All Forum Posts by: Haley M.

@Chris Mason thanks for your insight. So it does sound like I can get a Fannie 30Y fixed through a trust, it just depends on if the lender will lend it to the trust immediately or if it will need to be transferred from my name to the trust after closing. So the lender really has the say here as to what I can do.

@Mark Elkins @Ann Bellamy thank you for the responses! I did speak with a few local lenders regarding commercial loans, and I know they also offer conventional mortgage services, so I will go back to them to see how they would work with me regarding a trust. 

Hi everyone! I have a question regarding financing options, my apologies if this has been answered somewhere, but I haven't been able to find an answer for it. On the advice of my attorney, I am considering purchasing my buy-and-hold properties through trusts, rather than through individual LLCs like other investors in this area do. I know that I would need to get a commercial loan to buy through an LLC, but what about a trust? I am located in Massachusetts, as are my target properties, and have not yet figured out exactly what type of trust to use. In an ideal world, I'd like to get conventional mortgages because of the better financing terms. Is this possible with a trust? And if so, does anyone have any lender recommendations that would do this? Thanks!

I'd also be interested in attending, Assembly Row is easy for me to get to!

Thanks @Jamie Ryan - is the process the same in towns like Revere, Lynn and Chelsea? That's where I've seen a lot of these places.

Thanks for your input @Patrice Penda. I'm going to find a way to get them a loan - I'm sure there is a rock I haven't looked under yet! It's a complicated situation and obviously there's emotion involved since it's family, but I know there's a solution.

Thanks for the replies, I need to look into loan options for those on disability assistance & with little income - looks like the only way to do seller financing in this case would be to get them to qualify for a loan so that mortgage could get paid off.

Hi everyone - we've owned a property for the past 10 years that we rent to family members. We charge them less than the mortgage, but with the tax benefits we end up breaking about even every year, so it's not an asset but it's not losing (much) money. We're now in a situation where we'd like to get rid of it to free up some of our mortgage options, though our family still wants to live in the house. I think seller-financing might be the way to go here, since they would have a hard time qualifying for any type of loan. The house has just finally become above-water after the recession, so we pretty much owe exactly what the house is worth at this point. 

My question is, how would seller-financing work in this situation? We still have a mortgage on the property, and the rent they've been paying is less than the mortgage payments. We're really not trying to make money off the deal, we're really just trying to unload this without losing money. Any advice is much appreciated!

Hi everyone - I have a question regarding adding additional units to a multifamily building in the Boston area. I've seen a few properties that are massive (like 4,000-5,000 sq feet) that are currently either 2- or 3- family homes. I think the better use of the space, and obviously better cash flow, would come from adding an additional unit to these properties to bring them up to a 3- or 4- family home. Assuming I can get the zoning & required permits no problem, does anyone have any idea what costs for something like this would be? Including separating out the heat/elec, adding a kitchen & bathroom and other construction. Would 50K per unit be in the ballpark or is that way off? Has anyone in Boston done something like this?

@Christian Nachtrieb That is my goal as well, competing with the all-cash feeding frenzy on MLS deals isn't getting me where I want to be. I'm looking into doing a direct mail campaign soon.