All Forum Posts by: James Godbout

Hell,

We recently closed on a 3 family, commercial loan to an LLC. Our new tenants are all claiming that the leases and e-stoppels provided to us / our bank during the mortgage process are fake. One of the tenants had a security deposit that was not on the lease or on the e-stoppel, and the other two tenants claim they pay $500 less in rent (each) than the leases / e-stoppels show.

I'd love to know what legal options we have here, particularly to go after the seller if the documents are falsified.

Hi Andrew,

This is an interesting strategy. So far the tenant hasn’t provided us with any documentation for his side of the story, just claims that the lease and e-stoppel are falsified. We are going to weigh our options but this could be a good way to remedy the situation if we can’t get him to recognize the documents we have are legit

 We have e-stoppel, lease, and last month rent. All for $3300. He didn’t have a security deposit. I think yes we will have to get an attorney involved. I’m worried that would cost more than it’s worth unfortunately  

Hello,

We closed on a house yesterday, a rent stabilized (or so we thought) 3 family. One of the units was currently rented for $3300, with an accompanying lease and last month's rent deposit collected at close. However, the tenant is now claiming his actual rent was $2800, and that he did not sign the lease that we have on hand. Has anyone ever dealt with a situation like this? any advice for me on how to aproach this issue?

Thanks Dan, I will reach out to him. 

@Tom - we are looking at 2-4 units.

Thanks Jim - that is super helpful, and similar findings to what my research is saying to this point. Good to hear from someone else I'm on the right track.

RE buying in your name- if you have multiple borrowers who want in on the project, is it best to have them on as co-signers? Or would it be better to have the lead borrower as the sole borrower?

Hi all,

I’m looking to buy a multifamily in the boston area and am trying to understand my loan options.

I have bought 2 houses in the past (one sfh in Texas, one multi in Roxbury) but both were via house hacking and with a VA loan.

I'm trying to get a handle on what to expect in terms of interest rates, required LTV, and how the process differs if I use an LLC vs putting it in my name.

Would be happy to chat with any local lenders here or just hear from those who have knowledge on best options for me to pursue financing.