All Forum Posts by: Steve DellaPelle

Hello Massachusetts Investors/BP members,

I am looking to set up a meet-up for those investing (or looking to invest) in Massachusetts. I personally live in the Boston area but I am investing in the Greater Lawrence area.

If you are interested in meeting up to just talk about the markets, your experiences, your goals, etc. then send me a message and we can set something up! Date/time/place is not set, we can work it out!

Thanks,

Steve

I am thinking the best route right now is to seek approval from the Seller/Seller's Agent to just simply create a listing for the 2 vacant units with a general description and provide a date for a future open house. I really just want to gauge interest and see if the listing gets any attention/responses.

As I am planning to reno after closing, pictures from the current listing now would not be a good idea.

Thank you for the responses so far!!

Hi All,

I had my offer accepted on a 4-unit property that I am using FHA to owner occupy and rent out. I have already signed the P&S agreement and now I am basically waiting to get fully approved by my lender and insurance company.

My homeowners insurance representative told me the carrier would have an issue with the property being delivered 50% vacant (I am living in one unit and another tenant is staying as they hold a lease through January 2018).

Am I allowed to list this property on sites such as Craiglist, Zillow, Trulia, etc. even though I am not the owner yet? If I can get a lineup of potential renters this would make it a lot easier to obtain the insurance and also provide further positive information to my lender.

I am also planning to rehab these two units as soon as I close so providing pictures would be tough...

Any thoughts would be helpful!

- Steve

TD Bank - It took 2+ months for me to close on a Home Equity Loan where I had 100% equity. Very slow and messy process.

Guaranteed Rate - My closing on a 4-unit home (FHA) is about 1 month away and they are doing a great job staying on top of things and providing me with reliable communication which is HUGE.

They do great work, definitely recommend.

Thanks for the replies! The attorney's rationale was that they are still liable for damages to the property. I was considering it but I can definitely see how the upside of collecting a security deposit outweighs the downside of not collecting it. All in all, I still plan to put money into the vacant units and clean it myself to ensure everything looks high quality. Thanks again!

Hi all, I just recently purchased a 4-unit property in the Merrimack Valley area of Massachusetts. My plan is to owner occupy one unit and rent out the other 3. As closing approaches I am thinking of ideas on how to attract potential tenants. One idea I heard of (from an attorney) was to NOT collect a security deposit as the laws associated with them are too strict. This, I assume, would definitely be more attractive to a tenant seeking housing. Are there some other good ideas landlords have had that bring in a decent pool of potential tenants?? Thanks, Steve

Hello all,

I'm new to the forum but I've taken a great amount of interest already! Allow me to introduce myself...my name is Steve and I'm 24 years old living in the Boston area.

I inherited a property last year that was in pretty bad condition. After about 3-4 months and 20k in renovations, we got the property in great condition improving its value from about 130k to 190k. There are currently tenants renting it out for the year while I decide what to do next.

It didn't really hit me until just recently that this is an actual business model that many investors choose. With one property under my belt and a good amount of capital in the bank, I am eagerly looking to continue my experience in RE. I look forward to reading more on here and learning from all the seasoned vets!

Best,

Steve