All Forum Posts by: Xiaoyan Liang

Hello, 

I have an old house (built in 1900s) and a weeks ago, there are 3+ leaking spots in my cast iron sewer pipes in the basement. Some of the cast iron pipes are rusted/cracked and started to form holes. I tried to use the epoxy putty but it didn't fix the problem. 

A licensed plumber came and recommended to replace all cast iron pipes in the basement and underground pipe with PVC for $5k, is that a good price?  

My question is for the underground pipe, is it required by code to use Schedule 80 PVC in Massachusetts? Because I read that Schedule 80 PVC has thicker walls and can handle higher pressure. 

Is that anything I should look out for? 

Thanks in advance

@Roger Evans Thanks for your advice

Hello BiggerPockets, 

I went to an open house for a property that was listed as a 2 family but with only 1 electric meter, 1 forced-air gas furnace w/central air and 1 hot water heater.

I wanted to install a 2nd electric meter, furnace, and hot water heater in that house, so that it is one system per unit. I want to get a ballpark of how much this would cost? (eg: equipment, labor, time frame) I know this can be pretty pricey but how pricey will that costs. Has anyone deal with this kind of problems before?  Would like to hear your experiences. 

I am also looking for local licensed electrician and plumber in the Boston area

Hello, 

I am looking to buy a multi family in Boston MA. I work full time (W2 income) and have a side business as a photographer (sole proprietorship) for 2 years. 

My questions are: 

1) Can I use the funds in my business account for down payment?  

2) As for qualifying purposes, do lenders require proof that I am still doing the photography business? If so, what kind of proof will they need?  

3) I heard that lenders are tightening the lending requirements due to covid-19. What are the changes? 

Any responses or suggestions would be appreciated. 

Thank you 

Hello,

I am looking to purchase a 2-family unit in Boston, MA for the first time.

Fannie Mae implemented a new rule that says "If the borrower currently owns a principal residence (or has a current housing expense)..." does renting from a family member for under market value count as housing expense? And how long do lenders need proof for? 

Fannie Mae also says " If the borrower has documented property management experience..." What considers documented property management experience? If I help my family manage the house by collecting monthly rent, doing weekly cleaning/repairs, mowing the lawn, etc. does that count and what kind of documents will lenders need for proof of experience? 

 Thank you so much and any help/advice is appreciated. 

Yan

Link to Fannie Mae's new rule: 

https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B3-Underwriting-Borrowers/Chapter-B3-3-Income-Assessment/Section-B3-3-1-Employment-and-Other-Sources-of-Income/1736864771/B3-3-1-08-Rental-Income-10-02-2019.htm#Calculating.20Monthly.20Qualifying.20Rental.20Income.20.28or.20Loss.29