All Forum Posts by: Manik Zaman

@Rich Thomas Glad you are in the same area! Currently I am not selling.

I was looking for multi-family properties in Lawrence, Methuen, Lowell, Andover and areas; around 30 units.

Anybody interested selling please send a message.

25% to buy as down payment required with most banks. Then there are closing costs.

Its probably would be a good idea to have a small reserve to take care of unforeseen things.

I wont put too much attention on tax returns. Sometimes people represent income expenses in return that arent 100% representation of the business.

I would assume you have fair knowledge of the area. With that try to judge how much rent you could get from the building minus expenses; then see if this makes business sense. 

Otherwise you can try to renegotiate the deal to make it work for you.

Its advisable always being on safe side. 

Besides the one year rent, I would get security deposit; which would give you some leverage in case he doesnt leave and dont pay end of the term. One year rent otherwise sounds attractive option to me. Also would do a one year lease in this case, which would give you a right over the whole amount in case he decide to leave in the middle of the lease.

Appreciate the advice Kevin!

If I can put in 25% I know I would qualify for the Fannie Mae or Freddie Mac. I probably not be able to put in 25%, but I can put in good amount. 

Safety part of the syndication concerns me.

Which kind of professionals would advice on these sort of financing aspects? I could possibly get some local professional help to educate myself first.

 I would expect 25-50 units

@Andrew Postell I would expect 25 to 50 units

For raising rents in MA we need to follow the lease contract. You wont be able to raise until lease expires. On month to month or lease expire you can give a 30 day notice for rent increase; I personally give a 45 days notice, not that it matters for extra 15. 

It would be tenants responsibility to follow up with section 8 on new rent raise.

Eviction in MA is always loose loose for landlords. On average I loose around 3000 in lost rent, attorney fees, constable fees, etc per tenant on eviction. But if you have to evict with good cause always best to do it earliest possible to minimize loss.

Wanted some advice getting financing larger residential property purchases for buy and hold; 2-4 million valued properties. Likely that I would have to put put down some good amount, exploring options to get secondary financing or other legit options.

How does this process work? If somebody expert could help please.