I am a new investor in the Boston, MA region and have been looking at a variety of deals and opportunities. I would love to learn more and learn from experienced investors in this area. I would be very happy to trade hands on help for advice and experience.
Hi Florian - I'm just getting started too, based in Worcester county. Curious to see what people have to say
@Eric Swenson if you are interested in Worcester I would be glad to help
would be interested to get to know the worcester market as well. Not sure if there are opportunities to connect over? Let me know.
@Florian Kuehne . I am in Worcester every day exploring opportunities. Let me know when you want to meet. I would be glad to give my perspective on Worcester
I will be travelling for the next 2 weeks for work. I will be in touch right after I get back.
Thanks a lot
I'm completing my first single family renovation in New Bedford and now looking at multi- families in the local area. If interested we can have brainstorming session.
Would love it. I work in Raynham, MA so easy to meet up.
What weekdays are good for you in general?
Something to keep in mind in MA is the lead paint laws. It's illegal to rent to a family with a kid under 6 without a lead certificate on file with the state. However, if the house isn't deleaded yet, you can use that as a negotiation tool when buying it because you WILL have to do it. I have a client that negotiated $20,000 off the sale price, and then I only charged them $10K to delead it, so you can definitely use it to your advantage and make a deal more lucrative.
If you don't delead within 3 months of closing, you're actually responsible for any lawsuits that come from previous tenants that lived there. If you do it within 3 months of closing, you're no longer liable… and professional tenants know these laws and take advantage of them.
It's also possible that an owner is dumping the property because of a threat of a lawsuit. Think of it like the building is getting sued, it doesn't matter who owns it... unless you get it deleaded within 90 days, then they have to go after the previous owner. It doesn't seem fair, but it was what the politicians came up with that they figured would get the most units deleaded. But again, this is to your advantage if they think they can avoid the lawsuit by selling before the suit is filed, you can negotiate a huge discount.
You also can't NOT rent to a family because of lead paint. That's discrimination and is against the anti-discrimination laws. Even though you want to protect their kid, the only legal way to do that is to have the unit deleaded. Even if a couple moves in and has a baby, you then have to get a lead cert, but then you have the added expense of putting the tenants up in a hotel. It's always best to do it when the units are empty.
Another lead law the real estate agents don't tell you about is if there's even been a lead inspection done, you cannot do any remodeling until a licensed deleader does the deleading work to the building and you get a reinspection done and get the lead cert. You can then remodel to your hearts content as long as you or your contractor follows the EPA RRP rules. If any of you find properties that you want me to run through the database, just let me know and I can check if it's been inspected, and if it has, I can see if the work was done or not.
If you have any questions, feel free to message me.
Very useful info
Hi Florian - If you’re considering New Bedford MA or neighboring areas at all please feel free to reach out with any questions. I purchased a 3-family in the area a few months ago and loving it. I’d be glad to answer any questions and help guide you through the process.
Can you send me a message with your contact details so we can chat furher?