All Forum Posts by: Tyler Libby

@Chris M.  Do you have documentation of the agreement with the roofer?

If you do, you should be in the clear but might need to get the courts involved.  If not, it's your word against his.

@Thomas S. Fall River is a unique community.  It's a large rental community and a very large portion of that is subsidized.  Basically, this translates to a significant portion of the residents in the area as a whole being subsidized.

Some info: http://www.heraldnews.com/news/20161216/problems-w...

@Russell Lavoie You don't have to answer this question because I don't want you to accidentally violate any MA state confidentiality laws.  Are your tenants subsidized? The City of Fall River does seem to have laws regarding rent and rent increases for subsidized housing.  The rules read somewhat ambiguous to me though.  I could not find the one you mentioned specifically.

I don't see anything in the MA state laws either. 

Reference (this is just good to have): http://www.mass.gov/ocabr/docs/tenantsrights.pdf

You might want to give these guys a call: http://www.fallriverha.org/

If there is any kind of rent control or limitations on what you can do in terms of this, I'd probably stay away from it.  There would be too many variables out of your control.

@Steve Bracero Being from NH I couldn't believe how strict the security deposit rules are in MA when I started investing here.

@Antonia (Toni) Foster It's really more curiosity than anything, why is the move in fee more advantageous for you in that area?

@Patrick Hopkins It's a rental.  It's cost me quite a bit to get everything squared away.

@Sean Carmack

I don't think Fannie Mae loans work that way. Where a lot of lenders to FHA (203k or 203b) only a handful of lenders to the FNMA loans and I think they are large cap banks.

List here: https://www.fanniemae.com/multifamily/dus-lenders#

HUD (The FHA people) do give grants to states to rehab and build, but not directly to investors to my knowledge.

These things change all the time though, so my knowledge might be outdated.

@Tal P. A lot of times, your bank doesn't require you to get insurance because there is a blanket policy.  Get it anyway!  Usually these policies on cover structure but not anything inside (meaning from the studs in) so no drywall, appliances carpet etc...  You're looking for insurance that covers at least this.  If it's a rental, you may want lost rent insurance.  If it's your residence, where are you going to live if you can't live there (like if it burned or something) you may consider insurance for that. I don't know @Patrick Hopkins but I hope you shot him a DM to help you out. 

Quick story.  The condo below mine caught fire.  Mine did not.  The fire dept didn't know this and ripped out all of my windows, kicked my door in and destroyed my sliding glass door.  This actually let the fire in through these opening and caused tons of smoke damage (and property damage).  Something to think about when looking at a policy.

@Ronald Bourgeois Do you do MH investing in this area (MA?).  I'm looking for someone that knows out area.

@Ryan M. Welcome!

I'l look for your meetup

@Winnie C. The short answer is, they wouldn't be able to.  Are there no other means of exit for these tenant.  They couldn't go in those areas due to airborne lead particles.

@Eddy DeLaCruz Welcome! Glad to see people from my area on here!