All Forum Posts by: Thomas Hickey

I've noticed that in D class neighborhoods city code enforcement can be really strict. Combine that with mandatory inspections for subsidized housing and you can lose your year of cash flow on arbitrary enforcement. This doesn't seem to be as much a problem with a better neighborhood/ better tenants.

David Zheng Thanks. Some articles I've read say they use net which hardly seems fair as they are using gross for everything else.

Sunny Burns Sorry to revive an old post. This is what is confusing me, they use your gross income for DTI. Do they also use your gross rental income or net rental income? And were they giving you full rental value or just .75% ? Thanks, Tom

From my experience in MA, if you are buying rental properties that are not specifically advertised as de-leaded, it is going to have lead. The way zoning works in most towns is that anything over 3 units was built or converted prior to the 1970's when many towns switched to 2 family zoning. 

Technically to get rid of it you can get certified in lead paint remediation yourself. From my understanding you could get the certificate, replace all suspect, trim, doors, window, bannisters and other wood. This would only really work if building is empty. Once any apartments are occupied your options are severely limited due to the lead dust that will be created during renovations. 

Not that I would recommend it but I was a leasing agent for a large REIT for 2 years before investing. Certainly taught me the property management aspect of the business. Not much translated into my small buy and hold business. I agree with you that a lot of the best ways into RE investing are unpaid/ straight commission, so coming from a w2 job that is not going to sound realistic for most. Long story short still looking for the answer also!

Stephanie Potter Thanks for the info. Actually the property would be nicer/ more valuable than my other 4 unit that I'm living in. Any amount of time that they would want to see me living in the 4 unit before trying to do owner occ cash out refi or heloc?

I can't wrap my head around this post? What is the motivation of posting your success on a networking forum if you don't want to network?

It's actually really nice building and I wouldn't mind moving back into it if it meant getting access to the full 85%. Do you think lenders would give me trouble where it went from investment property to owner occupied?

Mike S. Thanks for the info. So you are not owner occupied and they are still lending 89% LTV?

Meant to add I was planning to do a cash out refi