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All Forum Posts by: Von S.

Von S. has started 8 posts and replied 53 times.

Post: PUTTING YOUR REAL ESTATE IN A TRUST ACCOUNT

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

Thanks Anna for asking such thorough questions! I am really interested in hearing the answers.

Post: Is there any shame in paying rent as a REI?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

@Logan Allec,  airbnb is a good idea but you're unfortunately right with the severe regulations

@Steve DellaPelle like logan mentioned, airbnbing a city purchase is a good idea. However, HOA is getting strict on airbnb so you would need to check the rules before purchasing. On top of that, HOA can change their rules in the future as well, leaving you with just a home, not investment. I'm unfortunately talking from experience on a rental I was in-- owner was threatened with fines. Since then, I've been scanning listings just in case-- some listings cheaper than 500k in Boston proper will even have a note that airbnb is not allowed. Surrounding town condos (Somerville, Brighton, Cambridge) might be more feasible with airbnbs in that they are less severe but it's harder to fill up bookings for winter. Talking from experience again! :(

Post: Is there any shame in paying rent as a REI?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

I pay rent in the city while owning properties that I rent outside the city. The math to buying in the city is harder, who is getting 2% cap on deals in the city? If it's cheaper to rent than to pay a mortgage in the city, I don't see the shame-- isn't this a smarter choice, especially if you are getting better returns on suburbs rentals? For me, the real shame would be buying in the city and having to pay mortgage while getting little cash flow in return.

Post: Investing with Student Debt

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

I would definitely start setting aside money for real estate and try and get approved for a loan as soon as possible. However, I would only look at multi-family in order to house hack. What are you paying monthly on 8K-- less than $200? Would you make more than $200 renting out a unit? For those with loans in the 1000s, I'd say no.

Post: Do I need an agent to buy property in Boston?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

Thanks Mike for the info. That makes sense that agents would probably want to deal with other agents.

Post: Lending to in-laws - Smart move or dangerous move

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

Looks more like a relationship issue than real estate. I don't think your wife should liquidate her stocks that was earmarked for both your goal in order to loan your parents. Since they already have houses that are fee and clear, have them tap into the equity-- the rationale to borrow money from you and your wife at 4% instead of giving to the bank isn't adequate. They would have a longer payback time borrowing from the bank instead of interfering with you and your wife's shorter deadline. I do agree with the comment saying it's a bit obnoxious of your parents. How would you feel if this situation was switched and it was her parents tapping into your stocks which you spent time/money building? By all means, give your parents what you can, but do not involve your wife and do not take money that you yourself will need for your future house. That is showing her your parents' goals are more important than your goals together. If your parents were in a bind, that would be a different story and I'm sure your wife would be willing to do whatever to help. If your wife had that 120k not invested in anything, that would also be a different story. But the undertaking here for her-- having to deal with liquidating and transaction fees is uncalled for.

Post: Do I need an agent to buy property in Boston?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

LOL, thanks Wayne. Just double checking to see if anyone has done it before with ease. We'll most likely use our old agent--- it just seems she's super busy.

Post: Do I need an agent to buy property in Boston?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

Is it legally required? I can't seem to find a simply "yes" or "no" answer on the .gov site. I have used an agent in the past and trying to see if I can just do this part myself-- P&S, etc. Thanks in advance!

Post: FHA loan to purchase multifamily

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

Congrats on getting close to your goal. I know two instances of people buying through FHA. One person did live at their property just on the weekends and after building a 20% equity in that property, refinanced to a conventional loan so they weren't tied down to the property. The other person just had mail delivered to a unit where he allowed his grandmother to live, rent free. Perhaps you could stay in a unit with two bedrooms-- get a roommate for the other room and save money that way. Once you build equity, switch to a conventional loan.

Post: Leveraging cash to buy foreclosure or get mortgage?

Von S.Posted
  • Boston, MA
  • Posts 53
  • Votes 31

I have always been too afraid of looking into foreclosures that have to be purchased sight unseen but I finally found one that will be holding an open house. For those who buy foreclosures, how often do you use cash vs mortgage? (I know a lot of them want cash only buyers) How much discount do you ask for when using cash? I would like to get a good deal but also do not want to lose out to someone offering a higher bid but going through a bank. Any advice or experiences to share?