All Forum Posts by: Victor Eng

Try go section 8 dot com

Hello BP community,

I'm looking to avoid having to replace a roof. It's probably about 20 years old, asphalt three tab shingle, black (gray now due to the wear and tear). No leaks, no damage from plywood on the underside. What can I do to make the exterior more appealing without having to replace the entire roof?

so you're picking between immediate loss of capital vs. cash flow $200/month, even accounting for PM fees/repairs if you or your relatives don't want to manage.

I'd go with the latter, unless you have something where you can put your capital in that will bet you $200/month.

@DJ Richmond

@Ricky Beliveau is doing some great stuff in East Boston on condo conversions. Ask him. There are also few others not on BP that are familiar with the process in Cambridge specifically. Would be glad to connect you to them. Shoot me a pm.

https://www.huduser.gov/portal/datasets/fmr/fmr_il...

@Douglas Costello

Yes, you can get a higher rate if the government determines that the FMR is higher than what you think you can get.

@Steve Porcello

The licensing process is relatively simple. Deleading course + bloodwork will probably run you $500-$750 tops. However, the barrier to entry is the execution of the actual de-leading. There are strict rules on containment, proper methods, disposal, air testing etc that may make it un-economic to do it yourself. The hardest part is passing of the wipe test in the end. Most DIY run into issues with improper cleaning and end up having to do 3 re-inspections before passing, which runs about $350-$400 per test. Additionally, you'll need to buy protective poly sheeting, make a capital investment on a HEPA vacuum, get a air filtration machine etc. It can all be done, but requires the extra effort.

You can think of it the same way for a construction project. You can get a CSL to be your own "GC" and pull permits and do the carpentry work / sheetrocking, but would you be better off hiring a GC with an existing CSL.

I can shed more light on this should you have any questions. Happy to help.

Petr,

We had to get our entire portfolio of multis deleaded. You can do a quick search to see if the house has been inspected before.

https://eohhs.ehs.state.ma.us/leadsafehomes/defaul...

You want to be careful and reach out to the inspector that did the initial inspection. If there was renovation work performed on lead positive sites without the proper documentation and proper involvement of a lead remediation contractor, the house can be marked as having unauthorized deleading.

If you have any other questions, feel free to reach out to me.

Aksel A. If you want to see cash flow on day 1, going with a 3-unit and house hacking is the way to go. In Greater Boston the cap rates have tightened so much that it makes no sense from a cash perspective, so you really need to think about whether there is a non cash value to you living in Boston - 20 minutes out. (To many buyers there is / To the investors it's the added appreciation play) If you're willing to be 40 minutes out, there are wonderful opportunities for house hacking, Worcester, Brockton, Attleboro, Etc. Dorchester still works if you can find a gem.

Zachary Taylor I assume you set up the deposit correctly (in an escrow account). In that case you have 30 days from the time their lease expires (or the time they move out) to return it less any applicable deductions. Practically speaking, since the tenants have moved out, you have a slight upper hand. However, if you did not have the tenants sign an apartment condition form upon the start of their tenancy, then technically, they can claim that the apartment was like that when they moved in. Even if you have photos from before their tenancy the burden is on you. But again, practically speaking, if the tenants were aware that they caused the damage and you list out exactly what those damages were, the likelihood of them initiating a claim on mishandling of their security deposit is low. BUT I hold my tongue because it has happened to me before and the penalties are heavy. Treble damages for failing to follow the regulations. (3X their security deposit) That's Massachusetts for you. Hope that helps.....

@Zachary Taylor

I process more security deposit set ups and returns a month than I'd like to admit so I'm fairly familiar with the requirements. ~10-12 during the winter months and 30+ / month during the summers.

You mentioned security deposit in your title but I did not read anything in your paragraph that you have anything on file (if you did, there are proper ways to deduct). If you did not have anything on file, you would likely have to recoup or go after the costs in small claims court. I'm not sure whether your tenant is "judgement-proof", in which case it may not be worth it to go to court and just let it go. There are other collection avenues, but I do not think it is worth the time over <$1000.