All Forum Posts by: Account Closed

@Chris Conde

Make sure to read up on this code for starters, MINIMUM STANDARDS OF FITNESS FOR HUMAN HABITATION (STATE SANITARY CODE, CHAPTER II)

http://www.mass.gov/eohhs/docs/dph/regs/105cmr410....

Notes: Be wary with numbers of electrical outlets, ceiling height of rooms, wary of fire codes as a code compliant fire detection or extinguisher system may be required. 

If building only has 2 utility meters you are stuck right there as you can't include the 3rd or 4th tenants utilities because they will be using the 1st or 2nd tenants utilities. You would have to provide all of them utilities or install separate metering systems.

No parking requirements

Yes there are requirements on square footage, see 105CMR410 

@Alex Fredette

Everything easy has been grabbed up. It's very scarce out there and around Boston it's extremely competitive and also expensive. 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. Send letters, cold call, door knock and tell everyone and anyone what you're looking for.

@Andrew Oram

Everything easy has been grabbed up. Like @Louise A. said it's very scarce out there and around Boston it's extremely competitive and also expensive. 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.

@John Barry

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. 

@Douglas T.

Long story short, charge the first, last and security unless it is becoming difficult to rent out the property. 

If you think first, last and security is a lot, out here in Boston renters are easily paying First months rent, Last Months rent, a Security Deposit equal to 1 months rent AND this g-d damned (telling you how I truly feel) finders fee which is also equal to 1 months rent. Additionally it's extremely hard for me to trust any property managers, brokers & real estate agents out around in Boston because they aren't familiar with their own laws and rent out places that aren't even habitable or to state code ( for brokers/real estate agents not their responsibility but seriously, that's just morally wrong). 

@Todd Krzeminski

If I was in your position I would tell the tenant I will allow them to get out of the least 1 month early if you can fill the apt by that date. If you can't get another tenant in the apt the day after their lease ends the business is business regrettably. They are under a contract. 

@Maurice Johnson

Julie Williams of Weichert Realtor I have heard good things about. 

@Joseph Lucido

It depends how fast you want your return on investment. I recommend doing the math yourself as it's a very good idea to be prepared at what costs and income you will have. 

I have heard of people renovating basements so they can make it into a rental.

Make sure when renovating a basement that it can meet Massachusetts Building Code and the Minimum standards of fitness for Human Habitation otherwise the tenant can take advantage and not pay rent. You will need a separate entrance and exit and depending how you charge the tenants separate utilities. 

@William L.

I would consult an attorney about such questions. I am not one but here are my interpretations. 

Short answer, yes those fees are illegal to charge the tenant. The landlord or rental agent pays the credit and background checks. 

The MGL law states costs up front, they don't state costs such as lock out fees, etc. The tenant can't stop you from entering the premises to perform repairs, however be respectful and give them notice you are coming during such a day and such a time. 

Best to read up on the Massachusetts tenant landlord laws as there are many sources out there and create a good screening process. 

@Jennifer Pham 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.

I'm taking my real estate exam in March as well. If you have any questions or just want to chat feel free to PM me.