All Forum Posts by: Richard Moreno

 i tried with Penfed, but they told me it has to be an owner occupant investment property.

I keep hearing Pen Fed recommendations! They sound great but only on your primary residence. They didn't work out for me because I need it for my investment property.

I am trying to get a HELOC on my investment property. I tried Pen Fed which had great terms and would have been perfect except they only do it on owner occupant! Who is the go to lender for HELOC loans on a non occupant investment property ?

@Account Closed easier said than done here in Boston. Tenants are so protected in MA.

@Jonathan Orr The banks I talked to said he might have to have enough funds to cover rental costs for up to a year! Which would add up to a lot!  He might have to use his other properties as collateral ?

I am representing a client trying to purchase an off market 10 unit residential building in Boston. There are a few problems : first seller wants a financial statement even before we view the property. But we need to see the property and all of its financials before we even get a term sheet ( pre approval ) for the property.  Keep in mind, the property is very desirable! location ! location! location! 

second problem: Seller does not really have a financial record of the property because he lives there and most of the building is occupied by his family. By the way 3 units are down to studs. My client can cover the $25 % down payment and he has the cash for complete renovation, which is a good thing. The bad part is he does not want to do a hard money loan to acquire the property, and if he uses a bank it most likely will appraise much less than asking price. 

I need ideas of how I can make this deal work using bank financing. 

update before I post to BP. We might be able to view the property this week! Therefore we will at least be able to see condition, bedrooms ,and ask seller for whatever carrying cost he has and other details!

Hello BP,

I recently listed my rental on a variety of sites, like FB, Zillow, CL etc. To my surprise I have received too many inquiries about the rental! Which I know is a good problem to have ! Unfortunately I have not had much time to show the rental because I live in Boston and the rental is in Providence. After having to evict 2 other tenants I am trying to not have that problem again. I recently showed it to a family and she filled out an application right away. I reviewed it and noticed she has had a steady job for over 10 years, but I still wanted to meet other potential tenants. I have had a lot of interest from young professionals but have not had time to show it to them so I decided I will give this family a chance. I told them that I would run a credit & background check, if everything checks out I will reimburse the money. But I told them not to pay for it if they think they have bad credit, ( under 520) any  evictions or criminal records. Everything checked out except their credit is 500 and below !! they owe everyone, like utilities, cellphone, credit cards etc. I guess I know what I need to do, but I do feel bad, but I have no choice ! Any advice, should I text them, call them, I almost want to give them their money back. What would most people do?

As always great advice!!

@Anthony Thompson    That's the Lawyer I used! Steve Conti ! 

Thanks, I couldn't for the life of me remember his name. 

Good information, thanks! 

By the way you know any inexpensive driveway pavers? I need to add 1 more parking spot for my tenant. 

thanks

I actually am looking fro recommendations for eviction attorney! 

And I thought I would share whats going on. This should be a continuation of one of my previous post, because it has to do with the same tenant.

This is in my 3 family located in Mt. Hope section of East side Providence. I've been having issues with my second floor tenant literally since they moved in when 2 weeks in there were cops called to the house for domestic violence! Since then I gave them another chance with the promise it would never happen again! By the way my daughter still lives on the first floor, so she hears everything that goes on. 

After that I have not had major issues, she is very clean and for most of the year the rent was on time,,, until she lost her job !!  Now they are almost 30 days late every month. What pisses me off is that they always have people over, I've had teenage kids from previous marriages living there and then their family from abroad, then it was the husbands brother. They always have get togethers which involves heavy drinking and ends in loud arguments. I didn't end their tenancy after the lease was up because I kinda felt bad that she lost her job, and honestly I could not afford not to have the rent even if it was a month late. But after the cops showed up recently because the husband put his hands on his wife again, AND I was fixing the trash and noticed so much heavy liqueur $$$ AND then my daughter tells me that the husband showed up with a brand new motorcycle ( taxes )!!! That's it ! I told her she needs to leave, and I verbally gave her 2 months to find another apartment, and I mailed a 30 day demand to vacate !! She has not responded to any of my messages, and times up, now I need an attorney. I had an eviction attorney and for the life of me I cant find his information anywhere.!

Any recommendations will be appreciated!