All Forum Posts by: Alfred Edmonds

I would always pull a permit, it depends on the state and sometimes the local enforcement what type of work can be done unlicensed. For any work requiring a permit I think you'd want the permit because it will likely boost the value of the house which means higher taxes of course but also higher resale value. Where I live (MA) if you don't pull the permit you must disclose that when you go to sell the house and any home inspector worth their salt will be able to spot new work. Remember too that wiring has a date code on it and if something should happen such as electrical fire, the insurance company can and will deny the claim if it was done by an unlicensed person. To me it is really about covering yourself. I've seen completed work have to be opened back up and redone because the building inspector caught wind of someone flying under the radar. As much as it seems sometimes like too much regulation, codes are our friends in the end. I have seen too many diy'ers waste tons of money trying to save money. Licensed contractors are essential in my opinion. BTW I am a licensed contractor in MA and I sub out plenty of work I could do myself but it comes down to time and money.

Charlie MacPherson the property is in Sunderland ma

Well I do write off lots. Puts the net income down to around 30k. And yes I guess I have not really explored bank financing much based on what I have read.

Hi everyone, I am a new investor who is looking to buy a rental property and would like some advice.

I have been working on a home for an out of state owner who wants to get the property ready to put on the market, he is getting married soon and wants to relieve his headache! I know he doesn't want to spend much on getting it ready to sell because he is always balking at my prices which are very reasonable. The house needs $7-10,000 worth of work but for me, that would be more like $3000 in materials plus my sweat.

The house is a 3 bedroom 1 bath zoned R3 and located 5 minutes from a state university with over 30000 students. The garage has been partially converted into living space as well and I could potentially turn it into its own efficiency apartment. I see a lot of potential here and would like to make an offer. Comps in the area are right around $250,000. I would manage the property myself. Rent for the area is around 2000 a month for this type of home and location. I know the town has been giving him lots of grief regarding the upkeep and the fact that they see his renting practices more like a rooming house. There is also a tenant who has been there for 10 years who is a very big pain to the town, he and the owner say he is leaving due to the sale of the house but I know if he decides to stay, he has to go and in Massachusetts that isnt very easy.

My situation is I have very good credit (760) but am self employed so conventional financing is tough. I would like to approach him with a lease option offer, and am curious if there may be better options and how to approach him with the offer to make it most attractive to him. Looking at the County records, it looks as though the Mortgage is paid and he owns it free and clear but I dont know about any other mortgages he may have taken out.

I can make a down payment of $20,000 but I'd like to see what everyone thinks before I approach him.

One other thing of note is that 20 years ago this house was the scene of a pretty grizzly murder and arson! I dont know how much that affects the property in terms of re sale.

I know I have left out plenty of information so feel free to ask!

Heard this morning that Aetna is leaving Hartford. Not a good sign to me.