All Forum Posts by: Mike Cartier

So I thought about helping get this group started up, but the group mentioned earlier in the thread already meets the second Tuesday of each month (at the same restaurant!). Is there enough interest to start a new group or are the members talking here able to join the other group?

I'd be interested and am fairly flexible

Sokul, when it comes to the south shore I will vouch for @Charlie MacPherson. He knows his stuff and is very responsive.

I plan to confirm with the town building department but I wanted to ask what the egress requirements are for a home I am considering. The property has an attached one bedroom apartment that currently has interior access from the other part of the house. It has a separate entrance/exit as well. I would like to seal off the interior access that connects the two units as they both already have separate individual entrances. The apartment is two floors, it has the bedroom upstairs on the second floor. Currently none of the windows in the unit would meet egress requirements. Do I need to replace one of the windows upstairs to fit an egress window so the apartment then has 2 means of egress? 

The landlord/tenant security deposit account that is set up is an interest bearing savings account. The interest accrued is added to the balance just like any other savings account. By having the tenant sign the W9 it identifies them as the beneficiary of the interest, which they are anyway. With rates the way they are, this is usually pennies at the end of the year.

Have the tenant sign a W-9 form. The bank will have a specific tenant security deposit account where you are the custodian and the the tenant is the beneficiary of the interest. That way the interest automatically accrues in the account and they get a 1099 for the interest and you never have to touch it.

Hi Edson,

With having just purchased your primary residence (single family) you would be looking at purchasing the multi-unit as an "investment property." Most lenders will require a good explanation if you were to apply for a new primary residence loan within 12 months of purchasing another primary residence. It would also be questioned why you would be moving from a single family to a multi-family property as your primary residence as it is perceived to be a less desirable living situation.

By purchasing the property as an investment property you are looking at a minimum of 25% down for a multi-family, and unfortunately the rates are slightly higher than a primary residence purchase. You can use 75% of the projected rents to help you qualify, but typically the hurdle for most first time investors is the down payment requirements for an investment property.

Please let me know if this makes sense or if you have additional questions. I am a loan originator for a large bank in Boston and can help you with a pre-approval if you are interested.

You are not necessarily required to have it tested and removed prior to renting. With a home built prior to 1978 I would assume that there is lead based paint.

If you have any tenants with children under 6 you are required to have it tested and removed. You cannot discriminate by age when screening tenants. See MA Law from Mass.gov:

http://www.mass.gov/eohhs/gov/departments/dph/prog...

It has been mentioned that in a Lease Option, you work with the T/B to help them qualify for a mortgage to buy the home, or that the intention is to allow them to rent the home until they qualify. I assume the 2 factors that doesn't allow them to get a mortgage is that they either have bad credit or do not have a down payment. What is it that you can do to help them qualify for a loan? If they do not have a down payment now, what is going to happen over the next year that is going to help them get a down payment? With the lending standards being much tougher to qualify, I am wondering how you would be able to help someone qualify and help them buy your house!