All Forum Posts by: Kelsey G.

@Joshua Hively We ended up putting a $5,000.00 limit for a 4 unit apartment. Essentially we thought 1k for each unit and 1k for common areas. Our real estate agents also advised the same so I would recommend bumping up your limit if it is a multi family. We are in the Boston area, which is a very fast market and often little room for negotiation so we had to get our number right the first time. Hope this helps!

Thank you - I have notified UPS and I have spoke to the Assessor. I would like to know if I need to send certified mail to the tenants to notify of the change in unit number and house rules or if leaving them the letter is okay.

We just bought a 4 family in which we also reside. We are changing the unit numbers as the previous seller had some incorrectly listed under the vacant lot next door. We also are outlining some house rules for the tenants. Should these notices go through certified mail or can we leave the notice in their mail boxes?

We are changing unit numbers in a newly purchased property (MA). Do we need to go the tenants a specific notice until change? Also will notice need to go by certified mail?

Thanks

I made an offer on a 4 family house in Massachusetts that was accepted contingent upon review of the leases. The property was represented to be taking in $1,400.00 per unit. Upon receipt of the leases on 6/21 we were told that one tenant (tenant A) was a tenant at will under the same terms of their expired lease and were month to month at $1,200.00. As they were month to month we were not concerned with their discounted rate and we moved forward to sign the purchase and sales agreement. 

Upon reviewing the p&s we noticed that tenant A's lease term was changed to expire in May 2019. At this point we reached out to the lawyer who provided the front page of a new lease that was not provided to us. The lease had them locked in at $1,200.00 monthly and was clearly backdated to 6/1 (before we were provided the leases). His signature was on the lease dated 6/21, which was the same date they provided us the old lease - we assume to appear that they did not have the new lease upon request.

Terms of the original lease provided to us on 6/21 for month to month leasing terms:

- $1,200.00

- Security deposit given

- No smoking

- Unit cannot be used to run business

- One garage spot

Terms of new lease provided 7/29 backdated to start lease term on 6/1

- $1,200.00

- No security desposit

- Tenant can run business out of unit

- Tenant has been and will continue to smoke in unit (no joke this is essentially how it was worded)

- Tenant has the entire garage (two car garage)

We signed the p&s with the contingency that no leases should be modified and no new leases would be signed unless we vetted the prospective tenant.

We have been reading some forums and are wondering what our options are. We would like to avoid going to court, but are hoping to see some reconciliation for these actions.

- Request that the seller pay for closing fees due to misrepresentation of the monthly income, this being a smoke free property, and the backdating of a lease while not providing it to us for review. 

- Once we close writing a letter to the listing agent's office and putting in a complaint on this issue in hopes that they will provide us with a payment via insurance

We have not closed on the property yet, but are due to close later this month. If you can let me know your thoughts and advice on how we should proceed it would be greatly appreciated!

Our broker has us put it in place. That is helpful though - I was wondering if we should put $4,000 in place for each unit. Seems like your negotiation is not far off this idea.

We have accepted an offer on a 4 family house and in our Offer to Purchase Contingency Addendum we had the inspection contingency set the limit of defects at $1,000. The seller responded that we should increase this that is typical for a single family.

The house consists of 4 single bedroom apartments that are each 4 rooms. Before we came back with a response I was hoping to get some insight on what people typically see in contingencies with multifamily properties. Thanks!

I am looking to purchase a house that has two lots/two parcels on one deed. What costs can I expect to split the deed and how much time would it take? Thanks!!