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All Forum Posts by: Account Closed

Account Closed has started 3 posts and replied 80 times.

Post: Looking for MA Lease Agreement for Student Rentals

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Christian Ferreira

There are quite the number of laws and regulations for landlords (lessors) and tenants (lessees) in the Commonwealth of Massachusetts making this state quite tenant friendly. This increases the financial risk and responsibility of being a landlord. What I have observed is that many landlords and/or tenants aren't familiar, oblivious and/or purposefully ignorant of these laws and regulations. 

I would google search the landlord and tenant laws for Massachusetts so you know that you aren't putting illegal terms into the lease agreement. Then go through different leases and use what clauses best work for you. Consulting an experienced attorney wouldn't be a bad idea either.  

Post: Millions of Young People Shut Out of the Housing Market

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Andrew M.

I am one of these young first time home buyers. I haven't owned yet, but I have lived in the best of neighborhoods and the worst of the neighborhoods where one literally is concerned for their life. Working in downtown Boston, a person has a few choices and these are just the most common; commute a very long ways to live somewhere affordable sacrificing a lot of your life commuting, commute a short ways and live somewhere that is very expensive, commute a short ways and be in a not so great neighborhood, etc... Picture myself a few years ago, $65K in college debt, $10K in car debt, and now I have to go spend hundreds of thousands of dollars in MORE debt for 30 years while the PMI compounds on top of that with the regular interest AND I don't have a pension like the generation before me did?!?! Hell no, of course I am going to be turned off from buying a house, and that is not even including the cost of maintaining the houses from 1800s around Boston and the time it will take. Okay, so this is the dramatic side.

From someone whose paid his own bills and has been on his own since 18 years old, it's not exactly a piece of cake though it is very possible. It depends on what the persons mindset is, if they are prepared and will accept that fact they will pay a house loan for 30 years of course they will buy a house but there are many in my generation of millennials that will buy and rent. I believe RE investment is absolutely the way to go if the numbers work out and you are ready to take a risk just like with any investment. Also note there are a lot of millennials who don't have a concept of balancing finances and will spend more money than they can afford. 

Post: Investing in MF in Boston, Ma

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Steve Vasconcelos

I absolutely have run into this, since early last year. A lot of the areas around Boston are highly competitive from the Malden and Everett neighborhoods to the Somerville, Medford, Newton neighborhoods. I haven't done this myself but there are already a lot of people constantly picking through the websites and MLS on a daily basis. I hear the better way to find the better deals is to drive around neighborhoods to find deals and to cold-call or find properties that an owner would be enticed to sell. You can try Reading, Beverly/Salem, certain parts of Lowell, etc. I have a rule I try my best to stay to, if you want quality tenants, the property better be in a decent quality neighborhood, especially with how the landlord and tenant laws favor HIGHLY towards the tenant. 

Post: WHO ARE YOU? What do you do besides real estate?

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Kyle Grimm

I have read what is now 15 pages of this forum and what a damn great topic for a forum, kudos!

My day job is working as a mechanical, manufacturing, integration engineer for the company of Raytheon for 2 years now and prior to that 4 years at General Dynamics. I used to be a Lieutenant and certified driver as a volunteer firefighter (which simple just doesn't pay) while working at GD in New Jersey before moving to the state of Massachusetts. 

My day job has about 2-1/2 years left before I find another full-time job that feels more meaningful to me. I'm looking to create and diversify my financial freedom instead of fully depending on a job that could lay me off the next day in an extremely competitive job market and relying on a defined contribution retirement plan which depends how well the stock market is doing. Currently looking at a buy and hold strategy out of state. I do enjoy coming on to these forums to connect with others to provide advice as well as to receive it as I learn more and more everyday. 

Post: Do You Have Your Tenants Pay to Unclog Sewer Drain?

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Corey Schaecher

You can try charging the tenant for the backed sewer bill however it's likely they will push back and refute your claim. You have a few options to fix the clog; you can try to unclog it yourself using a drain cleaner, snake it or hire a professional. With either of those options if you find that the tenant is at fault you can charge them and provide them an explanation of why you found it to be their fault. If not then I would just consider it as another maintenance expense that goes with owning a property

Post: Tenants moving out early....do I return their deposit.

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Megan Arzt

You can get a lot of great input from people on here but I would look up the landlord and tenant laws for your state and consult an attorney. 

Post: Help, can't get it rented, what am I doing wrong?

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Cali Skier

@Cali Skier

As a tenant I have turned away from every property represented by a landlord/real estate agent that has said the words holding fee, it sounds like too much of a scam to me and I NEVER EVER give anybody any money with a written and signed contract. .Additionally you have a lot of fees and prices in there. I want things simple and straight forward as can be. In Massachusetts you can only charge a tenant first, last and security and the cost of a new lock as a move in cost. Applications fees are illegal and so are any upfront fees that relate to pets. 

Post: Offer accepted! ...what now?

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Michael Zack

There is lots of information on this simply by googling leases and tenant landlord information for massachusetts. Some tid bits are...

There are quite the number of laws and regulations for landlords (lessors) and tenants (lessees) in the Commonwealth of Massachusetts making this state quite tenant friendly. This increases the financial risk and responsibility of being a landlord. What I have observed is that many landlords and/or tenants aren't familiar, oblivious and/or purposefully ignorant of these laws and regulations. 

