All Forum Posts by: Adam Levy

Hi BPers, 

I'm adding a bathroom to a unit in Malden MA.  If anyone can recommend a GC I'd appreciate it.  Just looking for good work at a competitive price.  Thanks. 

Hi all, 

I'm probably going to have to give a tenant their notice this week since it doesn't look like things are going to work out.  I want to make sure I get the language right.  

In case it matters, the specifics of this situation is that I bought the house last month and gave them a couple weeks to review the lease and make a decision.  They were previously TAW, so the previous agreement disappeared 11/30. They've been stalling and I'm out of patience.  Can anyone advise how to properly word this since I don't want to be told in court that it wasn't written properly and isn't valid?  

Thanks.

Hi Lana, I'm also in MA.  I've discovered over the years that if I get 3 estimates (lets say for a carpenter), they're almost always going to be along the lines of $5,000 / $8,000 / $27,000.  That last # is usually someone who thinks your job is too small to be worth their time, but they'll do it for an absurd figure.  So now you're down to 2 real choices.  

I'm guessing the company that quoted you 20% higher is one of the major installers in the area - that extra 20% will likely get you a more accurate timeline and easier communication since they have a real office.  

I may have what I need, thanks for the idea @Andrew B.

https://www.amazon.com/Baby-Proofing-Operation-Included-Prov...

@Evan Polaski thanks, I'll probably go with GE.

 Shortest answer: the tenant is a lunatic when it comes to anything related to electrical. I can see her unplugging it.

I have some $ in the stock market.  Was doing ok over the long term *but* very simply nobody will let you borrow money and just have it sit in the S&P until you're ready to pay them back with interest.  

A mortgage, when handled right, is good debt.  You get to swim in deeper financial waters faster.  

First of all, until you make a decision I hope that cash is in a high yield savings account.  5%+ right now!

Longer term, as I see it you could go a couple different routes. Personally I house hacked my first place - a 2 family - and I cannot recommend that route strongly enough. I paid PMI which feels painful but if you keep your eye on the long term prize it's worth it. The first place allows you to buy the 2nd and so on. I also lived in the more dated unit so I could get better rent out of the other apartment than if it were vice versa. It's all about what you're willing to put up with to get to your goal. Get a roommate, get a business partner, just start somehow.

Another great route to go could be a short sale.  This may take quite a while but you're more likely to get good value.  $150k should absolutely be enough to get you going.  

You could also get advice from a fiduciary regarding investing in high yield ETFs.  You'll want to be very selective but there are funds out there that return 10% - of course your principal is at risk in this scenario.  

Or combine strategies somehow. My 2 cents. 

Hi everyone.  I closed on my 2d property last month and am having work done in the basement.  I'm not going to buy the $2k industrial dehumidifier my contractor is pushing, so wondering if anyone has a model with a pump that can be commonly found (Home Depot/Lowe's) that they strongly do or don't recommend?  I'm told many units with built in pumps fail within a couple years so just hoping to find the most reliable one I can.  

Separately: I'd love to put this on a smart plug* but the tenant doesn't have wifi for me to connect to.  I'm not ordering a wifi connection just for this so if anyone has a creative answer I'd love to hear it.  

*I want to make sure it's being run for appropriate amounts of time.

Thanks!

Taxes for one.  Some states tax out-of-state landlords differently (higher).  

I would verify their identity at a minimum - like you said getting copies of their licenses.  Also talk to the prior owner and see if they've had any issues.  If so, you may have to consider moving on.  

I inherited my first tenants and it went well ... until it didn't.  Put all the adults on the lease so that they're all responsible for the rent being paid.