All Forum Posts by: Georges A.

Background: I am a Simulation Analyst (research, data analysis, computer modeling, etc) Not REI , trying my best to learn as we speak.

Looking for buy & hold properties in Middlesex.

What means for me is any data that I could use to predict if I am currently buying at the peak of the bell curve or the bottom. The market is cyclical as we all know, and the sellers have been selling like crazy, are we expecting the house prices to shoot down? that's what I am trying to understand so I dont end up over paying for properties.

from MassLegalHelp:

"Whoever conducts a lodging house without a license shall be punished by a fine of not less than one hundred or more than five hundred dollars or by imprisonment for not more than three months, or both."

@Mike Hurney one more of your positive answers and I am gonna build a statue of you in my house !!! :) - you're right sir!

I know a lot of ppl are doing it but that doesn't mean it's legal. Once you read more about it there's a rooming license you need to get that comes w/ a lot of headaches !

So let me re-phrase : "How do I make it legal to rent by the room?"

also I am curious, but why TAW? I would assume that a 1 yr lease should set you up for less vacancy taking into account that you did the background check and rented for the right tenants.

Is it legal to rent by the room in Medford Massachusetts or not? I called the city, the district court, consumer housing, every department out there and no one can answer me. I will consult with a lawyer but I though I'll ask here first. I know many are doing it here, the question is : is it legal?

@Account Closed mentioned.

what helps me is that its via homesteps, meaning I am in this period where for 15 days they're not allowing non owner occupants to submit offers on the property and I am intending to occupy it so I'm only competing with owner occupants and not the big ballers with 100% cash offers.

@Mike Hurney you're the expert you tell me ;)

I can't really make much from this data. The difference b/w 2013 and 2014 doesn't seem to be statistically significant as far as the avg sale.

Could you elaborate more for the newbies such as myself?

Hey guys,

I am looking at a property (HomeSteps REO) and thinking about making an offer. The area I am looking in is HOT ! and I am worried it will go under agreement soon. I just read the top 20 tips about buying an REO , going to apply them and hope for the best.

Now here's a catch, the property had some water damage on the first floor (which is really a finished basement) where I was able to see that they cut the walls in order to fix it - the place definitely smells like MOLD! The listing also indicates that there is a structural damage but they didn't indicate it yet - I was not able to notice anything major but I am not an inspector.

So my question is:

(1) should I submit an offer with my highest and best bet (w/o waiving the inspector contingency - that would be crazy) and hope to get accepted and then make my decision based on the inspector's findings? Maybe I could then negotiate a better price to account for whatever costs I will incur.

(2) skip it altogether and not mess with structural damages as many REI indicate (esp that I am a newbie myself). Can structural damages vary or are they all costly?

Thanks @Shaun Reilly - makes sense

Thanks guys this is really helpful, one more question:

I read at least 10 times in different books that you need to buy the worst property in the best neighborhood - how about buying on the worst street in the best neighborhood. I found a foreclosed property in the Tufts University area in Medford, MA which is considered to be a really good area that fits perfectly for my business model (renting to students by the room).

The only thing that this property is located in front of commercial properties in an isolated street(but still 7 min walk from the university which makes it quite attractive to students).

I used to say the same about Boston but like @Mike Hurney said, it's really about the source of your advice. I started looking out of state for a while and now back to looking in my own back yard. It's challenging but not impossible.

On another note, I was wondering if there was any research done regarding the potential bubble in the Boston market? The prices keep going up which makes me worry a little. Any advice from the experts?

thanks