Finding tenants in November

[Chris Munichiello]

I’m closing on my first deal in November and need to find tenants for my upstairs unit . The unit is 3 bed 2 bath in Weymouth Landing close to commuter rail good location in Massachusetts how fast will I find tenants though in the month of November ? Is that a bad time to find people

[Derreck Wells]

@Chris Munichiello Congrats on your new house! 

Chances are your real estate agent didn't inform you of the lead laws (they rarely do). In MA, if the property isn't deleaded when you buy it, you are responsible for the past tenants that may have been lead poisoned while living there unless you delead within 90 days of closing. The state is trying to get every rental property in MA lead safe, and they figured this was the best way to do it. You can use this in your negotiations on the property. If it doesn't have a lead certificate on file, it IS going to cost you to delead, the state has pretty much made it mandatory at this point, at least if you want to avoid the liability of a lead paint lawsuit from a past tenant. Don't let that scare you though, I've had clients negotiate $20k off the selling price, and I only charged them $10k for the deleading, so it can actually work in your favor for it not to have been done yet.

You also cannot rent to someone with a child under 7 unless you have a lead certificate on file with the state. If you rent to a couple with no kids and they have a baby, you are then required to delead the unit with the added expense of putting the tenants up in a hotel during the process. 

Where it's a 2 bedroom, chances are you'll end up having a family apply. You cannot deny the family because of the lead paint either, that's considered discrimination (you're refusing them because they have a kid) and is against the anti-discrimination laws of the state. If there are kids under 7, you NEED to have the unit deleaded and have a lead certificate on file. 

If the unit has been inspected, but not deleaded, you also cannot do any construction or remodeling in the unit, they consider that unauthorized deleading and it will prevent you from ever getting a lead cert. The best you would be able to get is a Letter of Environmental Protection, which tells everyone you did illegal work then hired a licensed deleader in to fix it. It generally increases your insurance rate and decreases your tenant pool (who wants to rent from a shady landlord that does illegal work?). 

If you delead the property it will actually increase your tenant pool, and the rent you'll be able to charge them. A deleaded unit is more valuable then a non-deleaded unit. 

If you want to message me the address, I can check the database and see if there was ever an inspection done on the property for you. I'll be able to tell if there's a lead cert on file already too. Maybe you'll get lucky and it's already been done.

Good Luck on your investment!