All Forum Posts by: Johnny Fullerton

Yes the basement is in really good condition unfinished but has a 3 foot window and an outdoor entry also 8 foot high ceilings. My zoning area will accommodate a 4 unit as the building on either side are 4 units houses. Just trying to get a ballpark on the total cost.

Thank you guys I knew I could count on you. I appreciate all the info

I just closed on my investment property a 3 family I was considering converting my basement into a 1 bedroom apartment, but was wondering if there was any rules and regulation, also I don't see a downfall in this theory only probably the up front costs, but the upside is it would increase my rental income and cash flow; I think the pros outweigh the cons. Any input is appreciated as I've been trying to do my diligence so I figured I'd throw it up here for more insight. Thanx

I thought through all my readings I came to the conclusion that in MA you needed to have the tenants security deposits interest-bearing account, but my real estate agent said it isn't required. Any input helps thank you

Rich Ng yes the current tenate has a well paying job and has been on time with his rent since he moved in, in January. I guess the question is if I did accept him would be; should I put his name on the lease and just clarify that my original tenate will be responsible for paying 100% of the rent.

Bill F.

Yes I always look at the worst case scenario; the only thing that gave this guy a chance was that I think highly of my current tenate. He is basically my (small) maintenance guy/ handyman so that shows the trust I have in him. I already setup a meet and greet with the new guy and that will be when I take his application. My criteria on income limits haven't been established since I inherited these current tenates so I haven't stated my requirements so I don't think I'll have a problem with rejecting due to lack of income if I don't find him appealing. Classify it as not a good business decision.

I haven't accepted him yet I just sent out an application just because the current tenate and I have a good standing relationship. I want to see his debt and payment history before I disregard him. I would make the lease clear that the original tenate is responsible for 100% of the rent. Just wanted a lil more insight in the situation I'm just 4 months into my first investment property so I'll be on here a lot appreciate the help

One of my tenates (single guy in a 2 bedroom) asked if his friend "that fell on hard times and lost his job" move in with him. I sent out an rental application form for him to fill out cause I do plan on screening him, but if I do accept should I rewrite the current lease and just add both people on it; or should I just leave it up to my original tenate to figure out their own payment system as long as I get my rent. I also want to raise the rent an extra $50/month. The original tenate I have no complaints about, but should I even consider his friend as he told me he is in between jobs.

Ok thanx for the advice; yea I guess it makes more sense to include the extra money into the rent.