All Forum Posts by: Alan L. Weeks

My son rents his second bedroom in Somerville on Airbnb. All I know is that if gross more than $20k with them they will issue you a 1099.

Hi there, I rent to students at one of my properties and do not feel a separate lease is needed. If you have a solid basic lease prepared by an attorney you should not have to modify it for students. I would ensure that you get the students parents to cosign the lease. Bigger Pockets has a standard cosigner agreement you can download that becomes a part of your lease.

Septic tanks should be well maintained by pumping every year, particularly if the unit(s) have laundry.  If it has not been pumped within the last year, I would pump it and you will be able to assess if it is the septic system is backing up or something else is wrong.  The pipe from the house to the holding tank can settle, crack, fail, the inlet and outlet baffles can also fail.  Many things can go wrong and you need to diagnose the root cause for the back-ups before deciding on next steps.    

I don't think you will find much in MA in that price range; most land valuations are 2-3X that not including a structure. Best of luck. Alan

I created my own LLC on the MA website. It is simple and straightforward. All you have to do is search the database to insure the name you want is not already taken, then fill out a pretty simple form stating your line of business, names & titles, etc. After you pay the fee and get the LLC you go get an EIN from the IRS and you have a business entity to open a bank accounts, etc.

Welcome Ashley! My son just bought a condo in Somerville and we keep tabs on the local market. Alan

Thanks Brett!  Lots of good info on nolo, never would have found it.....

Can anyone recommend a good audiobook or podcast on foreclosures and Is there a lot of variation from state to state in the US or is all pretty much the same process?

I know nothing about the subject.

I have rental applications from 3 college students to rent a condo I own.  They are going to need a co-signer(s) and I am wondering what the generally accepted practice is for credit/background checks and co-signers?  I'm planning to do credit/background checks on the 3 student tenants.  What about the co-signer, should I ask for one or all 3 students to have a co-signer?  Should I do credit checks on the co-signers?  Any advice much appreciated.

Thank you all for the advice!