All Forum Posts by: Dan Borecki

Does anybody have a tax accountant with a background in real estate, specifically multi-families that they would recommend in the Boston, MA area? 

I filed a tax extension for 2013, so my returns are due on 10/15/14.  I just bought my first multi-fam about a year ago in 10/2013 and I want to make sure that I am starting things out on the right foot, especially since I did a lot of repairs and purchased a lot of new appliances, etc. in 2013 and want to make sure I am setting up the depreciation schedules and building's property basis correctly, among other things. 

Thanks!

@Mike Hurney it was great to meet you too, looking forward to meeting up at future events!

Those are helpful tips, thank you for sharing.

Regarding the comment on checks going directly into the tenant designated account.... would it be OK if you deposit the last & security deposit checks to your own account and then transferred them once you have set up the account for the tenant within the 30 days of receiving the deposit?

@Colleen F. Thank you, I will be certain to only deposit checks in MA. I had seen similar comments in other forum posts and that was what was a bit confusing to me. I'll be sure to only deposit in MA branches.

@Erie Springer Thanks for the BOA info. When you say tenants can deposit money, you're just referring to the monthly rent, correct? Can they do electronic wires to BOA and if so, do they charge a fee for that?

That was helpful, thanks @Shaun Reilly !

@Justin Trudell Congrats on saving your $10K in capital. If you were considering living in one of the units you could have possibly done an FHA loan. I did that for my 3 family in October and only had to put 3.5% down.

Thanks for the response @Shaun Reilly I am not at all concerned with their minuscule return from the interest, just was a little fuzzy on the rules where they talk about the bank having to be a Massachusetts bank. Does that just mean that I just can't use an online banking account like the one I have for ING/Capital One, but could use banks like Citizens Bank or Bank of America which have branches in MA?

I actually also still have to set up an account to deposit my rental checks so that for tracking purposes they are separate from my regular checking account that I have at Citizens Bank. So with that said, I am interested to hear other people's opinions on what Massachusetts banks they prefer to use in general which can be used for security deposits. I would prefer a bank with low or no fees and has a good online platform.

Hi All,

I am a first-time landlord in Massachusetts and just received a security deposit and last month of rent from my 2 new tenants. I am familiar with the rules surrounding the deposits, but do any of you have any banks that you would recommend for me to use?

Thank you,

Dan

Thanks so much for all of the info @Steve Babiak ! I have to run a background check for an application that I just received today, so this will be very helpful.

GREAT ideas for stopping by their place! I am going to save your list for future reference. I guess my problem with being too up front about seeing their place is that I don't feel like I'm in a position of power right now to decline people since it's hard enough to find people that I want to even get to that point in the application process in the first place, but I have to snap out of that mindset and have to instead come from a place where I make them believe that I have a lot of other applicants and that it's my standard policy and it's something they'll have to go through if they want my place.....ESPECIALLY if I decide to only take 1st & security from them rather than 1st/last/security.

Thanks again!