All Forum Posts by: Lien Vuong

The rule of thumb for asbestos and lead pain is not to touch it. Given the archaic nature of the properties in and around Boston, most properties have this and what most people do is to cover it up. Once you touch it or disrupt it in any way you will have to do a formal remediation and that can be very costly. 

If there was vinyl there prior and you took it down to update, simply place it over and you will be fine. No legality issues as far as I know and when you disclose this when you sell you can say HardiePlank as it is what is technically on the exterior of the property. 

Good luck with everything!

@Michael Ablan That sounds like a plan thank you! I've been sending so many leads and not having too much return and it should def. be reciprocal! What ways have you partnered with lenders that's made it worth your while aside from direct referrals?

@Avery Heilbron I don't want to contradict your lender but I have a client right now that is doing the same cosign non owner occupied 5% down (conventional loan) and he can also do FHA (3.5 down) ..

Just want to make sure you asked the correct question and have all the info you need. Msg me if you want to connect with some others that could help!

I'm sorry to have this happen to you! Good to know that you have an attorney that is looking out for your best interest. Typically in the normal set up of a deal, you also have a buyer's agent to help fight for your side but it looks like you're doing a great self advocacy job also. 

You certainly  are in a position for renegotiation. The home that is sold to you should be presented in the exact way that you saw it initially. Even if the owners made capital IMPROVEMENTS on the property but it was not requested by you, they're still in the wrong. 

Leverage this position and do not be afraid to walk away because you're in this too "deep". The home is only worth it to you for that price and condition and your attorney is going to protect your deposit. At this point you don't even know what other things they're trying to hide throughout the house that is not as blatant as a leak. Be weary of these dishonest seller and potentially agent. 

@Pratik P. This is not 'technically' dual agency as Dual Agency would be saying that the selling agent already had a relationship with the buyer PRIOR to having the listing and brought them in. In this situation, the selling agent still represents the seller's best interest and is simply acting as a facilitator to the buyer by submitting the offer. 

In most cases, the net number that the seller pockets is the same no matter what because it is already stated in the contract of what is owed to selling agent and buying agent (Listing agent gets both sides in this deal - more $$$$ more him and same $$$ for seller). 

It is definitely a very common misconception and I am glad you asked the question so I can clarify. It is legal by the way - at least in MA where this deal is conducted but prohibited in other states. 

As an agent who is very active in this market I don't think that your price point is that outrageous. To make your buying power a bit stronger have you considered asking for someone to non-owner occupy so sign with you? Perhaps it can be someone in your personal network that can vouch for you so you can buy a property in better condition. There are some ways that I have been able to find my clients deals such as seeing bonus living areas that is not legally advertised as a unit for example. There's a lot of different hack you can use. 

Don't get discouraged! Whenever I get to this point I remind myself that I am three feet from gold. You've clearly dedicated a lot of time to this goal and it's time for you to reap the benefits. 

Ask your agent to scour the listings for you to see bonus spaces that you can rent out or extra square footage that if not obvious. It goes without saying that you need to network and and find off markets but frankly off markets would be a little hard for you to get from a wholesaler for example because they prefer cash. 

You can figure out your target area and start mailing them and be proactive that way. Keep going! We are all here for you!

@Devon Moore Why wouldnt the lender include the rental income? That's going to definitely help with the mortgage payment. DTI would definitely be a directly lender question as it does differ from bank to bank. The GREAT news for you is that the interest rates just went down and one of my clients is getting 3.9% of his multi owner occupied which I find amazing! That's incredible savings in the long run.

What areas are you looking to target for your search? 3-4 families would definitely make more sense in terms of cash flow unless you rent room by room and there are very attractive properties in the secondary markets of Boston. 

Let me know if I can help or guide you in any way!

@Anne T Tanner Thanks so much for the feedback. I will definitely reach out and figure out the best way to have a more structured referral relationship going forth! I think it will be good to attack the problem head on and have that frank conversation. 

How have you capitalized the most on lender relationships? I've been sending my lenders several leads a week without seeing a return and trying to figure out the best strategy to make it the most reciprocal relationship as possible. To add, they're not communicating me and updating me the status of the deals and I have to reach out. What gives??

I want to establish a good long term relationship but the current situation is leaving me a bit unsatisfied. Thanks in advance! 

@Jonathan Guerrero Excited to host the event!

@Dieggo Goncalves

@Redgy Saint-Germain

@Rita Dourado

@Dan Lam

@Sal DiMercurio

@Robert Leonard

@Suzanne Emily Nguyen

@Marie Fries

Event has been created on BiggerPockets Events section - it will be hosted in Back Bay as the space will be more centralized for everyone. 

January 30 - Weds - at 6PM. Hope everyone can make it!!