All Forum Posts by: Christian Ferreira

Good Morning Everyone!

Sorry if this question has been answered hundreds of times, I did a quick search and found contradicting answers. Now looking for some experienced investor advice.

If I buy a house for all cash (no mortgage), is there going to be a seasoning period with banks to do a cash out refinance. OR can I start the cash out refinance right away? 

Thank you!

Thanks for the advice everyone!

@Colleen F. 

I spoke with the troubled tenant on Saturday and had an associate record the interaction. He never became aggressive with me and said he would move if he could find a place to move to. I tried offering cash for keys, which he denied. At this point all I can do is try and evict based on the noise complaints I have received about him. Probably would be dismissed in court (MA evictions are very difficult), but I am hoping it will persuade him to start trying to find somewhere else to live before going to court. 

I did take your advice and found a family member of his (a cousin) who I called and spoke with and expressed my concerns about his mental health. He was going to talk with him family and reach out to him. Hopefully they can commit him into a mental health facility or take him in and help him out. 

I have re-iterated to all roommates and other tenants in the building to call the police if he becomes threatening or aggressive. 

Live and you learn, on this one the fault is mine for not screening him properly. He came at me with a story about how his current apartment had no heat, semester was starting soon, and he needed a quiet place. He was dressed like a college student, looked young. Turns out he is around 35... (Where the rental is, typically students are 20-25, not the nicest area)

Good Morning Everyone,

I need some advice badly. I have a serious situation on my hands right now. 

In one of my apartments, I rent it out as 3 separate bedrooms. All college students, which have only been there for about a month or so. Recently there was a noise complaint about one of the tenants playing the guitar in the early morning. I politely talked to the tenant and said he can play his guitar just not during certain hours. After this incident it went downhill, he started talking absolute non-sense. I am sure he has some sort of mental health issue, maybe schizophrenia or he is disillusional. I just got a phone call this morning from another roommate saying they are worried because the problem tenant believes someone is doing witch craft in the house, causing his brain to swell, and giving him headaches. The roommate said he was talking nonsense again about someone leaving the oven on, then she noticed when he was the only one home he went and turned two burners on and left the oven door open and on. She also said that he was being aggressive, rude, and somewhat threatening when she confronted him about it. She also hears him talking to himself about her and the other roommates, at this point she is becoming very worried and scared. 

The apartment is in Massachusetts, so evictions take a very long time. At this point I am stuck on what to do. I was thinking about going there with another person or two and telling him he needs to vacate immediately or I will have to notify the police? I also told the roommate to immediately call the police if she feels threatened or endangered by him. 

Any advice? I will also be contacting my attorney to see what advice he can provide. 

Thank you,

Christian 

Hello Everyone,

I am just looking for some guidance on how I can purchase a small piece of land from my neighbor, enough for 2 cars to be parked. I live in southern NH, and we have a tight parking situation. My neighbor has plenty of land right next to me so my plan is to offer them about $2,000 for the land and also offer to pay the surveyor and re-arrange the chain link fence. 

Is it that easy? Just agree on a price. Get a surveyor. Have a lawyer file a deed for the land?

(Do you think $2,000 is to much? to little? probably talking about a piece of land 20 ft x 20 ft)

Thanks!

Christian 

@Alex Theriault The last tax assessment was in 2018 for 149k... Looks like 2019 was skipped. When the town finally catches up with there assessments be prepared for that tax bill to likely jump up $1,000 plus, that being said it would only equate to 90$ extra a month or so. 

Look on Zillow for comparable rents. In that town a brand new 2 bedroom apartment with granite and top of the line appliances is renting at 1200$. Majority of the other 2 bedroom rentals are all under 900$.

To get a feel for some recent comps in the area check "678 31st St, Ogden, UT" and " 242 N Harrisville Rd, Ogden, UT" both are multi families with slightly larger sq ft and close beds/baths count. Both sold early summer for less. 

Goodluck!

Hello Everyone,

I recently purchased a property that has land with enough frontage on a side street to legally sub-divide into a build-able lot. Still deciding if I want to build something or just sell the lot. 

My question is:
If I have been living at the property for over 2 years and I sub-divide the lot and decide to sell, will I be capital gains tax exempt? 

Interested to hear everyone's thoughts. 

Thanks!

Christian 

Thank you everyone for your responses. It seems that we will likely be working with Bank of NH who has said they will finance in Massachusetts with 20% down on a 1-4 unit investment property. Their ARM rates were very competitive and reasonable in my opinion.

Thanks,

Christian 

@Charlie MacPherson

Hi Charlie, 

Thanks for your prompt response. I will give those banks a call and see what they offer. As you said, most banks want 25% down. In a game where capital is king it hurts giving up that extra 5%!

-Christian 

Hello Everyone,

I am looking for a lender who would be willing to do a 20% down payment on a 4-plex in Massachusetts (MA) not owner occupied.

It can be an ARM if necessary

No PMI.

Income verification is not a problem.

Found a lender in NH although they won't lend on properties in MA for some odd reason. 

Thank you!

Christian 

With the annoucement of the new GOP tax bill, I have seen a chunk pertains real estate taxes involving deduction limits. Without going into political stance could someone please explain what this new tax reform bill will mean for real estate investors?

Thank you.