All Forum Posts by: Shawn L.

 What criteria have you given them that the properties in question do not meet?  If it is things that are quantifiable like bed/bath sq. footage etc. I would agree they should be able to filter out anything that doesn't meet your criteria.  If you're looking for them to filter out based on subjective criteria like good deal/bad deal, good luck.

@Brian Garrett Realtors should set up a search for you based on criteria such as list price, number of bedrooms and bathrooms, square footage, single or multi family, etc. etc.  That should be basic enough for any realtor to do.  Is this what you're referring to?  Or are you expecting them to run an analysis on the property and tell you "buy this one it will give you a xx% return."  In my opinion even if the realtor did provide this feedback you'd be a fool to follow it without really scrutinizing how they arrived there.

Regarding sales comps, they should be able to give you some help with that, but keep in mind they have other clients so maybe they want you to trim that list of 67 down to the ones you have real interest in before doing so.  If you don't want to look at that many listings why do you expect that they will?

For rent comps, they can pull mls data on that as well, though that tends to be more limited.  Depending on the market Craigslist, Hotpads, Zillow, etc. can be the best place to look to compare rental amounts.

Refreshing to see that I'm not the only one to see the irony in this...

I have the same understanding as those that posted above indicating that these two points would apply to personal property i.e. personal residences. As investors these are business expenses, akin to any other business paying interest or tax on PP&E.

I would be dumbfounded if this were the case. A seemingly common misconception (in general, not pointing at you) is that gained equity is profit. It is not realized until the property is sold and the the equity gains are captured. All a refinance does is convert equity to cash, i.e. making the same asset more liquid. After refi the equity is offset by the loan liability. You're paying that cash back to the bank over the term of the loan so there is no logical argument to tax it.

Flipping this logic around, what if the property value drops below loan value? Would the Government then refund the difference? Capital gains/losses are (and should continue to be) realized at disposition.

@Jason Moore Fair enough, you did not specifically say "No Section 8" but I will still agree to disagree overall.  One could argue the ambiguity in your listing's language might be i indicate a bias.  It may be just within the realm of acceptable language, but why push the limits when as you state in great detail, there are likely other ways out?

I'm not a lawyer and perhaps your lawyer knows a lot about this specific issue in MA but I'm certainly not going to rely on their suggestion.

I will again reiterate my point that those in MA need to be cognizant that there are several posts in this thread (not just the one I quoted above) that make reference to language used in listings that very well may get you in trouble here.

Because the OP is from MA, I think it is worth noting that this will get you in trouble in Massachusetts.  Maybe you don't have to approve the tenant, but you can in no way discourage anyone from applying.  Directly from the Fair Housing Factsheet on the Attorney General's website:

Avoid advertising rental properties in a way that indicates bias or preference. For example, it is illegal to post an advertisement saying “No Section 8” or “No Children”. Real estate professionals advertising rental properties also should avoid words that might be code for bias, as in “Perfect for professional couple” or “Single person preferred”.

There are 15 or 16 protected classes in MA, versus I believe 8 Federally.  Those of us in MA need to very selective of what advice we follow on a national forum such as this.

@Maksud H. I probably didn't articulate my point very well.  I did not mean to suggest that you were in fact discriminating, my point was that recipients of public assistance are a protected class in MA.  Whether or not this protection is extended to someone with whom you already have a signed lease, I do not know.  

In MA you cannot discriminate based on a prospect being a public assistance recipient.  The unit will have to be inspected and approved, which I believe includes deleading.  What I don't know is how this may be affected by the fact you have a preexisting lease that does not contemplate assistance.

@Erik Cabral best place to start is by finding out what local regulations allow.  It may not be as straightforward as simply splitting the bill and invoicing the tenants.  For instance in MA the building must actually be submetered and "certified," all fixtures must be low flow, as well as some other very specific requirements that must be met.  Not saying that NJ is the same, just suggesting that you find out what you legally can do and work from there.