All Forum Posts by: Cody Phillips

Hi I have a rental house on furnished finder and have rented to travel nurses before but I now have someone interested in booking the house for a 3 month stay for his aunt and her son as they are traveling to the USA from china. He says the son is going to a local private school for the semester and when the semester is over the aunt is going back to china. Does this seem normal and is there anything I should be asking for from all people involved? Should I ask for a contact at the school and try confirm he is going there? Do  background checks work for out of country people? The guy messaging me says he will be the primary person of contact and be paying with a credit card for payments. Is this normal for someone in the country to deal with the situation for family coming?  Any ideas or advise on this situation is greatly appreciated 

thank you 

@Taylor L. I have, and its still just barely in the positive, and with 10 years of rent increase it looks a little better. Of course we hope not to get that high ideally refinancing to a rate closer to 4.75 at some point in the 10 year term but also prepared for the worst

@Scott Trench On a fixed rate they are at 7%, I agree 30 year fixed is certainly more comfortable but this seems like a risk I’m willing to take

Hey guys just got an offer accepted on a 3 family and current interest rates for conventional loan for investment properties are around 7%, with 25% down. I talked to the company that manages my 401k and they are offering 30year with a 10 year arm at 4.75% with 20% down. My understanding is that this means the first 10 years are at 4.75% and after the 10 years it adjusts to the current rate at that time, you’re also able to refinance at any point. Was also told the max the intrest rate can increase is 5% (so 9.75% worst case senario) Seems like a win win to me also the extra 5% down payment would be and extra almost $20k saved out of pocket.

What’s everyone’s thought on this?

Hey guys had some questions/ concerns about a current tenant I have. She recently told me she has been approved for section 8. I have done some reading on section 8 in Massachusetts and understand the process of accepting section 8 tenants but haven’t found much on a current tenant switching to section 8.

Typically I have tried to steer away from section 8 but I’m not closed off to it. The current tenant is an elderly lady and has been great the few months she’s been in the property (quiet, cleanly, pays on time) so I don’t have an issue with her staying I’m just not entirely sure of what section 8 entails.

Am I legally required to accept section 8 assistance? What would be my major pros/cons? Will rent be effected, positively or negatively? (Currently below market) Will accepting change anything for other current or future tenants?

Property is located in Leominster, MA

Any info is greatly appreciated

Thank you all for the info and fast responses this was very helpful!

@Debbie Consalvo

That sounds like an awesome idea I would absolutely be interested, please keep me posted!

First post here on bigger pockets! I know this is a common question and I have found a multitude of answers but I was wondering if anyone has had better success with any platform specific to rentals in the Worcester county area. I have my first vacancy for a 2bedroom 1bath apartment for rent in Leominster, MA. Also any other info on good practices when renting in this area (or in general) will be greatly appreciated Thanks!