All Forum Posts by: Peter J.

@Robyn Coady

Did you end up finding a qualified real estate attorney in the Western MA area?  Would appreciate any recommendations based on your experience.  Thank you!

@Daniel Rojas

In the scenarios you've listed above, you're recommending a personal umbrella policy for rental real estate (vs. commercial umbrella), correct?  

I know policies/ policy types differ between insurance carriers, but I'm wondering if you could help provide a distinction between personal vs commercial for normal landlords.  Thank you!

Hi Fellow BP members,

Has anyone had success investing in real estate that allotted for the private ownership of a pond/ body of water? From what I've read about riparian rights on the East Coast, one would be rather limited in their access and use of the water that was allotted to their property.

For those that have successfully invested in real estate/ lots containing private water, what was your approach? Was there a successful resource or tool used outside of a general broker in a specific locale?

Looking for suggestions and recommendations for real estate-specific CPAs in Massachusetts.

More specifically, I'm interested in an accountant to assist with tax preparation, tax planning, and possibly business consulting - not bookkeeping.  Any and all help is appreciated!

Thank you, @Charlie MacPherson

1) One of my questions would be: is there any benefit to keeping the square footage as is for a sale of the unit in the future?  It was sold to us in that way - with the 500 sq ft counting toward the overall square footage of the unit.  I've also heard from others in real estate that it's in my best interest to keep the square footage as is.  In my mind, it seems somewhat disingenuous to do so, since it is clearly unfinished space. 

2) I've read the town's regulations and processes for requesting abatement. I'm looking to see if anyone has had success in disputing by putting together an case with the following:

- Photographs of the indicating the unfinished square footage in the basement

- Amendment to the Master Deed to adjust the sq ft amounts

- Finding "comps" for units of like size in the area to reflect a lower, more appropriate valuation.

Thanks!

Hi fellow BP members,

Looking to gather your feedback and suggestions related to a property tax assessment. My wife and I purchased a condo unit in the greater Boston area and noticed that the square footage listed in the town's property database overestimates the total square footage of the unit. As it turns out, the Master Deed that was filed with the Registry of Deeds when the property was converted into two condos many years ago had overstated the sq ft space. The two sources include 500 sq ft of unfinished (and unfurnished) space in the basement. I'm looking to evaluate the cost/ benefit of disputing the assessed value due to the square footage error.

The property value metrics are as follows:

• Total Value + Assessed Value for 2018 Tax Year = $426,700
• Sales Price (Purchased October 2017) = $620,000
• FY2018 Residential Tax Rate = $12.13
• Current property tax bill = approximately $5,175.

My scenario is as follows: I plan on renting the unit for the next several years at worst.

1) Is it safe to assume that disputing the square footage will yield a proportional reduction in the town's assessed value of the home? Effectively, the square footage of the condo would be adjusted from 1,700 sq ft to 1,200 sq ft. I understand the assessors calculations in determining value are not linear using straightforward inputs like square footage.   Just trying to figure out if the cost to dispute is worth it relative to the yearly reduction I might receive in my annual property tax bill.

NOTE: My assumption is that although the 500 sq ft is technically official per the Registry of Deeds, any buyer down the road would be able to identify the living space vs basement with a quick sizing up of the condo unit's layout via tape measure -  i.e. having the extra 500 sq ft stitched to the unit on record doesn't seem like it would work much to my advantage.

2) Do any members have suggestions on the best approaches to disputing assessed value for property tax purposes? I've seen the BP article referenced here: https://www.biggerpockets.com/renewsblog/2012/10/0..., but open to any and all suggestions.

Thank you,

Peter

@Brandon Ingegneri  Thanks for your post!  

Would you mind sharing the CPA you use in RI with the familiarity of MA tax codes/ tax law?  Any help is appreciated!

@Matt K.  Appreciate the comment. Unfortunately, that won't come anywhere close to resolving.  There are kids running around the second floor/ upstairs unit at times, so it requires a more full-time, comprehensive solution.

Apologies for the consecutive posts - I don't mean to steer the conversation.  Curious to hear if anyone has used blue jean insulation for sound reduction purposes?  If so, how effective was it?

I'm looking to suppress the "impact noise" from the second floor unit above us, but I'm not sure if the insulation would be as effective as the resilient channels or joist isolators as mentioned in this post - as well as other soundproofing posts. Any insight is appreciated!

Hi @Aaron Frances

Hope all is well.  Were you able to resolve the noise issue between floors?  If so, what additional resources were implemented? 

I have a similar issue, as I'm on the first floor of a two unit HOA. I was going to have contractors remove the ceiling - adding Roxul insulation and resilient channels - and replace the ceiling/ drywall. After hearing about your experience, I'm curious to know what else is needed for efficacy's sake?

I know the solution will depend on the specifics of the property and its build, but any insight is appreciated!