All Forum Posts by: Bob Couture

I am hitting a wall with Portfolio Lenders in Massachusetts. Although their loans are in-house they follow the Fannie Mae guidelines and the one I can not overcome presently is ... 2 years of self employed income history.

The situation is that I have a SFR that I bought and rehabbed with all cash. The home is on the MLS and will expire in 2 months. If I can not get the price I want my back up strategy was to make it a rental. It would be great to mortgage the property to retrieve equity for further investment.

Am I stuck for another year? Any alternate strategy recommendations?

Thank you in advance! - Bob

Any advice/feedback on the following?

Area: West Springfield, MA

Triplex - 3BR/3BR/2BR

Asking: $190K Gross Monthly Rent: $2200 (could be $200-300 more. There is a long term tenant of 26 years) Tenants pay all utilities Yr 1910 2933 SF No immediate repairs apparent. Updated roof, siding and 2 of 3 units updated. Owner may entertain seller financing. Retiring and moving to Florida.

Thanks for the reply! You are right...I could have matched the old and new, but the quotes I was getting were ballooning quickly for a budget house. The solution now is to laminate floor over everything. Came out cheaper than any other combo I could come out with.

So I am in a bit of a pickle. Situation - we took down a wall between the kitchen and living room to create a great room open floor plan on a budget grade house to flip. Living room has hardwood floors (salvageable) and the kitchen has linoleum. New subfloor is needed in kitchen. Problem - now that we created a different a open plan, but we will need to have two seperate types of flooring - living room (hardwood or carpet) and kitchen (tile or linoleum). My fear is that we robbed the rooms of the openness with the two styles of flooring (a virtual wall with the flooring). Is this problem only in my head?

Anyone use or have an opinion in using a service like stamps.com for yellow letters?

One new Meetup for Real estate investors just started this month in Agawam.

(http://www.meetup.com/Western-Mass-Northern-CT-Real-Estate-Investors-Group/members/).

BTW - please add me to your contact list for any wholesaling deals you have in WMass. Thanks and good luck!

Thanks all for the replies! Here is what is shown on the MLS re: septic...

Disclosures: Buyers Agent must get final water/sewer reading.

Sewer Utilities: Private Sewerage - Title 5: Buyer's Responsibility

How much to replace a septic tank in Westfield, MA? Should I run away from septic tank issues or are there usually less expensive alternatives to replacing?