, and once I found “the one” (an off-market listing courtesy of Dana), she made it her mission to put a great deal together. Not surprisingly, she knocked that out of the park too! Dana is truly a master of her craft, and I couldn’t be happier with my experience working with her. Thank you Dana!!!”