All Forum Posts by: Chootar Laal

I own two rowhouses and the dividing line between them splits a driveway down the middle in the back.

If I want one of the rowhouses to have access to the full driveway, would I need an easement or a right-of-way? I'm asking because I may sell one of the rowhouses in the future.

Also do I need an attorney to do the easement for me or I can write one up myself? Anyone in the Boston area who can help?

Right. I know what you mean by doing what I feel is right, I was just looking for a devil's advocate opinion and see if I missed anything in my calculation.

I owe ~$300k on primary. Paying it down ~$700 a month will take quite a while.

I'm just thinking living debt free would allow me to travel without having to worry about issues with tenants (I currently manage the property) and have piece of mind that I wont have to wake up in the middle of the night to tenant's phone calls. I realize this is probably not the forum for advice on such matter as its quite on the opposite spectrum, but I'm asking nonetheless.

Sorry if this is in the wrong area of the forum, mods.

So I have a 2-family investment property (financed via bank) and a single-family home (primary residence) in the same city. Here are the expenses and rent rolls that I owe monthly. I am seriously thinking about selling the 2-family property because I realize the appreciation will help me pay off the single-family home in full or ~95% of it. In the end the balance will be about the same as I currently end up with. I realize if I sell I dont take advantage of the appreciation in the future the property may get me but being debt-free is very appealing to me currently, its just a mind-set I'm craving.

Just need some help with the model below. Is there something else I am overlooking? Any other expenses etc?

-INVESTMENT property

monthly rent: $5200

monthly water/sewer, property taxes, insurance: ~$540

monthly mortgage and HELOC: $2925

.

.

-PRIMARY residence

monthly mortgage : $1800

Any suggestions?

Well, that would mean I will always be stuck with that higher monthly payment on the property I cash-out with right? I'd like to have the option of selling this investment condo in 2-5 yr time frame if I need to.

Also another thing, this is a non-warranted condo, 1/5 units is owner-occupied so it doesn't fall under Fannie Mae guidelines and will be held under a bank held portfolio loan, if I get a mortgage loan for purchase.

What would be the best way to invest by sourcing cash to purchase additional condos/multi-family properties? Here is my position.

Single Fam: $315k (balance), $700k (value determined using recent sales comps and houses on market)

2-Fam: $475k (balance), $800k (value determined using recent sales comps and cap rate of 7%, buyers in my city would trip over themselves to acquire a 7% cap rate property, so its a conservative value projection).

From talking to local banks, I have the current HELOC rates:

2.74% (only cost is $370 appraisal fee), amortized 30 yr. for the single fam.

4.5% ($1800 closing cost) for 2-fam.

Would it make sense to get HELOC from both above properties and buy in cash? If I purchase a $300k condo, 2br, it would easily rent for $1800/month. Or do I use the HELOC to make down payments on other properties and do investment mortgages? Those are:

3.99% 5/1 ARM 80% financed 2%/6% (condo/single-fam)

3.99% 5/1 ARM 75% financed 2%/6% (2-4 fam)

Thanks in advance.

Also, if a tenant of mine stays under 1 year do I need to pay interest on the security deposit? Anyone familiar with that part of the MA law?

Ann,
do you know any good lawyers in my area? Please let me know, thx.

Well, I cant mail him the security deposit back because he refuses to send me his mailing address / forwarding address. So he wants me to send it to someone else's place. If I do the USPS certified type, doesn't he has to show ID to prove he lives there to receive it?

so this troublesome tenant has moved out, but left the place non-vacuumed and not cleaned at all. i am charging him for cleaning to come out of the security deposit. but now he does not agree and says he will come to my house in person to collect it. i told him not to bother. but he continues to harass me over email. and he also wants to meet the new tenants and tell them stories about how "bad" of a person i am charging him clean up fees.
if he shows up, what can i do? call police? is it even worth the hassle? i have a wife and children, cant take the risk. although i dont think he will cause any physical harm, he yells vulgarities.