All Forum Posts by: Alex Casperson

Hello,

I am a first time landlord in Massachusetts trying to fill my first vacancy and have found myself with an influx of applications. I had my first showing today and found a great tenant who meets all my requirements and is eager to move in. I would love to accept them as soon as possible, as I know they are considering other options.

However, I have scheduled showings with and received applications from a number of other tenants. Would I be violating any sort of FHA rule by cancelling future showings due to the vacancy being filled?

Would an adverse action letter be required for each of these potential tenants who has requested a showing or submitted an application (I did not invite anyone else to apply yet, but some have applied immediately upon seeing the listing without any pre-screening).

Any insights would be very much appreciated.

@Ryan Howell thats a great point. Im definitely not trying to dodge the law or anything so thanks for pointing that out. What about when someone has a mortgage and then adds a spouse to the mortgage later? I know im not marrying my partner but couldnt this be somewhat similar?

Hey BP. I'm getting ready to purchase my first property this year (July closing at the latest, hopefully sooner) here in Massachusetts. I have a partner that I am going in on it with and he will be house hacking the property. The plan is to purchase a small multi-family, reno a unit while my partner lives in it and then he will move out after a year or two. We are primarily doing this because my partner is moving to the area in the summer and we would love to take advantage of a 3.5% or 5% down payment FHA loan. I spoke to a lender yesterday and was told that with a multi-family, you cannot do less than a 25% down payment if you have a Non-Occupying Co-Borrower. So ultimately, I am planning to transfer money to my partner months in advance, he will purchase the property with an FHA loan, proceed with the house-hack and then sometime down the road, we will need to add myself to the mortgage.

There will be legal paperwork for an agreement between us outlining the details and timeline but I am not sure how to actually do this transfer? I have an LLC that I was going to do most of my investing through. Would it be easier to just add him to the LLC vs. splitting it later? I have no problem doing this as this is expected to be a long time partnership and I can make a 2nd LLC if needed down the road. We would likely also Re-Fi once the rehab is done for a BRRRR. Should it be done then? Any info you all can provide would be very much appreciated!

@Matt Davis all registered. Thanks man! Im pumped to go to one of these finally. Even if its not in person

Hey Everyone,

I'm looking for some info on the difference in interest rates between an investment property and a primary residence for a 30-year fixed conventional loan. I am going out to speak to lenders this week but am trying to make my analyses as accurate as possible in the mean-time.

I am investing in Massachusetts, looking for single families or small multis (2-4 units). In MA currently, average 30-year fixed rates are right around 2.9%. So for property analysis purposes, I've been using 3.5%. Do rates differ that much between primary and investment properties? Should I be using 4%?

I know that the best way to get an answer is to speak to lenders which I will be doing later this week but just wanted to see if anyone had some quick insight I could use until then. Thanks in advance everyone!!

@Paul Ireland thanks for reaching out! Thats great to know about your rental prices. I'll PM you

@Ian Hogan thanks for reaching out and for the info. Im definitely interested in the pints and properties. Sending you a PM

Hey Everyone!

I'm a new investor looking to buy my first SF or small MF. I have been seriously running numbers on BP for about 2 months now and am beginning to get somewhat familiar with the process. 

I'm currently looking primarily in the Worcester, MA area as it seems to be growing fairly rapidly. With WPI and MCPH along with the new Minor League Baseball stadium going in, new businesses are already beginning to open and it seems to just be the beginning. 

It seems like rents are around $1500-ish for a decent 2BR apartment in the downtown area. If I'm wrong, please let me know!

I will be talking to banks soon to discuss financing and will be reaching out to agents as well. I have a good chunk of cash to put into the deal and am also talking to friends/family to pull in some extra funds for at least a strong down payment/maybe a cash purchase if possible (I doubt it though). The only thing I am really waiting on is for my LLC to be formed in MA (paperwork submitted already).

Anyway, I'm looking to connect with anyone in the MA area. Investors, Agents, PM's, Contractor's, anyone in the space! I live in the greater Boston area and am really excited to get started investing. My goal this year is to purchase 2 properties using the BRRRR method. I'm open to any suggestions or referrals! Thank you all in advance!