All Forum Posts by: Samantha Magina

I may be on a different thought process than you, but why would you want the handyman that couldn't schedule an appointment but now is available with less than 24 hour notice during the day time no less, when ideally he'd be busy? It sounds like he got a job cancelled and is fitting you in to a cancelled slot at a discount.

I'm a CPA, I concur with others responding, it's the wording about accuracy that would cause me to refuse to sign anything. I prepare tax returns with the information provided by the client, tax preparation is not an assurance/audit engagement.

I would assume you based your purchase price on your cap ex / remodeling expenditures as well as market rent. The previous landlord did themselves a disservice by leaving money on the table, and the tenants know they are getting their units for below market. I think the only real issue would be the non-renewal of the leases for renovations. People rent for a variety of reasons, including school districts, job commute etc. so for them your building may be an ideal location. You could certainly consider a unit by unit renovation, with rents increasing at the completion, offering the tenants interested in staying the opportunity to increase their rent x percent without renovations, or to seek alternate housing or even renovate vacant units and move remaining tenants into the renovated units as you complete them? Your friend doesn't understand the rental business and you may find it better to avoid the subject.

I enjoy Kiyosakis podcast, it sounds like a lot of folks think he is overrated but I am still in my early stages and find his thoughts on various topics insightful. I think a big takeaway is that with buy and holds in the current market focusing on cash flow rather than appreciation is a safeguard in the event of a downturn. Appreciation should be an added bonus in our real estate calculations. If your rental income provides positive cash flow now it likely will continue to do so even in a bad market, and since cash flow is what makes it possible to pay the mortgage and keep the property, then that should be the primary focus. Assumptions would be that your local area doesn't have a sudden decline in rental prices or pool of available tenants. You could look back and see if rent prices dropped significantly during the last real estate bubble burst as an indicator.

I'm in MA and just changing to a new water heater would technically need a permit.

My husband and I bought our first home while we were dating. Pretty normal these days. Is the entrepreneur reporting the income on tax returns? If there is 2 or more years worth of business history that helps, as two years in the same occupation/field tends to be the baseline for mortgage lending. Talking to a lender will help determine what parts of each persons credit/ income profiles are an issue and how they can be resolved. Paying off debt or saving for a larger down payment will help smooth some bumps in the road toward your mortgage as well.

I am newly licensed in MA and still trying to decide what brokerage to join. I'm realizing I have a fair amount of possible clients in the Attleboro / Pawtucket/ Cumberland area as well as the Fall River / Tiverton/ Bristol area. I'd like to be able to provide service between both states. Where are dual state agents working? 

Technically whether you have reduced rent or increased expenses in the form of a hotel stay it's all the same to the tax man.

Your lender will be able to send you a modified letter for the correct price range of this property. A redacted prequal letter wouldn't give a seller warm fuzzy feelings.

You want him to move on a weeks notice, after he thought he had a 9 month lease starting August 1? That's pretty brutal. Does your area typically require rentals be delivered vacant or is this property likely going to be bought by a homeowner?