All Forum Posts by: Jonathan Howard

I 2nd @Alec Bewsee's recommendation.   I am a member of Masslandlords and find the meetings informative and their forms and advocacy invaluable.

Thanks all for your replies!

@Robert Loiselle

@Robert Loiselle  Thanks!  The condo is actually in East Boston.  Moving there to do a slow brrrr or live in flip and renting out my unit in my first deal, a house hacked 2 family in East Somerville.  Very excited!

@Jim K.

@Jim K.  Wow!  What a detailed post!  This will be useful to a lot of people i'm sure.   The finish isn't quite as old/mottled as the ones in your picture.  More of a 90's gold wood with poly.   I'll use some of your tips with others above. 

Hi All - I'm under agreement for a condo that has finished natural wood trim.  Good news is that there is no lead paint.  Bad news is that it looks very out of of date.   I want to paint it white but am losing sleep at night thinking about having to sand off the finish.   Does anyone have any experience with deglossing products aka "liquid sandpaper"?   Would stripping entirely be the smarter option?

Borrowed from my 401k for my first house hack and don't regret it.  I have been lucky enough to experience significant appreciation on the property I bought so the the return on loan much greater than I would have received if invested in securities.   

I also continued to make my standard contribution in addition to the loan payback. 

I use cozy for my units and have been very happy with the service. The convenience of having the payments auto-scheduled every month can't be beat.  I consider rent on time as long as initiated by the first. In Massachusetts, you cannot charge a late fee unless payment is 30 days late and by that time I would have already served notice.   Cozy has the option to receive in 3 days instead of 5 but charges 2.99 per unit per month which I don't see as worth it.

For other options, Mass Landlords, the local advocacy group in here recommends Rent Helper especially for downmarket renters.  I have not used this service so cannot comment on it.    https://www.renthelper.us/owners/ 

https://masslandlords.net/event-web/cambridge-2018...

It can pay to DIY, but there are lots of reasons why hiring a professional manager might become your best choice. This segment will be useful for owners with existing managers, owners looking to hire a manager, or owners with no plans to manage who might hire in the future.

In this segment, we'll talk about the pros and cons of working with a management company, essentials of property management, fee structures, and additional perks you might not be aware of.

We'll also share the story of how a hands-off approach to management can leave you literally with all your circuit breakers wired together. Come to this event and leave with ideas for your own DIY management or hiring, as suits your preference.

This segment will be presented by Lucas Merchant and Nate Gopen founders of MerGo Property Management. Nate owns properties, and Lucas has been in property management for five years. Their company comes with recommendations from inside the MassLandlords network. Their presentation will be strictly educational, no sales pitch. Even if you’re not considering hiring them, you can call them for questions.

Tuesday, May 15th

Cambridge Meeting Agenda

• 5:30pm Sign-in and Networking
  • Networking draws from Cambridge, Boston, Somerville, Arlington, Belmont, Watertown, and Malden.
• 6:00pm Buffet Dinner
• 6:40pm Executive Director Doug Quattrochi with the MassLandlords Business Update
  • Member Minutes - Any member can have the mic for 60 seconds (introduce yourself, ask a question, share words of wisdom, etc.)
• 7:00pm How to Select, Hire, and Manage a Property Manager
• 7:40pm Second speaker may be added
• 8:20pm Networking
• 9:00pm Doors close

Location

Cambridge Innovation Center
1 Broadway (5th Floor)
Cambridge, MA 02142

ID required Upon entering One Broadway, you will need to check in with the lobby security. You'll just need to show your ID and let them know you're going to the MassLandlords event in the 5th floor Venture Cafe.

Food

• Buffet, incl. salad and rolls
• Water, sodas
• Cookies

*Dietary restrictions: purchase an early-bird ticket and email [email protected], we will accommodate you.

Pricing

Open to the public. Non-members always welcome!

• Door:
  • Public: $28.00
  • Members: $18.00
• Early-bird, reserve by 5/10 @ 12pm:
  • Public: $23.00
  • Members: $13.50 

https://masslandlords.net/event-web/cambridge-2018...

I would also suggest looking into MassLandlords if you are concerned about advocating for homeowner/landlord rights.  Very well organized group that is prepared to challenge policies such as Boston's  JCE and  Somerville's First Right of Refusal in court should they pass.

https://masslandlords.net/

Massachusetts has this as well.   Strict Liability with treble damages.      Somerville, Ma is trying to do a home rule petition to enact tenant first right of refusal which would be a disaster.

@Russell Brazil I'd say currently most of the condos in this neighborhood are going with conventional or FHA financing.

@Charlie MacPherson  definitely agree that small banks/credit unions are the way to go.  Have talked to a few and they are willing to lend on the property, the concern is that with such a high commercial %  that MI company won't insure.   Having to put down 20% knocks a large portion of Boston buyers out of the game.

@Nick Foundas  If you could DM me your contact that would be appreciated!

@Charlie MacPherson  60% of the building is commercial