All Forum Posts by: Sean Doherty

@Jill L Ripley hey Jill! Just saw this we had some setbacks with getting the tenants out but one moved out today and the other was served notice by the constable so we'll be starting the rehab soon. Excited to finally get started on the rehab

Hey BP I have a question about seller financing payments. I bought a duplex in Rhode Island last November with 10k down and the seller financed the rest. He prefers I mail him the mortgage payment which is easy enough but I'm curious how I can prove payment if needed. I dont get any receipt or statements or anything. I can see the money coming out of my account when he deposits the checks but even though I mail them early he doesn't always deposit them on or before the 1st. Am I leaving myself exposed to the late payment penalties we agreed upon? What if he doesn't deposit the checks at all and says I never paid him, could he foreclose on me?

The seller seems like a really great guy and there Is currently no issues but I'm trying to be safe and think about how things could go wrong.

Also will not having any receipts or statements create issues come tax time?

Thanks for the help.

Hey guys I'm house hacking in Middleboro right now which is working out great. Also just picked up a BRRRR deal in Cranston, RI. That's my project for the first couple months of 2021. Moving forward I am focusing on buying rentals (4+ units) in RI and getting a flip done on the south shore in 2021. @Eamon M. Keane when you come across properties in Plymouth Country please keep me in mind. My ideal first flip would be something under 1200 square feet and light to medium rehab. Would love to talk real estate with anyone here. Send me a message if you want to chat

@Brian Ellis congrats! I'm in Middleboro, its great seeing deals get done in this area!

@Alex Eaton There is a south coast event on the meetup app as well as a couple others based in Boston. There's one based out of Middleboro every so often (its virtual for now) called Bay state, check FB for that one. Also look into Platinum Real estate investor meetup, they have been very active lately its run by "A Better Funding" you can find info for that one on FB or eventbrite. Search for Gualtor Amarelo he's very active in the south cost area and runs some virtual meetups. There's one specifically for wholesalers on monday nights at 5. 

I tried using the search tool but haven't had any luck so I'm making this post instead.I have the money saved up to buy my next small multifamily property and need an agent to help me find it. I'm focusing on Providence and Bristol Counties, anyone have a recommendation? 

Thanks Joseph for the reply. I called the appraiser back this evening just to ask her some questions because she seemed to know a decent amount about it, alot more than me.  She looked up condos in my area and gave me an estimate on what they would be worth as condos she even told me that there is a guy in my town that does exactly what you mentioned. He buys small multifamlies to convert and sell as condos. I'm going to get her report to see what the duplex is worth as a whole but it seems to me like the building is worth more when split up into two condos. Do you know of any risks or anything i should be aware of before I contact a lawyer to take a deeper look into doing this. I like the rental income so i want to keep that but i'm thinking it would be great to do the conversion before i complete the refinance. If the value is that much more maybe I could pull some cash out to use for new opportunities. 

I had my duplex appraised today for a refinance and the appraiser was asking why I haven't done a condo conversion yet. I've heard the term condo conversion but i don't know anything about it. What are the benefits, the costs, and the process? I bought it for 450k last July and she said if I was to do a conversion each side would appraise for at least 300k. So does that mean there's 150k of value I can tap into somehow? My ultimate goal is financial freedom through rental property. The duplex is in Mass and I live in one side. 

She also mentioned that if I do the conversion I may be able to put the two small lots attached to the back of my duplex lot to use because I might be able to bypass some restrictions. I need to look into that more but I'm just looking for some general info on how to analyze doing a condo conversion vs keeping it as a duplex and how it could fit into my long term goals 

Masslandlords.net is the best resource for the documents your looking for.  You will find the forms you need to and also blog post on the steps to take 

@Derrick Wells,  The course did cover the children under 6 law and age discrimination laws that are tied into that. It also covered the strict liability landlords can face when buying/owing apartment's with lead.