All Forum Posts by: Tony Alvine

Just bought a condo in cambridge, MA that's in need of some work. Mainly kitchen and converting the carpet to engineered hardwood and a few other small things. Hard to find someone that's available to start asap so I'd appreciate a recommendation. References or examples of work is a must for me. Would love to build a long term relationship with someone as I've got other properties that I may touch up soon.
Thanks!

@Marco G.Thanks for the reply! I actually don't know exactly about not living there full time. If the laws pertaining to mortgage fraud are very strict in that regard then obviously I'd rather not try to do anything to violate that. I'm not trying to skirt the system by "living there" but getting a month to month cash tenant or anything like that. I'm just curious if have stuff there and pay the bills, just like I'd do if I did live there, but spent a lot of my time elsewhere, if that's definitely mortgage fraud. I wouldn't be paying rent elsewhere and this would still be the only place with my name on the documents and the bills.

As for roommates, I actually don't mind them... but I'm also quite a bit younger so most of what I've known is roommates.

@Patricia Steiner I'm not interesting in trying to get around mortgage fraud but just interested in what exactly constitutes mortgage fraud. I'm not going to be renting out the one bedroom or trying to put someone in the bedroom unofficially with cash. It would be perfectly legal for me to live in one bedroom as my residence and rent out the remaining rooms. Obviously, I'm not looking at any units where an HOA wouldn't allow rentals in the first place so HOA won't be an issue. If I did live in that room and spent most of my time traveling or visiting friends and family, that wouldn't be much different than if I had a bed and clothes there but didn't spent much time there. Also there really was no "bravado", it's just some people tip toe around what others like and dislike or what's ethical and non-ethical. I simply meant to say I only care about what's illegal and what's not.

A reply simply telling me to learn more without providing much of an answer when I'm asking something in the "starting out" section is a bit ridiculous if you ask me. From my previous experience with forums on other topics, I'm almost positive you're supposed to have something constructive to add or you just continue going about your day... but perhaps this forum operates differently.

As I understand it, house hacking would traditionally mean living in one unit of a multi unit property for at least a year and that would allow you to rent out the remaining units and then the unit you would live in after you complete your year. This would get you better mortgage rates with potentially less money down. Someone correct me if I'm wrong. I'm wondering if I can do the same thing with a 2/3 bedroom condo. Living in one bedroom for a year and renting the other rooms out to tenants and then renting out all three the following year. I'm not sure if that's allowed or if lenders would say no to that. To be clear, I'm not interested in what they "like", only what wouldn't constitute mortgage fraud and I wouldn't give any info to them that I don't have to.

The second part of that is, could I have the home be my "residence", for mortgage purposes, if I didn't physically live in it most of the time? Sounds stupid, I know. I wouldn't rent that room out to anyone for the first year, I would have the bills in my name and pay them, and I may stay there every now and then (I'd have a bed and some clothes there). Would it be any different than if I really did move in and then spent my days traveling? Only reason I ask is that it would be much more inconvenient for me to be there all the time as opposed to where I am now (where I live for a cash month to month, no bills in my name). And before someone asks why I would want to stay where I am and pay rent instead of move in there and live for free or cheaper... it would add 1.5 hours each way to my commute on public transport whereas I currently drive 15 mins with barely any traffic. Losing 60 hours a month isn't worth it.

What would be enough to call the place my "residence" on paper. Unit in my name, bills in my name, and me not claiming another place as my primary residence would be enough right?

@Brian J Allen I’m moving forward with an inspection. I was wondering if you have any good home inspectors in mind for the Worcester area? It’s a condo but it kind of looks like a multi family. Basement unit. 

@John Teachout I was told my the sellers agent that previous home inspections yielded nothing significant. The water heater had a little corrosion, which I saw (and frankly means it needs to be replaced) and he said one previous inspector noticed a little condensation in the electric panel. He said one inspector noticed it but didn’t say it was an issue and another didn’t mention anything at all. I’m going to be getting my own inspection but for the moment I’m assuming both of those need replacing. 

Trying to buy a property around the Worcester MA area that needs a new electric panel. Trying to get a handle on how much that might be. I've heard anywhere from $1000-$4000. It's a 100amp panel for a small unit and I don't believe any updated wiring is needed. Also if anyone has someone great they use around that area, I'd be happy to give them business and have a good electrician on hand for future things.