All Forum Posts by: David Bellmont

Hey everyone, I’m looking for advise and or recommendations. My wife and I are purchasing our first real estate property as owner occupied. We are looking for an attorney who can help us leading up to the purchase. Obviously there are many different things that we are somewhat prepared for but yet lack experience and would like someone who can help us throughout the process of purchasing the property as well as becoming landlords. I am a carpenter and taking the MA CSL year next week so setting up a business is also something that we need help with. He anyone dealt with an attorney that has a good background in real estate and business? Along with this we are also considering using an accountant to help us keep track of all expenses and whatnot. If anyone has any suggestions on who to use that would be greatly appreciated. Sincerely Dave

@brentcoombs thanks for the advise. At this point I think you are right, too many ifs, and my father in law seems convinced on splitting the property into condos if he is to sell. The money doesn't make sense as condos that we would buy and rent out. We will keep searching.

@brieschmidt Finding a local REIA is one of my next goals as we get closer to making our first purchase. There is so much to learn and consider and your advice was really helpful, thank you. Unfortunately it looks as if we will be passing on the deal for now. My father in law seems convinced on splitting the property into condos if he is to sell. This was a great learning experience and we will keep looking for our first deal. I'm sure i will have many questions in the future. Again thanks for you help.

@SteveMcGovern and @tomgimer thanks for all of your insight. There is so much to learn and consider and your advices was really helpful. Unfortunately it looks as if we will be passing on the deal for now. My father in law seems convinced on splitting the property into condo if he is to sell. This was a great learning experience and we will keep looking for our first deal. I'm sure i will have many questions in the future. Again thanks for you help. @tomgimer

@Brie Schmidt I found the following under the Massachusetts general laws defining condos: ''Common areas and facilities'' shall, except as otherwise provided or stipulated in the master deed, mean and include:— (1) The foundations, columns, girders, beams, supports, party walls, common walls, main walls, roofs, halls, corridors, lobbies, public stairs and stairways, fire escapes and entrances and exits of the building; (2) Installations of central services such as power, light, gas, hot and cold water, heating, refrigeration, air conditioning and incinerating; (3) The elevators, tanks, pumps, motors, fans, compressors, ducts, and in general all apparatus and installations existing for common use;

@Brie Schmidt thanks, that's definitely something to look into. I know that in the older building the mechanical room for all units is in the basement.

Steve McGovern if we're were to take out a loan with the intention of using the capital to pay off the rest of the loan that my in laws still currently own, making them free and clear owners, wouldn't they then be able to finance the deal on their own without anymore involvement from a bank?

Steve McGovern thanks for the info and I will look into all of that. But my ultimate goal is to not split the property up into condos.

My wife and I have been approached by her parents about purchasing the house that she grew up in and that we live in currently. The property itself has an older two family building on the lot and then a newer duplex attached by a breezeway (the city would not let them split the lot into two separate properties and any new structure had to be built attached to the old building).

Three of the units are rented to tenants, one unit is where my wife's sister lives, and my wife and I live in an unrecognized basement unit which is technically unrentable because it does not have a second egress point.

My wife's parents ultimately want to split all of the units into condos so that they can keep one for my wife's sister and sell us the older building with a chance to buy the third unit in the future. His one sticking point is always having one unit for my wife's sister to live in. Is there a way to avoid splitting the property into condos while putting in the sale agreement that the sister will always be able to live in her one unit?

Also her parents are interested in owner financing the deal, but they still owe $170,000. Would we be able to take out a loan to pay off what they owe, and then they finance the remaining balance. Can anyone provide any insight to how we could structure the financing through her parents/the owners?

Any help would be greatly appreciated.

Dave

My wife and I have been approached by her parents about purchasing the house that she grew up in and that we live in currently. The property itself has an older two family building on the lot and then a newer duplex attached by a breezeway (the city would not let them split the lot into two separate properties and any new structure had to be built attached to the old building). Three of the units are rented to tenants, one unit is where my wife's sister lives, and my wife and I live in an unrecognized basement unit which is technically unrentable because it does not have a second egress point. My wife's parents ultimately want to split all of the units into condos so that they can keep one for my wife's sister and sell us the older building with a chance to buy the third unit in the future. His one sticking point is always having one unit for my wife's sister to live in. Is there a way to avoid splitting the property into condos while putting in the sale agreement that the sister will always be able to live in her one unit? Also her parents are interested in owner financing the deal, but they still owe $170,000. Would we be able to take out a loan to pay off what they owe, and then they finance the remaining balance. Can anyone provide any insight to how we could structure the financing through her parents/the owners? Any help would be greatly appreciated. Dave