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All Forum Posts by: Ashlie Perry

Ashlie Perry has started 6 posts and replied 12 times.

Quote from @Nathan Grabau:

I would do whatever the cheapest option is to get it sold, and try to escrow the costs, so that the seller does not back out after you start checking boxes. 

I am so sorry for your situation too. That is completely inappropriate that the City is treating you this way. 


 Would you relist it (spring market) after doing the minimum repairs with hopes of finding a new buyer or attempt to close with the buyers I have and make the minimal repairs? Thank you

Hi all,

I'll start off by saying "It's complicated". I'm investor and agent, so I am doing the listings, etc. This is a 2 family: 1 bedroom/1 b and a 5 bedroom /2b unit.  To make this more streamlined, I'll do dates.

2020-2022: Process of evicting an inherited tenant that had too many people in the unit, kept the unit in horrible shape, racked up multiple trash fines for putting recycling in trash (up to $700 that I was responsible for), the list goes on and on. Covid moritorium and her section 8 status worked in her favor to delay the process for 2 years. Note: She is in a 5 bed room with a 2b voucher from the City of Lynn.

July 2022: Paid lawyer for cash for keys agreement. She was to be out by Oct 31st with up to 6k per agreement. 

October: Mid October I paid for her 1st moth rent to just get her out as she was about to receive $0 from me but not be out of the house.

November: She leaves the unit but leaves all her trash and unwanted furniture. I pay close to $3k to have her items removed

December 2022: List house on the market for 500k. Purchased for 310k in 2019, so this was being ambitious. 

Last week of Jan 2023: Offer of 440k with strong financing and 20% down. We begin preparing for closing. I decide on DST to avoid taxes.

Feb 9th: I have smoke inspection schedule. I call and ask for requirements of the unit. I replace ALL detectors and add carbon combo in the one common area. The day of the inspection, the Fire FD comes to the 1 bedroom unit and 1) measure the bedroom windows and say they are not to building code 2) express that the egress form the bedroom door needs to be changed as it's not to code. Both require permits. I notify prospective buyers that this is the issue and that fire PD won't give smoke cert unless the changes are made OR that they take a waiver knowing that the changes need to be made. The starirs would need to be sprial due to space restraints, so $7500 and window enlargement around $1500-2k

around Fed 15th: I call Mass State Smoke Inspection office and ask if Fire PD should be enforcing building codes as part of smoke cert. They said they were not and would talk to them. A week later Mass Smoke says that Lynn PD has been informed to ONLY deal with the smoke cert.

around Feb22nd: Lynn PD calls to inform me that they question if the house is even a legal 2 family and that they NEED to bring in the building inspector to see if I can sell the house they way I advertised. I bought the house in 2019 as a legal two family, the accessor's office has it listed as a legal 2 family, Patriot Properties has it as a 2 family, etc.  Of course the house has 2 gas lines, t meters, etc. as it's a two family but for over a week and a half they say the legal determination is tied up with the "higher ups".

March 1st (ish):  I call the Mayor's office to express frustration and concerns with the way the process is handled. 

March 2nd: Mayor's office pushes the legal determination that the house is a 2 family, as both the building inspector and Fire PD both later acknowledged that they knew. The same day I reschedule for Fire PD to come and determine what is needed to pass inspection. We aim to meet the next day at 2:30pm at the property. The Chief of Fire PD inspection/prevention was suppose to meet me. He stood me up! I called his office at 3pm, inquiring about him. I was told "he's at a meeting at city hall, so I know he won't be able to meet you.

The next two weeks: Fire PD refuses to answer an of my calls, building inspector now says that the initial egress concern is not the ONLY concern. Now, in addition to the balcony/stairs bein updated ($7500) there needs to be a second egress added because the 2nd egress to a unit can't be from a bedroom. Another quote from a contractor has this coming in at 18k. I tried to find this code in the Mass codes. I called the state, anonymously, to get access to the building codes. Couldn't find it in 780 chapters 3 (egress) nor chapter 7 (fire prevention). I called building codes and informed them of this and they said they use the IBC, International Building Codes. This is commercial codes but has a small residential section that they can apply to their codes. I inquired why they aren't using Mass codes and he didn't respond to that question but that he could use the IBC.

My options are 1) to convert the 1bedroom unit to a studio and relist it on the market (still paying 7500 to change the stairs) hoping to get a higher offer 2) Pay to have 3 doors (front, out of the bedroom and the 18k egress) 3) pay the sellers 10k in "loss of rent", cost to make the house a studio and the 7500 for stairs.

What would you all do? Of course, when all is said and done... I'm going back to handle the City of Lynn. There are too many illegal/weird things going on there.

@Frank Kosiba

Hi Frank,

I’d like to know about your experience. I’m looking to refi as well. Thanks!

By Duns I mean, Duns and Bradstreet. Also, I'm not opposed to a "regular" credit card. It seems secured are the ones that MAY allow for a business entity to establish credit

Hi all,

I searched the forum before asking this but there is conflicting info and many of the posts are over 4 yrs old. So I'm hoping this help more than myself. I have a few questions about building business credit, without personal guarantee/credit. About me: Just started an LLC, opened a business account with an EIN, my personal credit is good-excellent, started the DUNS process. What I'd like to do: Have business credit that is not linked to me personally.

Here are the issues:

1) I'm in the process of getting a Duns number. The Duns number is free. However, a rep called to tell me that the CreditBuilder is the only way to actual build credit with the number. That service is $899 a year! Is it seriously worth it or is this more bs? Is there a workaround a $900 service that collects my trades account activities? Should I pay the money and have a "streamline" rote to business credit?

