All Forum Posts by: Michael Healy

Also...I did notice the landlord is using leases that have at least one illegal provision...late fees after 5 days (In MA you can't charge a late fee until after 30 days, unbelievably) Should I just re-lease everyone with a month to month for those who want to remain that way? MH

Hi all, So I'm closing on my first multifamily in a month. It's a big divided Victorian house in a lovely residential neighborhood in Massachusetts. There are six units with tenants all in place either on lease or month to month. What sort of things should I be doing in terms of information gathering and reaching out to new tenants? I did all the due diligence on leases and rents and such. Is there a specific set of items you would request from the previous landlord? Is it weird to reach out to tenants before I've closed? Many thanks.

Nancy Curran either people don't want to share their secrets, or someone stands to make a lot of money figuring this out!

Has anyone successfully submetered a steam heating system? I'm purchasing an old Victorian that's been converted to multifamily and has a single pipe steam system on an oil furnace. Conversion to gas burner will be relatively straightforward, and I've read that there are submeters for steam. Any reason I wouldn't be able to successfully shift heating costs to the tenants? The property is in Mass where the requirement for tenant paid heat is specify in lease and submeter. Thanks.

As far as I've read millennials have surpassed boomers. http://www.pewresearch.org/fact-tank/2016/04/25/millennials-overtake-baby-boomers/

You could put 10% down and ask for 15% seller financing.

45 and just starting here.

Nancy Curran why do you say inherited tenants equal lead paint lawsuit?

Also pondering this question as I'm about to close on two properties totaling 16 units. So far I've yet to speak with an attorney who was familiar with these advanced strategies. One attorney even has rental properties in his own name. 

I've checked out a few and Buildium rose to the top of the list in terms of features and price. I'm planning to use it once I close on my 14 units. I would go with AppFolio which I'm familiar with as a condo owner, but pricing minimum is steep for someone just starting out.