All Forum Posts by: Chan K.

Hi BPer,

Today, I received a letter from the Board of Assessors in regards to Law Section 38D Chapter 59. This law states that I required to provided "Written Return of Information to Determine Valuation of Real Property". Practically, the city is asking me to provide the "Income and Expense" of my rental apartment units. So, they can use it to determine the property value and determine how much to tax me. If I do not comply with this request, I will lose my appeal right once the tax is assessed, and will face a potential penalty of up to $250.

Why don't they just pull from the comp?

I have been calling multiple banks to try to get HELOC on my second home, but no bank ever cared about what the tax assessment is on my property. The bank just pulled the comp out to give me the property value.

Did you guy ever received this similar request from the Board of Assessors?

If you did, did you ever answer all the questions. The information they are requesting is pretty details.

Hi BPers,

I would like to find out what is the maximum LTV for HELOC on a second home (it is a single family). Can I get 85% LTV?

Would you be able to share the lenders whom you work with that offer HELOC in Massachusetts?

Thanks,

-Chan-

@Samuel Larger From a 2% rule perspective you are only at 1.165%. It seems a bit tight/thin from a cash flow view. As starting out, I would prefer 1.5% at least. If you have the bandwidth and capacity to add value by increase rent and equity, then it is possible. In general, I don't pick up any property with negative or marginal cash flow.

@Denise Morales Welcome to BP. Check out the "learn" section. I would recommend the Homepath as it has many more benefits compared to the conventional. The tradeoff is you need to be a handy man or has a team to handle the renovation. Make sure you consult a contractor to estimate the renovation cost before you pick up any homepath property. Explore BP community, read the books and listen to the podcasts. Happy learning and building wealth ......

@Ang Nunez Welcome Ang to BP. Check out the "learn" section and setup your key alert. I guess you need to go through and familiar with the system first before you can lean the process. Anyway, welcome!!!

@Gerald K. Would you mind give us a few examples of a deal (residential multifamily) that can be structured? I am assuming you are not talking about the usally 20-25% down turn key with conventional lender we found through the MLS. Thanks,

@Adrian DeGraff I talked to a few banks recently. The 10% down for homepath is only applicable to single family.

-Chan-

@Brent Kiger Hi Brent, welcome to BP from MA. I just want to say, Hi. Check out the "Learn" tab. Keep reading and keep coming back to the site to again read. Take it slow ... Rent to family will still give you the experience of being a landlord. The only exception is that you are dealing with people that are more understanding. I think it will give you more time to adjust. I guess you have to respect the relative as normal tenant. Take their call seriously and do your routine walk around periodically as a usually landlord if you are managing the property yourself. Good Luck.

Hi BPers,

My name is Chan Khim. I am located in Lowell MA. I am a full time working professional. I am married with a lovely 3.5 years old son.

I am looking for a mentor/coach to show me a rope in the real estate investment. I have been attending a local real estate meeting in my area. I have also been involved with BP forum for a few months now.

I own a single home primary residence and second single home. I just recently bought a 4-Family for buy/hold.

At the moment, my target is commercial apartment units. Currently, I am exploring residential multifamily and single family flipping. I don't mind doing the rehab on my own, and sub-contract out all the big pieces.

I am looking to snowball and build my portfolio while not over leveraging.

I really appreciate your time and allow your legacy to live on with me.

Please PM me.

Thank you ahead for your time.

-Chan-

@Johnathan Zsittnik Hi Johnathan, if you don't mind, can you give a few areas you considered good lead compared to Medford?