All Forum Posts by: Katharina Bormann

Thanks @Warren Lizo. Is the information about “In MA, tenants generally have 30 days to pay repair costs...” available somewhere online? 
Yes, it’s a multi-family and I need to make the language more specific to address consequences. I presume we do this on the “Addendum” section, correct? I used the standard Massachusetts Lease Rental application and it didn’t have any language regarding such. 

Thanks! 

Thanks @Kevin Sobilo. These are good pointers. I agree with the chronology. I seek these options only after direct communication as well as multiple text messages have not yielded any results. 

Hello,

How do you handle non-responsiveness from tenants regarding not-so-critical issues. E.g.,
1. If the tenant does not clean up large trash items in the backyard despite repeated requests. The contract says - RESIDENT shall be responsible for disposing of items of such size and nature as are not normally acceptable by the garbage hauler.
2. If the tenant is dilly-dallying in paying the repair costs for (not wear-and-tear) damage for more than 1 week. The contract says - RESIDENT agrees to keep the premises and all items in good order and good condition and to immediately pay for costs to repair and/or replace any portion of the above damaged by RESIDENT.

3. If the tenant does not keep the basement clean to an extent that it might be attract mice.

The contract does not have any explicit language stating "Failure to do so will results in penalties or such and such...".
I dislike sending multiple reminders. What is the recommended way of handling this?

Thanks

Hello,

Can current FHA borrowers (house-hackers) apply for Fannie Mae's new 5% down-payment option to purchase another multifamily to buy as their second property? Or is that exclusively for first time home owners? I know the new Fannie Mae's option requires owner-occupied purchase. I'm guessing they can't but just wanted to make sure. Thanks!

Dear all,

We are looking into setting up a new bank account for any house/rental related income/expenses (we're first time owners of a multifamily property) . So far, we've been loyal customers with banks that don't have branches in Massachusetts. We want to go with a local financial institution to hopefully establish long-term relationship. Do you have any recommendation for a local bank/credit union? Thanks. 

This is not really answering your questions but I wanted to share how we will be dealing with this (we're first time home buyers of a duplex in West-Everett). Our realtor suggested to choose between coin-operated laundry or on-site laundry system. Second option only if perspective costs are reflected in the monthly rent. We decided to go with this option and increased the rent offering on-site washer & dryer bought used off Craigslist/FB marketplace. We plan to have a fixed laundry schedule.

Hello,
After a long search and crazy market in the Greater Boston area, we are going to be first-time home buyers and landlords. We will be house-hacking a 2-unit multifamily property.
As much as overwhelming it is, we are absorbing all the information coming our way from BG forums to podcasts, books to YouTube videos. Feeling like a information overload. So, can you advise us on the top 3 tips or lessons as we are about to start this journey of real-estate investing? It will help us not to get lost in the forest for the trees. Many thanks!