All Forum Posts by: Elena Pech

Thanks so much @Joe Splitrock for the detailed answer! It's very helpful.  

Hi, I am a new landlord in Massachusetts. My tenants signed a 1 year lease and after 2 weeks want to move out because of some family reasons. I am OK with it if they pay till I get new tenants. Is there any form/document they should sign for me before I start looking for new tenants? Can it have an open move out date, saying that last date depends on move in date for new tenants?

Appreciate your help.

Thanks @Kenneth Garrett. I hope emails won't open room for discussion of inconvenience of day, time or anything else.

Thanks so much @Erik W.!

Hi, I need to do electrical repairs, and my electrician informed that electricity will be off for several hours. How should I inform tenants about it? What's a right message. I am a new landlord, so my questions are very basic, but I am afraid to do something wrong.

Thank you

I found an attractive multifamily property going for foreclosure.

Property assessment price is around 1M. Unpaid mortgage on this house is about 500K.

In one of the adds about the upcoming auction I found a note:

The property will be sold subject to the redemption rights in favor of the Internal Revenue Service by virtue of the tax lien(s) recorded in Registry of Deeds… (I found 15K)

2nd message: The premises will be sold subject to a one-year redemption rights in favor of the United States of America by virtue of the Notice of Lien for Fine and/or Restitution Imposed Pursuant to the Anti-Terrorism and Effective Death Penalty (In the listed book I found a federal tax lien of 450K)

The same person owned several more properties that are also in a foreclosure process. There are multiple state tax records for hundreds of thousands of dollars.

My question is if I win the auction, will I be responsible for the federal tax lien of 450K and all other IRS and state liens in addition to what I pay at the auction? Basically, will auction funds go first to the government and remaining to the bank or the bank keeps all the funds and I will be responsible for the liens beyond what I pay at the auction?

Whom can I talk about it, a title attorney?

Hi, I found a very attractive property in a nice neighborhood that will be sold on Foreclosure Auction. 

What do I need to check or to be concerned of from financial perspective? I checked bills and taxes.

What about the title? What if there are other mortgages and liens on this house? Who is responsible for it? Logically person in default should be responsible for all other debts, but I want to clarify.

What other financial tricks can be involved?

Hello, I found several homes on foreclosure auctions, and for most of them the sale was cancelled a day or few days before the auction. Two properties are still listed, but I found them on Zillow with Pending status. What is a right way to buy a foreclosure? Should I try to contact a bunk or a current owner? Can sale be cancelled because other buyers bought house outside of foreclosure auction? 

Hi @Josue Velney, Thank you for your response! Where can I look for "off market" deals? What exactly does it mean? Where to look for them? Is it a network that I can join, or you just use your personal contacts? I tried foreclosure auction recently, but they gave me a market price + eviction + buy by description without seeing the house. I am certainly ready to work with evictions and/or significant repairs, but for reasonable price.

I am looking for my first investment property in Malden or Medford MA. I wonder how important is to get it close to MBTA, like Orange Line in Malden? Will it help me to get better tenants/ higher rents? I See many good opportunities in those towns but relatively far from MBTA or require to take a bus to get to MBTA. How hard is to get tenants for house that is relatively far from public transportation compare to one that is very close? Should I focus on looking for house that is close to transportation or it's not that important?