All Forum Posts by: Monish Lillaney

Hey all, so i had the notice to quit assigned to me after beating the sellers attorney over the head with talk to the effect of litigating for a clean sale. All tenants were served 3 days after closing. One took cash for keys, and left the day after they were served. The other two I went through the eviction process, and they've moved out about 60 days after closing. My attorney was absolutely fantastic, calm, collected, and charged me 1,600 total for appearing in court 2x for mediation. Going forward i have no problem evicting your *** haha glad i got my first experience in hindsight - thanks all for your support.

Now that i have them out, i am looking to renovate, i have my construction supervisory license, and need a professional engineer to stamp my drawings, or an architect (pretty sure they have to make their own drawings) Anyone have a contact they can share?

Next up i will take the exam to become a professional engineer (FE and then PE exam) so i can stamp my own drawings (i'm an engineer via academics, just not certified as a "professional engineer")

ended up buying a couple 3 fams since this post, thought id share, and my insurance is closer 2700/mo

hey all, im an engineer by trade, been working on RF Electronic warfare systems for our national security systems for about 10 years. Unfortunately my designation and degree don't mean much when it comes to doing your own electrical, or drafting your own plans.

I have a three family home, I plan to gut reno three bathrooms, and kitchens, and the building department wants stamped plans since its a 3+ unit. Does anyone have a reasonable architect or licensed professional engineer you can share? The bathroom layout will not change, only the kitchen will, where I have the plans drafted by cabinets.com

The only way for me to become a professional engineer is to take the FE, and PE exam, and test sites right now are closed... *dilemma** !!! 

Thank you all for the wonderful advise, let me share some more details and perhaps that’ll help further. The notice to vacate was drafted by an attorney the seller used and this will be assigned to me at closing. The plan as of now is to continue the closing on January 31st, which allows the notice to vacate (again this has been drafted by the sellers attorney and sent to the tenants back in November) to me. I will then refuse rent for February 1st which will prevents me from nullifying the notice to vacate by “implied tenancy” If I were to accept February rent . The security depositS for all three tenants will be returned at closing to the perspective tenant (on their last day of tenancy of January 31st)

From there I should be legally allowed to vacate the tenants by eviction if any of them are there February 1st . 

i do not want to postpone after January 31st closing because this will prevent me from sending a notice to vacate if for any reason the legally drafted one DOES have issues which I don’t expect. If anything I’d close a few days early if an issue with the notice does have issues, such that 30 days will end on February 28th by closing on January 28th and submitting notice after closing and presuming ownership. This way I could get them out via eviction after February 28th.

My first step is to confirm the notice to vacate drafted and sent to them is legally correct, followed by confirming the security deposit returned to tenants is appropriate at closing on their last day of tenancy (again as long as I don’t accept February rent)

thank you all for your wonderful advice, now that there is more info , hopefully what I’m mentioning makes more sense.

I plan to talk to my closing RE attorney to follow up with these questions. Any thoughts beyond what’s been mentioned are welcome!

Hey all, I'm about to close on a three family owner occupied dwelling on 01/31/20. My lender has given me 60 days to move into one of the units.

I currently have three tenants each paying about 60% of market value. I'd like to have the entire home vacated for closing allowing me to renovate all three units, move into one, and rent the other two at market value. The tenants are all TAW, and were issued a Notice to Vacate by 01/31/20 in November 2019. 

My attorney has said that I can have the Notice to Vacate assigned to me at closing (since it was issued by the owner who is selling me the home) so that it acts as though I issued this notice. Does that mean that I can start the eviction process (assuming I don't accept any February rent) legally 7 days later? (February 7th, 2020)

How can I get them out as quickly as possible since they are TAW? I understand that leases run with the land, do Notice to Vacates as well? 

This is all in Massachusetts btws

Thank you all!!  Hope someone is a bit brighter than myself in the legal side of this

Anyone know why insuring a 3 family in the Boston area is so expensive? I'm only getting one insurer to quote me over $5,000 per year which in my mind is hard to wrap around!!

Any advice? Seems like its mostly because I have a flat roof? -

Thanks for your help in advance!

Yes Steve, that is the current scenario. I plan to move to the new property and live there as my primary residence (house hack) and update the property while I live there.

As many of you know, Boston's North Shore is currently undergoing construction to build the Wynn Boston Casino resort planned to open in summer of 2019. Initially there will be pent up demand, and much excitement (noise and traffic) around the area but what can I expect in the area for real estate values? I am currently about to purchase a 3 family on the Medford/Somerville line in Winter Hill and wanted to know if property values will go up, come down, or be negated by the strong demand influenced by the Boston rental markets. I know the casino will bring MANY minimum wage jobs, and they will all need housing, so the potential exists for strong rent. Just trying to reason this one out... Thanks any and all for your input!

This is incredibly insightful information guys! Thank you both Cara and Shawn for clarifying, and bestowing the wisdom I'm lacking! I just talked to a lender and she said that she can give me a jumbo mortgage loan for 3.625.... That's actually BETTER than my current home which is fantastic!

Shawn, I don't have an FHA on property A, nor do I plan to on property B. I'm planning on putting 25% down, and hopefully I can come up with another down payment in a year and rinse and repeat - and 10 conventional loans sounds like I have my work cut out for me :D

If you guys are ever looking to partner in the Boston area, let me know!

I'm confused, so you're saying that property A, my first property, I don't need to refinance?

And that I can just get another owner occupied loan for property B?

Or that I should refi property A as investment

and get FHA for property B?