All Forum Posts by: Paul Donoghue

@Sarann K.  do thy have condo documents?

Is there a board of trustees

@Christian Ferreira

I ran off to the gym and just got back.  I received your PM and accepted.

It would be best for you to understand the process, the paper work etc.

Also recommend if you could go to housing court in Lowell on Mondays.

I start a 14 day notice no payment of rent when they are 3 days late.  You can always stop it.

Paul

@Christian Ferreira

I have rental lease prepared by my attorney and willing to share it.  PM me.

I would modify it to include parents of the students to sign as well.

Brian is right about Mass tenant friendly.

@Daniel Ortiz

Hi Dan,

I have not gone to the one in Chelmsford. My fellow investors have and they recommended to me.

I have gone to the Black Diamond when it was in Waltham.  Like minded people exchange/conversing on real estate.  I find if you want to get into this business it is better to hang with like minded folks. 

@Mark Nolan,

this is the housing court website.

https://www.masscourts.org/eservices/home.page.2

Go visit them unannounced.  ask for references.

Ask for them to provide a credit report. It is free to potential tenants see url below.

https://www.annualcreditreport.com/index.action

Ask them are you going to find anything.

Good luck.

@Moshe H.

Do not forget depreciation of the property.

Recommend you talk to a CPA whom has rental property in MA.

@Michael Zackch

If you PM me I will give you my tenant lease copy.

Mine was done by an attorney.

Also provide you guideline as a MA landlord.

Good luck.

@Alex Babayev great job and thanks for sharing.

My closing costs are $99 for flat fee listing service and 2% to buyers broker.

Flat fee gets me into the MLS. Just flipped a property, it was on the market for 2 days and accepted an offer for $10K over asking price. Their was a bidding war.

Alex I am not sure if flat fee listing service is in your area.

Your closing cost would have been.

$4,600 + $99 = $4,699 instead of $11,500

https://www.meetup.com/Black-Diamond-Real-Estate-I...

Their is one in Chelmsford, I believe 1st wednesday of every month at the Radison hotel.

Brian Theriault

@Brian Theriault welcome to BP.

1: How can you know if an area you are interested in working is worthwhile?

Demographs.  Population increasing, is the school systems good and is there work?

Springfield Ma will be getting a casino.

2: How do you choose which method will be the most profitable, i.e.. flipping, rehabbing to rent?

I was buying and holding because I could purchase do minimal repair and rent out.  The price of RE increased and I can no longer buy and hold.  I flipped 3 last year and one this month.

3: What kind of advice would anyone have on trying to convince a reluctant spouse?

The fear of the unknown.  Need to work out fears.

Brian Theriault