All Forum Posts by: Sean Connolly

I have never done a long term lease before, but I wanted to make sure I had a tenant in for the winter, so I told them that after 6 months, we can reassess and sign a year lease if we both chose to.

I just recently signed a new tenant in a unit for a 6month lease. It has been two months and he called today and told me they are buying a house and will be out by the end of february. I'm am unsure if my wording in my lease agreement favors his 30day notice or if he is still legally responsible to pay me for full 6 months. It reads as followed.

"This is a (6 month) RENTAL AGREEMENT only! After 6 month's rental payment has been received, this agreement may be terminated by mutual consent of the parties; or by either party giving written notice at least 30 days prior to the end of any monthly period. Any provision of this agreement may be reasonably changed by the LANDLORD in like manner, thus THIS RENTAL ESTABLISHES A 6 month TENANCY ONLY. All parties agree that termination of this agreement without prior notice before 6 months will constitute breach of the tenancy as agreed on page 1, and all Security Deposits shall be forfeited in favor of the LANDLORD as full liquidated damages at Landlord’s option following termination without notice."

Looking for any help and opinions from anyone with any insight or past experience. Especially with experience with Massachusetts Tenant Laws. Thank you in advance.

Thank you everyone for your input. I have not set myself up with any realtor, partially because I've been looking into the course myself. @Mike Hurney , I have not done a lot of studying on BirdDogging/Wholesaling but I am interested and will be looking into it further. I only work 2 days a week so I can put a lot of time into whichever route I go. I would love to get involved with the REIA group. I am unfortunately working this tuesday, so I will not be able to make it.

When getting a loan for a multi family property, at least FHA, is that they will take the rental income from the property into consideration when approving you. So if you normally would be approved for a 300K loan and the property is 350K, they will add in the income from the tenants. I do not know how it is calculated or the limits. It would be best to talk to your mortgage broker, But FHA is best route when you dont have a lot of money starting out, especially in a market like LA.

Hello Boston investors,

Looking for ideas for how to study the local real estate. I just recently moved into the city from the south coast of mass. So far I have just been looking at Zillow/Trulia type sites and keeping my eyes open while walking. If anyone has any ideas ( newspaper, magazines, websites, etc...) it would be very appreciated. I am not a realtor, so no direct MLS, but have been putting some serious thought into going down that road because of my very flexible schedule. Thank you in advance.

-Sean Connolly

Hello All,

I am currently in the process of subdividing my SFH and Duplex next door and selling them off separately. I have an engineer working on the surveying. I have contacted the mortgage company (PennyMac) about the process needed to do this on their end. They told me I have to apply for a Partial Release of Lien. They have sent over the application, but just trying to get a little more info of the process. This is my first time doing this and the finance side is a bit confusing to me. Has anyone done a Partial Release before? and if so, any info/advice? Thanks in advance.

Thank you for your post @Bryan O.. I have talked further with the civil engineer. He has told me that I "should" have little to no trouble with getting it approved through town. Also I have considered leaving the driveways in place. My only worry is I don't want it to be a turn-off for potential buyers.

I own a 3 Family property. On 1.4acres, there is one Duplex ( 2 1BR, 1BA) and a single family ( 3BR, 1BA) I bought the property for 315K. I have 305K left. I have seriously been considering subdividing the two houses. They currently share a well and septic. Both well and septic are on the duplex side, so I will have to put the new ones on the single family. The single family and one of the duplex units also share a driveway.

I was thinking, Put a new septic (15-20K), new well ( 5-10K) and redo driveway (10k???)

Ballpark quoted on $2000 for land surveying, fees, plans, and hand-ins to the town planning board.

A Duplex can go anywhere from 270-300K, and a single family can go for 230-270.

If my math is correct, am I really going to make possible over 100K for this deal? Or am I missing something big here? The pessimistic part of me is telling me its too good to be true.

@Dustin Costa

I live and invest in the area and I think that New Bedford and Fall River are great places to invest right now. The MBTA lines are being brought to both cities which I believe will do a lot of good for the area. Waterfront cities with lower cost of living than the Boston suburbs. Both cities have very bad drug/crime problems but are doing their best to turn it around. If I were to choose between the two, I would say New Bedford has the better chance of turning it around. Take a drive down there. Downtown New Bedford is beautiful. Plenty of great restaurants and business. Lots of potential. Good luck with wherever you choose to invest.

thank you guys. Great advice