All Forum Posts by: JP Krueger

Can you like-kind exchange a 3 family the owner is living in to a 2 family that the owner will live in?

Hey Dan, it is the reason I bought in Everett - while it was still up in the air.  I am really excited about it having a positive effect on rental income and property values.  Wynn is the master of state of the art casinos and I think what he will do to the waterfront will be great too.  If it was a different owner like Mohegan Sun, I may have not been interested.  How is your property search going? Is it hard to find something right now?  Do you think there will be a correction any time soon so we can get some deals?

Hey Alan, thanks for the response.  I did find the tenant's new address by sending a letter to the previous address and writing "return to sender" or something like that on the envelope.  They owe me $4,000 but I decided that going after them would be a waste of time and money.  I had a lawyer send them a letter saying I would clear their name for $2,000 but never got a response.  

Thanks for all of the info everyone. Brian, I will be in touch soon if I decide to go down this road in the fall.

OK, I just checked the zoning for the property and this came up.. Does this mean I skip step 1 and go right to the building dept?

East Boston Neighborhood

3F-2000 

53 (Table; Appendix)

Hey Juan, thanks for the detailed response.  I will search for those things and get the ball rolling.

Hi world. I have a 2 family in East Boston, MA that had some work in place for a basement apartment when I bought it. The house is currently a 2 family and I was hoping to make it a 3. It might take 35k for the renovation and I would be looking at $1200/month from the unit. Pretty nice ROI. The ceiling height is ideal and the unit would have one egress through the basement door and another through a window. What are the legal steps in this process?

Hey Frank, I can't help you with this, but I was wondering how you are only putting down 10% on this property to get that 18% ROI?

OK thanks @Rob Beland.  I will hire a constable to find their new address and then file it in small claims.  Then they will no show to court and I will attempt to garnish their wages. 

Thanks a lot Rob, do I need to hire a constable to find the address separately and before I file in small claims?