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All Forum Posts by: Ian Martin

Ian Martin has started 10 posts and replied 71 times.

Post: Lender who will do a HELOC on investment property in Mass?

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

@Matthew Mueller I'm currently doing some rehab on the property I acquired. Will likely be going through the refi process or HELOC process at the end of the year once tenants are situated and established. Haven't fully decided on one yet, but once I find a bank that meets my needs I'll let you know.

Post: Submetering water in Boston

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31
Originally posted by @David Sisson:

I wonder what it'd cost to install multiple meters = multiple water bills and have the tenants buy the water straight from the utility? 

Looking for input on this as well! 

Post: Submetering water in Boston

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

Thanks for the additional info @David Sisson, I read through this site this morning which pretty much lays out the same things. https://www.mass.gov/info-details/massachusetts-law-about-submetering-water-for-tenants

Definitely seems like a bit of a headache, but I'm curious to hear if anyone has taken on the process regardless. Does seem like quite a liability to save a few bucks though. 

Post: Submetering water in Boston

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

Does anyone here have experience with charging their tenants for water individually via submeters installed on water sources in their rentals? I'm mainly curious what the sentiment was when going through the tenanting process, what tenant pushback (if any) was like, and how it was received. My water bills are coming in higher than I anticipated, so I'm toying with the idea of installing submeters in my units as tenants vacate and turnover. Any insight is appreciated! 

Post: Worchester, MA based investors?

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

Worcester? The Woo? My buddy from CT has a funny story from our very early college days about his friend getting caught using a fake ID because he didn't know how to say the name of the town on the ID he was using; Wuhstah. 

Post: Marijuana zoning in Mass?

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

In my opinion it's definitely worth it to pursue. If you're able, I would try and get equity in the business in return for cheaper rent on their end. As Thomas said, being involved with a dispensary is a license to print money right now. If nothing else, you can charge a premium on rent due to the nature of the business. Dispensary owners are eager to open up shops so they will pay a premium to do so.

Post: Anyone have experience splitting an up/down duplex with the city?

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

Survey, new deeds, party wall agreement, and separately metered for utilities. The place I split with a partner was already being treated as a duplex and had two separate mailing addresses, just was never officially split with the city. All the said and done the process was easy. Pay a visit to the City Planning Department and they will give you all the necessary information you're looking for.

Post: Have any landlords here signed a lease with Loftium?

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

I have a friend who is doing this after he moved away from his primary residence. He said everything has been great from their point of view, but that the tenant they placed gets frustrated sometimes with the whole AirBnb arrangement. From a landlord perspective it's been totally good though.

Post: Deposit Amount On Rental

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

From my experience it's fairly standard to charge one month's rent for the deposit. I don't think an extra 2k should be a deal breaker for most qualified tenants.

Post: Converting a Two Unit to a 4 Unit in R-2 Zoning

Ian Martin
Pro Member
Posted
  • Developer
  • Boston, MA
  • Posts 76
  • Votes 31

It's certainly worth proposing. Worst case you get shot down. I will say that once you hit 4 units in Boston I've heard you're supposed to install a sprinkler system, which is fairly costly. Not sure if it's the same case in Woburn. Would you be making four units out of the two unit somehow, or doing new construction?