All Forum Posts by: Allen McGlashing

Jim Blackburn Bill Walton thank you for the advice guys it was really helpful I appreciate it.

Hey guys so I am looking into getting a FHA 203k loan for my next investment I just wanted some input from people that had went through it. EXAMPLES: - Was it difficult to find contractors that would work with the 203k loan guidelines. - Did the government take long in paying the contractor. - Does the repairs need to be approved before starting the work. - how much of a roll does the lender have in the whole decision process. I feel like a 203k loan works for me cause my plan is to buy a 2-4 family closer to Cambridge/Boston that needs a lot of work fix it up, refinance, and rent it to tenants with a cash flow.

Thanx Marcus Auerbach I like the idea of having someone else be the bad guy. I already had my first talk with him and it was friendly but I stressed that as long as the rent is paid everything would be good cause he's a good guy cleans the yard, takes the trash out, and he is the houses handyman. This guy fell on hard times and the seller took care of him by letting him pay weekly and got no deposit. This guy wants to move in one of his friends that fell on hard times also. the guy works with him and it he would help pay the rent, my response was "let us get some rent payments under our belt and then I'll give him an application to fill out". I thought the encounter went well besides the point at the end he started bringing up little things he wanted fixed like the blinds, the covers to the baseboard heat, and a closet door that lost the wheels to stay on its track which I thought was weird.

Hey Nathan Gesner and Ron Rohrssen ya that would be the biggest concern but I looked into the laws in MA and I guess I can send a 14- day notice a day after he is late requesting pay rent or quite and if he doesn't pay the I will be able to start the eviction process. Giving the cards I was dealt I will have to deal with this process until December in which I will not renew the lease. Michael Lantrip I have just bought the receipts and plan on having everything documented just for future purposes as my gut tells me i will be needing them in court. Thank you for all you guy's advice I love BP

Well Russ Mattson the lease has a additional provision at the end that states he will pay weekly until he is caught up, but once I spoke with the tenant he apparently isn't caught up. I am going to give him a chance, but one missed payment I will start the eviction process. Which hopefully doesn't go to court cause this is my first property so I haven't built up any capitol.

Hey guys so I just inherited a tenant from the property I had just purchased so he's on a fixed lease ending in December. Now I just had an hr conversation with him cause his rent wasn't in the mail so on his lease it says he is paying $325 a week instead of $1,300 a month which is ok I guess (if he pays), but he wants to give me cash each week I just want to know what I should do as in like give him a paper receipt just documenting. Also what would happen if he misses a week payment mid month can I send a 14-day notice or would it be void because I technically excepted partially payment?

This sounds like a great plan Reggie Wright, but I thought that any lender wouldn't look at your rental income until you have 2 years worth of w-2 from it available. Maybe I'm wrong but some insight would be good.

Hey Kathy Johnson I just did my final walk thru 3 days ago and there was no signs of another person living there; although they did put on a good act (the seller and the tenant) cause prior to purchasing it, the tenant was very clean I mean it looked like OCD clean everything was alphabeticalized, but when I walked thru a day before closing it wasn't a mess but it wasn't the same apartment. The min time in MA is 48 hrs I believe, and the lease (which I inherited) says no guests longer than 14 days in any 6 month period. I just closed 4/28 so technically I have to wait those 14 days, but just trying to see how to actually accuse; cause in front of a judge (if it goes that far) just my word won't win me the case I assume I need hard evidence, but thank you I will now be on the lookout for mail.

Thanx Thomas S. ya I've read the MA laws, but kinda trying to get advice if anything about proving he has someone living with him.

Hey guys so I have just bought a 3 unit house with 2 apartments already rented. I spent most of the day over there fixing things and cleaning and I meet the tenants again and started talking and one tenant gave me a little gut feeling like he will become a problem as he's telling me about his financial situation ( which isn't to good) now the first of the month is Monday and if he doesn't pay the FULL amount in rent I want to get the ball rolling on eviction by starting out giving a notice saying no rent was received then a notice to quite. Something else struck me when I was leaving another person came out of "HIs" apartment which the seller had asked me a month ago about his friend falling on hard times moving in and I said "NO" I want to do it my way run an application. So basically I assume he is living there now so that will give me another way to help in the eviction. The lease gives 15 days of another person living. Any tips on how to prove he's living there, no extra bed or anything.Just need some help this is my first property and I'm a brand new landlord that depends on the other two units rent to get me by.