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Old 01-31-2018, 08:32 AM   #41
dwash59
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Re: Local Politics Thread

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Originally Posted by Beton Brut View Post
It's a bit more nuanced than that.

If the prevailing trend is to convert two- and three-family homes into condos, we're removing a key rung from the property ladder, and in doing so, we're making our neighborhoods a lot less vital and interesting.
Any neighborhood where condos are being built, the 2 families are over a million and 3 families over 1.5 million. The idea that they are still a key rung on the property ladder is ridiculous at the moment. They no longer are buildings one can buy to make property ownership affordable by having renters. You have to be wealthy to even qualify for the mortgages on them.
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Old 01-31-2018, 11:08 AM   #42
tysmith95
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Re: Local Politics Thread

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Any neighborhood where condos are being built, the 2 families are over a million and 3 families over 1.5 million. The idea that they are still a key rung on the property ladder is ridiculous at the moment. They no longer are buildings one can buy to make property ownership affordable by having renters. You have to be wealthy to even qualify for the mortgages on them.
Agreed.

With condos you've got individual homeowners. Honestly with triple deckers you see more investors then you do live in landlords.
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Old 01-31-2018, 03:30 PM   #43
bakgwailo
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Re: Local Politics Thread

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Originally Posted by dwash59 View Post
Any neighborhood where condos are being built, the 2 families are over a million and 3 families over 1.5 million. The idea that they are still a key rung on the property ladder is ridiculous at the moment. They no longer are buildings one can buy to make property ownership affordable by having renters. You have to be wealthy to even qualify for the mortgages on them.
I think it really depends on the neighborhood - three deckers can be more around a million, and two families under 600k.
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Old 01-31-2018, 07:11 PM   #44
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Re: Local Politics Thread

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I think it really depends on the neighborhood - three deckers can be more around a million, and two families under 600k.
The vast majority of Dorchester can't qualify for a million dollar mortgage.
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Old 01-31-2018, 08:14 PM   #45
Beton Brut
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Re: Local Politics Thread

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Originally Posted by tysmith95 View Post
...with triple deckers you see more investors then you do live in landlords.
And so, you've made my point for me.

In East Boston, a three family with some deferred maintenance can be had for under $700K. A $200K investment will yield three condos for $350-$400K each. It's a great return for the investor alone. It's purging the neighborhood of its vitality and authenticity.

And I know, this genie has been out of the bottle for quite a while. That doesn't mean that I have to like it...
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Old 02-01-2018, 12:49 PM   #46
bakgwailo
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Re: Local Politics Thread

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The vast majority of Dorchester can't qualify for a million dollar mortgage.
Depending on the part of Dorchester, you can get a fixer-upper three decker for vastly under $1 million. That said - three deckers are definitely the realm of developers and have been so for quite a while. Two families are still viable, though.
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Old 02-01-2018, 02:20 PM   #47
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Re: Local Politics Thread

You can get a $934,000 loan on a three family with a 640 credit score and 3.5 down, and count some portion of the expected rent against the DTI
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Old 02-01-2018, 04:12 PM   #48
bakgwailo
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Re: Local Politics Thread

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You can get a $934,000 loan on a three family with a 640 credit score and 3.5 down, and count some portion of the expected rent against the DTI
If doing FHA, you can also roll in a portion of the costs to fix it up, too, with their rehab loan product. The City of Boston also has (used to have?) the 3D program that gave basically 0 down and money to fix them up, too.
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