All Forum Posts by: Christian M.

Hi BP,

My wife and I are seriously considering investing in the area of Ft. Myers, Bonita springs, and Naples. Potentially  Cape Coral as well. We will be in town until March 25th and would love to meet up with some local investors and/or agents to grab a beer or coffee and network. If you operate in the area and would like to meet up give me a holler! 

Cheers,

Christian 

I was wondering if anyone is aware of any lobbying groups or organizations in Massachusetts that advocate for LANDLORD rights. These laws in Massachusetts are so lopsidedly tenant friendly and I am very interested in joining any group or organization that is actively fighting back against these ridiculous laws. I see too many instances of tenants using these laws to take advantage of landlords. It's like the lawmakers think every rental property is owned by a billionaire, when in reality most of them are small time landlords who have no rights and can be financially ruined by these tenant friendly laws.

Thanks,

Christian 

Hi guys,

I am curious if anyone else has gotten this same vibe while getting a lead paint inspection. 

Here's the story: We recently purchased a rental property and since one of the units is a 3 bedroom we decided to get a lead paint inspection because in Massachusetts one is required if there is a child 6 years or younger living in the unit (which will most likely happen at some point with a 3br).  The lead inspector found nothing inside the home, but once he got to the exterior he found two window cells that supposedly had traces of lead paint. He also randomly pointed to areas of "flaking" paint around the trim of the home and window trim on the second floor that were "too high up to test" so it must be "assumed that they have lead paint" and we needed to hire a de-leading contractor to scrape away and remove these random tiny spots of "flaking" paint. To things in perspective, this is not a distressed property with tons of chipped paint, it actually has a solid, intact paint job that I think would pass the eye test for any buyer. He went over the inspection with us so quickly that it was pretty confusing and all of the areas of "flaking paint" looked the same as other parts of the exterior that he didn't seem to have an issue with, and his definition of "flaking paint" seemed VERY strict, yet not so strict for other areas of the exterior. These areas were so small I could barely see them (if at all) and it seemed over the top to have to hire a contractor to scrape these areas without even knowing whether or not there was any lead paint present. I didn't want to point out to him that the areas with "flaking paint" looked just like other areas that supposedly didn't have flaking paint because I didn't want him picking new areas for us to re-mediate. 

The remediation for these random spots cost $2,100 and that was the lowest cost I could find after calling multiple contractors. 

Has anyone ever gotten the feeling that maybe their lead paint inspector was drumming up business for his contractor friends, and securing a re-inspection fee for himself? At the end of the inspection the inspector pulled out a list of de-leading contractors and told us that he legally is not allowed to recommend contractors, but then proceeded to circle contractors on the list that he liked. It all seemed very shady and then I began thinking to myself.... what controls are in place to stop these inspectors from deciding an area is "not accessible" and pointing at "flaking paint" to drum up business for their friends and themselves?

The initial inspection cost $450 and then we had to pay him another $400 to reinspect it after the contractors finished. The "re-inspection" took less than 15 minutes....

It is my opinion that if I am gonna pay you $900 for an inspection, you better get your butt up on a ladder and test the trim to make sure there is lead paint before you decide that I need to hire a de-leading contractor for $1000's to deal with microscopic areas of "flaking paint".

Has anyone else felt like they were getting ripped off by these people or is this just common practice?

Thanks,

Christian 

Hi @Daniel Delsignor,

I'm also a south shore kid, and recently got into RE investing over the last year or so. I found that the north shore had some of the best deals for someone our age to break into the game and I also think the area has a bit stronger of a rental market. Feel free to shoot me a message and I'll give you a little background on how I began investing with very little money (under 10k) and we can chat about some markets in the south shore as well.

Christian 

@Melissa Gittens The prices in New Bedford are very very low for Massachusetts and its one of the few areas I've seen in the state where you can find properties that meet the 1% rule. The state has plans to build a commuter rail line to New Bedford and the mayor of New Bedford is trying to make the city a leader in renewable energy. He just testified in front of congress in February regarding changing current environmental laws as a way to increase econimic development and job creation in cities like New Bedford. So I think there is a solid chance the city will make an economic come back in the next 10-20 years, but in the mean time the numbers still work under current market conditions.

Hi guys. Got a question for all you Massachusetts loan officers out there. I am currently house hacking in Salem MA with an MHFA loan. Me and a friend of mine are thinking about going in on a multi-family property in New Bedford. He would be owner occupying one of the units but I want to continue my house hack in Salem. Are there any loan programs that would allow a very low down payment with both of our names on the loan and my friend owner occupying the residency? Or does the fact that I wouldn't be living there and that I am already participating in a low down payment owner occupancy loan program disqualify us from any of those types of programs?

Thanks!

Christian

First, a little background. I am 23 years old and currently work at a CPA firm and will be done with all of the CPA exams in a few months. The firm I work at audits numerous low income housing projects and elderly housing facilities as well as preparing tax returns for these entities and other individuals with real estate in their portfolio, so I do have some experience in real estate accounting. I also own a 2 bedroom condo that I will soon be using as a rental property. 

I have a strong passion for analyzing real estate deals and I've gotten pretty good at it. I have created numerous spreadsheets in excel to analyze potential deals just for fun and I find myself analyzing deals in my spare time and times when I'm not supposed to be.... (like while at work). So that being said, I came to realize that since I enjoy researching real estate deals so much, I should probably try and find a job doing so. 

I'm wondering what type of position at a real estate firm I should be looking for that would involve this type of work? Also, generally, what are the qualifications for a role like this? Would a CPA license, 2 years of auditing real estate companies, and a proven interest in real estate investing (the rental property I own) be sufficient experience? Is there a position lower on the totem pole that  I should start out at to eventually work my way up to be in the position of analyzing potential deals for a firm? What do these types of positions generally pay? I don't have much knowledge about the ins and outs of real estate investing firms so I just want to get a feel for what would be a good path for me to take to start a career I enjoy.

Thanks!

@JD Martin the building was condo converted in '05 so I think I'm ok regarding asbestos. @Sam Shueh Thanks! I'll try that out.

Hi there, I have a question for property management company owners. I was wondering if it is common practice for property managers to supply bookkeeping services as well? Example: A property management company takes on a new clients portfolio of 25 properties. Would the client normally hire a property management company and a separate bookkeeper for the 25 properties, or do property management companies generally manage the property and do the books as well? 

Thanks 

I recently purchased a condo which has popcorn ceilings. Normally you can easily remove these by spraying some water on them and scraping them off. The problem is that these ceilings have been painted numerous times making it very difficult to scrape them off. Has anyone dealt with painted popcorn ceilings and if so did you find an effective way to get rid of them?