All Forum Posts by: Alejandro B.

I have a 3 family in boston and looking into possibilities beyond holding long term and collecting rent. Any tips or experiences as far as the actual process, cost, dealing with lawyers or anything else would be appreciated. Is it something you recommend if youve gone through the process

I have a space on the 4th floor/attic of my 3-family and im looking to take advantage of the ADU program that Boston offers. The unit would add probably 600-800 sqf more and has 2 separate entrances with appropriate ceiling height.

Looking for any information/tips from anyone who has used this program or has any knowledge of it. Have no idea where to start but I assume an architect is the first step. Any info on costs or tips on applying for permits or anything would be helpful.

@Dave Chow I definitely think this would be a creative way to go about it in the future, but for the first property, id rather not risk paying dumb tax by making a mistake.

@Charlie MacPherson I do have an agent, but I've come to understand that my offer is "weak" compared to others, especially in this type of market, so an agent can only have so much impact.

@Nick Earls I agree with you, which is the part that frustrates me the most. In my case, I have to follow lender requirements in making the offer and have depend on agents drafting contracts and signing in a timely matter. 

Ive definitely taken all these tips into account to try to strengthen my offers and my chances. 

@Charlie MacPherson Yes that all seems reasonable, which was what I feared. 

Was just trying to figure out what has happening so I can figure out a plan. Sounds like increasing the EMD and 2nd deposit might be a way to go.

@Lien Vuong@Charlie MacPherson@Nick Earls 

Thank you guys of your input, I greatly appreciate it. 

I think that in my case, maybe the 100% financing I have from the lender may be hurting my chances in the eyes of the buyer since technically theres no down payment.

Everything you guys spoke about makes a lot of sense. I have a solid pre approval, i understand there is a lot of demand for 3 families since most things I've seen in the past few weeks are either pending or sold which is why we have been offering over ask with no luck. My deposits have been of 1k and 9k so I suppose I could increase that more so it looks better. And as far as contingencies, the only things are inspection and closing date of 30-45 days which doesn't seem too far out of the ordinary to me. 

From what my agent has said, agents/buyers aren't too willing to share too many details besides the usual "cash offers and quick closing" which are 2 things I can't really compete with. Those two things, combined with the increased tendency from buyers to waive the home inspection puts me at a huge disadvantage so just trying to find an edge somewhere. 

Looking to buy my first property and have had no luck on the offers were making. Have offered 20-40k over asking on properties in the 700k-800k around Boston and haven't even gotten any counters. Besides waiving the inspection, any other way to increase my success here? I must be missing something but have no feedback. Ideas?