Disclaimer: I am not a lawyer and the following below are my interpretation of the law and regulations with partial excerpts. Always confer with a lawyer, particularly one who specializes in this type of knowledge as I have come across ones who are just as ignorant about these laws and regulations.

105 CMR 410.000 MINIMUM STANDARDS OF FITNESS FOR HUMAN HABITATION

940 CMR 3.00 3.17: Landlord-Tenant

254 CMR 7.00 Apartment Rentals

Massachusetts General Law Chapter 186

Massachusetts Security Deposit Law: One of the most neglected rental laws in Massachusetts and one of the most disputed between landlords and tenants. The Security Deposit Law (for lease agreements of a year or more) caps how much the security deposit is (one month's rent) and within thirty days the deposit must be placed in an interest bearing account where the landlord provides the tenant a receipt indicating the name and location of the bank where it is being held. The same applies to last month’s rents. If the landlord uses a lease that contains any provision that conflicts with the Security Deposit Law and attempts to enforce that provision or attempts to obtain from you or a prospective tenant a waiver of any provision of the Security Deposit Law, the landlord cannot keep your security deposit for any reason including making deductions for damages. Upon receiving the last month’s rent and/or a security deposit, the landlord must give you a receipt for security deposit and/or last months rent. If the deposit isn't deposited in the bank or the tenant doesn't receive the receipt of their deposit within thirty days, the tenant is entitled to the immediate return of the deposit. If the landlord doesn't comply, the tenant can go to court and may be entitled to three times the amount of the security deposit or the remaining balance to which the tenant is entitled after lawful deductions with interest, plus court costs and reasonable attorney’s fees. If the landlord collects a security deposit they must give you a signed, separate statement of the present condition of your apartment including a comprehensive list of any existing damage. The landlord must provide you with this statement upon receipt of the deposit or within 10 days after the tenancy begins, whichever is later. If you do not agree with the contents of the statement, you must return a corrected copy to the landlord within 15 days after you receive the list or 15 days after you move in, whichever is later. If you fail to return the list and later sue to recover your security deposit, a court may view your failure to do so as your agreement that the list is complete and correct. If you submit a separate list of damages, the landlord must return it within 15 days of receipt with a clear written response of agreement or disagreement. 

Late Rent: Landlords cannot impose any penalty for failure to pay rent until 30 days past the date that which rent is said to be due. If a written lease contains a clause that may say rent is due within five days of the 1st of the month, it cannot be enforced. Landlords should be wary of this if you are dependent on cashing that check in the very day it is due.

Minimum standards of habitability. Some examples of habitability codes are functional toilets, functional sinks, functional smoke detectors and carbon monoxide alarms, weathertight windows and doors leading outside, bathrooms must have a mechanical vent or an easily opened window, a bedroom must have an easily opened window and either two electrical outlets or one electrical outlet and a light fixture and all pipes, plumbing and electrical must be per code. In a respectful and sophisticated world the tenant should kindly request and notify the landlord of anything that violates a habitability standard in the property and hopefully the landlord will oblige. Tenants have various avenues to pursue if a dwelling violates a habitability code and the landlord refuses to fix it. If the landlord refuses to repair the problem, the tenant can withhold rent until the landlord fixes the problem or alternatively a tenant can repair the problem and deduct from the rent. Withholding rent is easier as you only need to appeal to your landlord in writing to make necessary repair. Deducting rent for repairs needs the local Board of Health to certify the problem, the landlord must receive in writing the violations and landlord is given five days from date of notice to begin repairs or contact a company to perform repairs and there is a cap to how much rent can be deducted. If the problem is significant enough though, the board can deem the property uninhabitable and now the tenant is without a place to live.

Snow Removal. Massachusetts like any other state in northern US gets snow, for those who lived in Boston 2014-2015 haven’t forgotten about the 9 feet of snow that we had to shovel or tried to. In most leases I have came across the landlord passes snow removal as a responsibility of the tenant. However this can only be enforced where a dwelling has independent means of egress (not shared with other occupants). If the pathway, entrance/exit and/or driveway is shared the landlord is responsible for the snow removal. Something that may seem minor, until the city/town starts fining your property for not removing the snow off a sidewalk or heaven forbid, the tenant of the property slips and falls and then sues the property owner. Ensure when and who should be responsible for snow removal.

Post: Security deposit in Massachusetts

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Johnny Fullerton

Good job questioning the information. I wouldn't believe most real estate agents or realtors in this state when it comes to tenant landlord laws or finder fees as through my experience 90% don't know them, are ignorant of them or blantantly ignore them. 

Yes to your question. It's really easy to google tenant landlord laws and a lot of the results will go over the basics of the security deposit law. 

Post: Newbie from Massachusetts

Account ClosedPosted
  • Medford, MA
  • Posts 85
  • Votes 44

@Jarrod Mei

Welcome to bigger pockets.

BP has a really helpful book called the Beginners Guide to Real Estate Investing. This can help you decide which avenue of real estate investing you may want to go down; flipping, buy and hold, etc.

Search and browse the community, education, marketplace and tools bars on top of the site to see what information is available.

Setting up keyword alerts will help let you know if someone is talking about a particular topic in a forum.

I only know if people are responding to to my posts or replies if they are using the "@" feature as that is how I have my alerts set up. You insert @ and start typing the persons name

The combination of using this site, connecting with others and using the internet as a whole will help you with your real estate investment aspirations.

Good luck.