All Forum Posts by: Steve Candor

@Georges A. Everything I read says this... although maybe this does not necessarily happen in practice? 

"Two Commonwealth courts have concluded that section 15B(1)(b) does not

authorize landlords to charge prospective tenants an application fee. See Dolben Co.

v. Friedmann, No. 10034, 2008 WL 81549, at *4 (Mass. App. Div. Jan. 2, 2008); Broad

St. Assocs. v. Levine, No. 12-SP-2041 (Northeast Housing Ct. July 30, 2011)." 

https://attorneyprestonleonard.files.wordpress.com/2014/08/perry-v-miller-memorandum-of-decision-8-26-14.pdf

Okay so I know I can't charge a fee for this in MA (so stupid) HOWEVER can I have an intermediary charge a fee?

For example can I tell them I only accept credit reports done by a specific company? I don't want to pay for the credit report for tenants and I don't want them supplying me their own report. 

@Dave Alexander  

@Paul Ewing 

I'm a buy and hold. Low income area. So if interest rates rise that would be great for me. Although it'd be tougher to sell any 2 family at a good price more people would be forced to rent. 

Thanks 

If and when interest rates rise wouldn't it make my property go down in value? Does this affect single family? Multi family? 

@Account Closed What's the biggest reason? I could always hire a management company if need be and I have family that are supers in the area.  

I just thought a 4 family would be better than a 2 family or single family because if I have to replace say the roof. It's not 4 roofs that need to be repaired. Lower expenses and more income on a per unit bases. 

at asking $145k it's $36,000/unit.  Am I looking at this wrong? 

@Account Closed Yes, it will be my first real apartment I own. 

I haven't checked the HVAC and the age. But that's 4 boilers and 4 furnaces (so could be pricey). I'll know in a few days when I go and do my walk through. 

I really hope it's not a lot of maintenance stuff. I'm hoping most of it just minor details that the super can handle. 

I confirmed water/sewer and that's reasonable. 140/month .

@Account Closed 

1.) Management - I'm in NYC. I was just going  to have them call my cell (separate) and if they need immediate help or say water damage I have a super in the area that can take care of it. 

2.) Not going to move. I am several hours from the property but have friends, family, etc who will help me if needed. 

3.) Separate utilities for each tenant. I just pay outside lights. And it's standard for tenants to pay utilities except water and sewer. 

Year Built: 1902 - anything significant about this?

They have gas forced air. And the roof was replaced 7 years ago. 

Thoughts? 

Thanks for that. I invest here in Brooklyn and Manhattan. So far, I've done quite well but I've been lucky in getting in areas BEFORE the rush of gentrification. 

Steve jobs and wozniak when they owned apple starting up only had 45% say each. They had a person who was 10% and was the tie-breaker in situations.

If it's cheap - I would do it. Cosmetics sell the place.