All Forum Posts by: Rich N.

@Erica Nagle

thanks will check in to it

thanks. I will check it out later.

@Frank Chin

thanks for your response.  That is why I am in the particular situation.  a lot of the investors at the complex can not get coverage to protect their units and other units if their unit causes damages.

I nor the other investors have been able to find insurance that will cover unless they have our primary properties and most of us are in LLCs or have more than 5 which is the limit some companies have set with their primary house rule.

Anyone here know where I can purchase insurance on an individual condo for liability and relocation costs for a tenant if displaced due to a fire or other reasons caused by another condo owner or tenant not owned by me? 

Note: 1) not talking about renter's insurance. 2) MA laws requires owners to pay up to $750 for relocation cost. 3) I called a couple of places and they do not offer it unless they also get my primary property too (but can't because condo is in LLC).

if it matters, its of north of Boston (Lowell, Lawrence, Methuen, Haverhill areas)

Thanks!

@Amia Jackson

What makes it higher than normal is fees associates with the 203K...that is 3200 dollar.

Are you sure about the 1900 for property taxes?  I have paid home insurance in advance, but do not remember paying property taxes a year in advance.  The normal escrowing of the taxes is in place (159/month?).

@Caleb Heimsoth

Plus the pet deposit would put in about 2500.

But it all depends in the location.  Properties in MA, can be 1200-1500 in the suburb cities and with last and security deposit... its 3600 to 4500 upfront! Yes, its the norm.  Inner city like Boston and its 2200 to 3500 x 3 !  Pets deposits are illegal in MA.

Both scenarios are for apartments, not SFH.

I think its your email presentation.  Using words like:  "Summary of what we discussed",  "process your application", "holding fee",  "so you will want to the bank tomorrow" and "criteria".

It sounds all too formal and not friendly and welcoming.  Also, its a bit overwhelming to come all at once.  Tenants will read something and complete things..... until they need to comprehend and actually complete a process.

@Andrew Laing

Unfortunately, I do not have anyone in Western Mass.  Have you hard of the Black Diamond meetings?  It goes back and forth between Waltham and Wellesley and is heavily attended so you might be able to find someone there.

When you say "approved lease", do you mean that you approved it?  As I mentioned above, you are "stuck" with it.  Therefore, try to at least get to review it beforehand.

@Andrew Laing

A little bit late with this response.  Yes, MA is a very friendly tenant state, but that does not mean we should automatically evict people.  I tend to disagree with other folks in general (not the necessarily the posters here) where they mostly said get a property vacant.  Think of it this way, if you bought a 10+ unit property, do you expect to evict everyone?  That is silly, you could be losing a great tenant.

What you really need is to not only check out the property, but you need to check out the tenants too. 1. get the info proof of their past payments, 2. verify their ability to pay just like an new tenant by usual stuff like job, income. eviction, criminal record, and social media. 3. Have them complete a Estoppel agreement like @Nathan Gesner mentioned.

You are actually in a better situation right now.  If they are bad, have it delivered vacant. If they are good, keep them MTM for several months and then if still good... approach with new lease. Do not have current owner sign them to a lease because you will have to abide by their agreement.

Note: once you get the tenants name (lease or estoppel), check them on Mass tenant eviction database at masscourts.org for free.  Best part is the site will even show if current owner has started an eviction process.

@Jarrod Mei

Welcome to Bigger Pockets. There is a lot of MA members here.