All Forum Posts by: Steve Smithy

I thought the point of the ADA was that you couldn't charge more?!?!?  That just because someone has a disability you can't treat them differently.

You need to talk to a lawyer.  They can investigate and sell you title insurance, which you will need.  They can act as the intermediary for the sale and hold the money, that way if there is a problem and you can't purchase it then your buddy won't get the money.  For the $1000 or whatever it will be well worth it!

I forgot to add, do NOT buy it if you can't get title insurance!

Well if the seller is financing, I don't think they would charge much regarding lender fees, they might want to run your credit and charge a small fee for that.  Inspections of all 10 mobile homes?  Honestly you might want to have a good MH inspector just give you a bulk rate, figure $1000 or maybe more for that.  Legal fees relating to the note?  Probably $500-1000 for that, find a good local lawyer that knows about notes.

Best wild guesses here on my part.  Hope it helps a little.

As long as you can afford both you can sign away.  If you mean that you can only afford one then you would be subject to the clause on the contract.  Likely you would lose one of the deposits.

Negative interest rates would mean property is essentially free, so prices would skyrocket.  I highly doubt this would happen in the USA, but its nice to dream!  I personally think rates will stagnate for a little bit then go up over the next few years.

My gut reaction is to buy the property and live in it since this is your first deal. With an out of state property there are numerous headaches and you can't just fix things yourself if you have to. I would try to buy a duplex and live in one half or get a SFH and rent bedrooms.

Find the local PM first,  they should show their worth by renting the place within the first 14-30 days.  Don't fall into the trap of YOU being the PM!

By the time properties reach the MLS, they usually aren't that good of a deal. Don't be afraid to try to find off-market properties, that's your best bet. Finding them in of itself is hard work though. Nobody can predict the future, no idea if its a great time to buy or a horrible one!

I used Legalzoom and form-a-corp in the past for the forms, as for location I would suggest the state you or the property are located in for your first.  You'll likely have to pay taxes there anyway!

There are at least 3 that I can think of, a Black Diamond one in Worcester that meets at Leo's restaurant, one that meets in Framingham at a Greek restaurant and one that meets in Newton Center.  I'm sure if you search meetup you can find them there.  Probably more!