All Forum Posts by: Dan Marriggi

Hi Dan,

Welcome to land lording. I'm assuming these folks do not have a lease in place and are month to month tenants ?

They could say they never received the "letter" and therefore just ignore your increase.

It however, does seem like they received the increase notice so in that case they are playing games with you.

As you know MA. is very tenant friendly. Would this inherited tenant pass your screening? Do you have a security deposit ? I would not compromise with this tenant. Its easier to evict, make repairs or upgrades and rerent with your new tenants in place at the higher rent.

Or you could give a minimum 30 day notice of rent again via constable (certified letter at this point will likely not be retrieved ).

Good luck !

Hi Dave,

I'd sell and get out of debt. When the next real estate downturn arrives, you can buy something as an investment etc.

Also, are you sure you'll want to be a landlord ? Sounds like you are going to become very busy with your medical profession and landlording can be very time consuming.

Maybe you'd be better off helping other landlords, investors etc. by being their bank. You will be much happier at the end of the day and will probably make a better return on your investment dollar.

FYI...

Hi Lydia,

It's my understanding the current law has no right of redemption. The new law will allow for    a 3 year window.

Last month, Governor Charlie Baker signed a new foreclosure law which aims to provide some certainty to those who have purchased homes in foreclosure. Effective in Massachusetts on December 31, 2015, those who lose their homes to foreclosure will have a three-year window to dispute the title and seek to reclaim their dwelling. This law helps protect bona fide purchasers by limiting the amount of time others can challenge the legitimacy of a foreclosure and sue for the title. After the three year period; the courts would view the foreclosure as proper.

Hi Frank,

My only concern is that your home may be too nice to rent ? If it is, you wouldn't want it to get beat up by a tenant and mess up a potential sale down the road due to the condition.

If you feel its a  good rental property, I'd do it and find yourself another.

Merry Christmas weekend all. I've been reading about lots of "creative" ways to buy properties. 

Credit Cards seems to be a big one, and yes they do work and I have used them to purchase one home. 

My favorite technique, which can only be used once per calendar year, is the 60 day no penalty loan from your IRA. I have purchased two homes using this creative technique and made a minimun of 30% on my money each time. A heck more than if I'd left it in the stock market.

Like the CC technique, this technique must be well planned ; if you are late returning the "loan" the IRS will be taking a lot of money from you.

Enjoy the weekend.

Hi @Patrick Wheeler,

Welcome to a great resource for information. If you need comps, info etc. let me know.

Also, I'm a boots on the ground kind of investor - lets of potential deals.

Good luck. 

West Roxbury and Roslindale - Fabulous

You should check them out it you have not yet.

I have a great single family if you'd like to buy. Would be a terrific rental of primary for you.

Looking to buy a 2800 sq.ft duplex (stacked units) that needs a total rehab; plumbing ,rewire etc. Lightning hit the roof and basically destroyed it. A fire from the Lightning caused significant damage to the top floor. The bottom unit was soaked by water. It will need to be completely gutted to the studs and rebuilt including the roof structure. Will basically need everything. Any thoughts on  determining rehab costs ?

Remember this is Massachusetts , specifically Boston (Roslindale for the locals)

Not so easy to accomplish. The property needs to be seasoned, 6 months or so and the bank will make you jump through hoops of fire to refi. They especially love hiring inexperienced appraisers -- low prices. 

Also, if you do happen to find a home for 50-60 % of ARV, the bank will question it.

Be especially mindful of debt to income ratios. Banks hate the ratio too tight. 

And if you do get an institution to finally complete the refi, it could be a 2 to 3 month painful process.

Be careful.