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All Forum Posts by: Owen D.

Owen D. has started 4 posts and replied 21 times.

Post: How should I use my equity to purchase another rental property

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Hey Sean - I'm in Quincy and have a similar situation. I haven't fully explored the equity financing options but have heard its tough to find a lender that will do a HELCO on an investment property. I'm definitely interested to hear about what type of plan you proceed with if you find something that makes sense for your situation. 

-Owen

Post: Massachusetts - First Time Listing for Rent

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Hey BP,

In Quincy Massachusetts and I have listed a rental unit for the first time. I have previously rented units but prior tenants have been found by word of mouth.

Any insight, tips, recommendations that you have and feel like sharing are welcomed, I'd love to hear from you.

Thanks!

Post: Deleading - Price Gouging (Massachusetts)

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Thank you all for the replies. I understand it's a specialized area and there are certain precautions and additional expenses required by the licensed deleader. The price discrepancies I have been seeing still seem pretty egregious.

For instance, I received an estimate (from a reputable painter) to scrape and paint an entire two family home, all trim, etc. and for 2 coats of paint prior to having the lead inspection. Then I decided to have the lead inspection to ensure that I was providing the safest environment for all future tenants and I started getting estimates as high as or higher than the painting. And to clarify, the lead paint was not on the entire house. On the exterior it's mostly concentrated to window/door trim and on the inside there are two hallways with hairline cracks in plaster which I was informed by one of the contractors would only be filled with Ready Patch. Two basement windows which could be replaced or covered with plexiglass.

So personally, though I understand there are overhead costs and risks associated with the job I personally believe some of these contractors are taking advantage of people who may be uninformed or scared about the findings in their report.

All that being said, I can certainly appreciate that there is still hard work involved, I just think this tipic is worth discussing and that there should be more public education on the topic. The state's website and materials are not very clear on the paths to remediation and what homeowners can and cannot do themselves.

@Avery Heilbron thanks for the insight and for the recommendation, appreciate it!

Post: Deleading - Price Gouging (Massachusetts)

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Hey BP, 

I had a lead inspection done on a property I own (Massachusetts) which turned up very little lead paint according to my review of the inspection report and by multiple contractors that I have received estimates from; however, their estimates have been incredibly high to address the small amount of lead paint.

Does anyone else feel like the lead abatement process is a scam and that these contractors are totally price gouging because they feel like they can? 

If anyone has a referral for an honest contractor who is licensed in Massachusetts for deleading and/or a company that does vinyl siding and is certified "lead safe" I would really appreciate if you could pass that long.

Post: Massachusetts (South Shore) connections.

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Following this. If you guys end up getting something together please include me. Plymouth is a little too far south for me, I'm in Quincy. Thanks guys.

-Owen

Post: First Rental Property

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

@John Gentile, congratulations! I recently used Eastern Bank for a 2-family cash-out refinance and purchase of a single family rehab (10% down) and had a great experience. With Eastern Bank I've found that if you're an organized buyer than can help move things along pretty quickly. 

My contact at Eastern Bank is Beth Murphy, you can find her contact information at this link: https://www.easternbank.com/murphy. I have no relationship with Eastern Bank other than being a happy customer so just wanted to pass along for any future deals you're working on. 

Congrats again and good luck!

-Owen

Post: Lead Paint - Deal breaker?

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

@Nick Mulligan, the state's Get the Lead Out program has some pretty good rates and loan limits for owner occupants but also for non-owner occupant investors. I have not yet used the program but am currently looking into it myself. 

Here is the link: 

https://www.mass.gov/service-details/learn-about-f...

Good luck!

Post: Massachusetts SFR Rental Going Strong

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Great job! I'm in a similar situation right now. Currently own a 2-family in Quincy but just recently purchased a single family rehab (in Quincy as well) that we'll owner occupy for some time before deciding on next steps, renting out or selling. We didn't need to do much work on the 2-family so this rehab is a huge learning curve right now, we've hired out what's required and I've also spent a lot of late nights and long weekends putting in the sweat equity work. Will be happy when we're done!

What's your next move?

Post: Cash Out Refianance in Mass

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Timothy, reach out to Beth Murphy, VP at Eastern Bank. I recently worked with her on a similar transaction and she and her underwriters were fantastic. 

https://www.easternbank.com/murphy#

They are a portfolio lender with 4.25 rate.

Good luck!

Post: Boston Real Estate Guild

Owen D.Posted
  • Investor
  • Quincy, MA
  • Posts 23
  • Votes 12

Hi @Rob L., thanks for hosting these events, I'm excited to be attending for the first time tonight. I've done one deal myself and I'm looking forward to the next. I have also been following Alex and Harrison from CC Solutions now to Wollaston REI and Volnay Capital on various social media platforms for a while now and am really looking forward to the education they provide tonight.

Take care and see you tonight.

-Owen