2) Should I get a secured credit card to help build business credit? Many people also suggested this but this seems to be based on my personal credit score. I just closed on a multi- family... I'm not looking to hit my credit too muchmore this year. While my credit is good, the number of inquiries can add up and I don't want this to impact me personally. Any cards that  you suggest that 1) don't use the personal guarantee/credit score?  2) If it does use  my credit score, won't report to my credit report? I've called a few credit unions and they use my  score and will report to my report FOR a business card

3) Should I link myself this initial first year and then tweeze them apart later? Or does it not matter as much since I have an LLC and umbrella insurance? Am I overthinking this?

Thanks everyone. I learn a lot from these forums so thank you for contributing to our knowledge base!!!!

Ashlie

Post: Looking for advice on an accountant

Ashlie PerryPosted
  • Salem, MA
  • Posts 12
  • Votes 6

Hi all,

I'm looking for suggestions for an accountant in the Mass or North Shore areas. I'm finally starting to get the ball rolling with investing. (N.B.- I posted a while ago about possibly selling my condo. I did and have begun the process of buying an off market property in Lynn). I want to make sure that I'm prepared for what will happen around tax season, how to properly set aside rehab money, etc. As I said, I'm still a "newbie" so I feel like I need to start this asap. Any advice on a new-ish investor friendly accountant? I'm particularly interested in someone that will work with more than high end or seasoned investors. I would like to get some individual attention but not break the bank either! Thanks for your help.

Post: Newbie from North Shore Massachusetts

Ashlie PerryPosted
  • Salem, MA
  • Posts 12
  • Votes 6
Hi Frankie! I’m in the North Shore as well. Welcome Frankie Richiez

Post: Help! Licensed Agent need a broker

Ashlie PerryPosted
  • Salem, MA
  • Posts 12
  • Votes 6
I’m in a simpler place. I looked at the commission split for Keller Williams, which is better, but heard the leeds are fewer. I was advised to go with a smaller brokerage but the sliding scale split seems a bit much. I’m starting off as an investor and just looking to do the agent route to 1) get leeds, esp off market “I’m thinking about it” leeds 2) another stream of income to invest in properties. So I’m not looking for a full time gig

Hi All,

I joined BP over a year ago but just recently became serious about getting into real estate investing. I'm reading and learning as much as I can. So I'd love to make any connections and learn as much from everyone as possible. 

About me; I live in the North Shore (Salem) and would like to stick to this area for investing only because I know the market a little better for rent rates and home value. Just looking at the market and quick changes is a little intimidating but I'm ready to jump in. I own a condo in Salem (MA) and I purchased it with NACA. So I must refi or sell the property in order to buy another property. Refi isn't really an option as I'd be adding PMI to the mortgage to then turn around and rent it. So I'm happy to sell. I talked it over with an agent an another BP member and it seems like I'd make a 15-20k profit if I sold, which I'd use to invest in another property.

Here is where I have a few questions for you all;

1) Starting out and lacking a lot of funds, what would you suggest as the best entry into the real estate world? I've read about wholesaling for new investors, SFR vs Multi-family, etc. I'm not sure about wholesaling, it all seems like to can get into trouble if you don't do enough homework. If I sell, I need a place to stay :), so do I invest in a SFR to rehab and then rent or multi-family for a little hacking? How did you decide which to start with?

2) What are some creative sources of income that you all have come across? I'm not swimming in cash but I know that others are coming up with the down payments for their units. I'm reading about it but I thought I'd ask people out there doing it. 

3) I'm willing to work on a project with someone to learn more. I'd offer my assistance for the exposure and experience. So anyone interested, please feel free to PM me.

4) I'm also open to Haverhill if not Salem, Peabody, Danvers, Beverly. Any opinions on the Lynn market? Some investors seem to thrive there and others avoid the city like the plague.  I know the Diamond District is desired but it's as pricey as Salem.

5) Last one, I promise! I'm taking the real estate exam this month. Do you suggest listing your own place as your first deal or no?

My goal: For this year, I'd like to invest in one property. I know my areas (see above) but I'm trying to figure out the financing and if it's better to BRRR first or go the mutil-family route. I have a full time gig so I'm looking to start small and work may way into things.

Again, thanks for any feedback. I didn't want to lay on to many questions, so my apologies if this was long. I'm here to learn whatever you want to pass along. Thanks!

Ashlie

Post: Hold or Sell in Salem, MA?

Ashlie PerryPosted
  • Salem, MA
  • Posts 12
  • Votes 6

Hi all,

 I have a question about the Salem/North Shore market. I bought my first property, as an owner occupant, in May of 2017. Its a 2b/1b condo in Salem (North Salem) and is less than .6 miles from the commuter rail into Boston. It's a house conversion with 4 units. Two lower units are around 960 sq ft (my unit included) and the two top are 1150 sq ft.  I bought the place for 199k with a 3.75 interest rate after a host of issues including items in the deed not complete by closing. All and all, I've made out of pocket repairs and was able to get other things completed by the seller. 

The other lower unit just went on the market for 36k more than what I bought the identical unit for and about 20k more than what I asked. It's been on the market less than 60days. People have come to view it but for a variety of reasons, mainly the seller and her lawyer, no buyers. My property still has unfinished work in the basement but is updated and move in ready. The other unit is listed as having 1 parking space but when they visit they are informed that the the easement is still contested with the neighbors. I have 2 deeded spaces.

There are less than 2 properties in Salem on the market for less than 230k. Should I hold the property for a while or sell? Just curious. Thanks!