All Forum Posts by: Robert Cook

Hi there, I'm wondering if someone could walk me through a scenario where two people come together to buy a multifamily. One person supplying the majority of the cash and the other person managing the property. What is the correct/ legal way to do this? I would imagine contracts are involved but I'm just curious how I would get this process started. I have a friend looking to invest in rentals but he doesn't want to be involved with the management side of things. Wondering how to structure the deal. Thanks.

Hi there, 

I'm looking for a quality home inspector in/ around Worcester county. I need to have a 2 family inspected in Southbridge MA by the end of this week. Any recommendations? 

Thanks! 

Hi there,

Wondering if anyone can recommend a mortgage lender who can do an FHA loan on a 3 family in the Worcester MA area. My business partner and I are looking to purchase a multifamily in the next few months.

My partner will be putting the loan is his name and was already pre approved for a first time buyers loan through his bank with 5% down.. The only issue is the down payment would be coming from his father in the form of a "gift" and his bank will only allow his father to gift him 1.5% of the 5% which kind of defeats the purpose of us using his money because he's wiling to contribute a lot more than that.

To my understanding, with an FHA loan, the entire 3.5% can be gifted by his father which is why I'd like to find a reliable lender who can help us out with this loan.

Thank you!

Hi there, 

I was wondering if someone could walk me through what a typical wholesale deal looks like in Massachusetts? What's legal, what's not? What's frowned upon? What should I know? 

I'm currently raising money for a down payment on my first rental property and kind of just playing the waiting game while I look for deals and save. Im not completely in the financial position needed for a solid down payment (or maybe I'm just not thinking creatively enough) but I want to take some action in the meantime and wondering what a typical wholesale deal looks like around here. I run into what seems to be solid deals all the time but can't pull the trigger just yet but don't like seeing them slip away! I'm in the Worcester/ Central MA area.

If anyone wants to share some insight, I'd greatly appreciate it! 

Hi there,

Interested in networking with local wholesalers in the Worcester MA area. Looking to understand the wholesaling process a little better. 

Thank you! 

Looking for some help.

My father passed away in 2007. He left no will and my mother's name was not on the deed, but she assumed the  loan on the house (she's been paying it for 9 years now). 

I understand in Massachusetts, since my father did not leave a will, half of the estate would go to his spouse (my mother) and the other half would be divided between the children (my siblings, all adults) . The house needs some work but she's unable to take out an equity loan to fix it up because her name is not on the deed. I am actually very interested in purchasing it from my mother but she is unable to sell it. Four out of the Five children (the 5th being my father's from a previous marriage) are willing to sign our shares of the house over to my mother if that's an option. My questions are,

Can the  4 out of 5 children somehow sign our shares over to my  mom? Will this allow her to sell the house and then just pay my half sister her portion and do we need my half sister's permission to sell at this point?

Can my other sisters and mother sign their shares over to me? And then could I just assume current mortgage? 

Can probate court be avoided? The house needs some major repairs that can't afford to be put off much longer!

Ive heard very mixed answers from several different attorneys and need some clarification.. I'd really like to take on this house and my mother does not want the headache any more. 

Thank you!!

Great to know! Thank you. 

What would classify as a big enough project? The house needs a new roof and a facelift in all units as well as some minor siding and minor electrical work.

Hi there,

I plan to purchase a 3 decker in Worcester next month that is currently owned by my mother. 

This home is listed on the National Register of Historic Places. I am wondering if there is any special incentive for being on that list?

The house needs some updating and light renovation and I thought I read somewhere that there can be special programs for home owners trying to preserve a piece of property from the list. 

Please correct me if I'm wrong. If anyone has more information on the subject I would appreciate some help! 

Thank you!!

Thanks @Keith Pentz

I'm actually very confused because I've heard a similar answer from others and I've heard the opposite. I also have 2 different lenders ready to give me the USDA loan on a Multifamily property I found in Oxford both with knowledge that I plan to use it as an income producing property.. So, I don't know.. Very confused lol.

Hi there,

Does anyone know if you can use a USDA loan to buy a multifamily in MA? I am looking to buy a property in the coming months out side of Worcester and have been getting mixed responses on whether you can buy a multifamily using that particular loan? I've heard yes and I've heard no. I do plan to occupy the home for now!

Please let me know!