All Forum Posts by: Brad Brady

@Aaron Landau 

Agreed with the above posters. Be sure not to suggest to applicants you would consider 'haggling' as it can open you up for Fair Housing Violations as well. 

If you agree to haggle with applicant 'A', and not with applicant 'B', they could interpret it as a racial bias etc... landlords and agents have been caught up in the past.

I would start by getting a copy of the condo by-laws and rules and regs for the condo association. It's always good to have a copy and an understanding of 'where you stand' in regards to use of your investment. 

I'd also pull the records at the registry of deeds to see if any restrictions are attached to the unit. 

How long ago did you acquire the property? What makes you think there are restrictions?

Hi Danny,

Lien gave some great advice and questions to consider when looking to work with an agent! If you have

any city specific questions feel free to reach out. We're based in Lowell and have sold/own condos to large

scale multifamily developments.

Regards,

Bradford Brady

Doherty Properties

Check your local state/municipal websites as they are a wealth of info. Massachusetts for instance maintains a website that indicates which homes have had testing for lead paint. I'd say 50% of the homes listed as 'unknown lead' in our MLS  are actually lead positive. It opens the agents and owners up for litigation in the long run. 

In Massachusetts the law is very specific on what deposits can be made for a rental. Security, first and last and a licensed agent/broker can charge a broker fee. Deposits outside of that can be considered a Fair Housing violation if it's taken as part of your consideration for his/her approval. 

Things like pet deposits and roommate charges are even questionable but the site has a number of threads about it! 

I'd take the security, first and last and call it a day. If she doesn't like the space or the landlord wants to evict it would become very complicated!

Per Mass Law;

(4) Security Deposits and Rent in Advance. It shall be an unfair or deceptive practice for an owner to: (a) require a tenant or prospective tenant, at or prior to the commencement of any tenancy, to pay any amount in excess of the following: 1. rent for the first full month of occupancy; and 2. rent for the last full month of occupancy calculated at the same rate as the first month; and 3. a security deposit equal to the first month's rent; and, 4. the purchase and installation cost for a key and lock.

or, at any time subsequent to the commencement of a tenancy, demand rent in advance

in excess of the current month's rent or a security deposit in excess of the amount allowed

by 940 CMR 3.17(4)(a)3. 

Good luck! I have a commercial and a single family in Gardner and it's hard finding good contractors. I have one that's done work out that way but I'm not sure what about his availability. 

@Charlie MacPherson  - just had a client attempt a 'service duck'. Good old Massachusetts. 

Amandeep - in which state do you reside? That might help some of the replies. 

Rich - I have a few buyers that are paying cash for such buildings. Just put 4 under, cash, in the Merrimack Valley in the last week. Do you have any particular properties in mind or building a list? 

PM me your contact info

I agree with Craig and Keith. The expense, within reason, to do the background check should be taken into consideration and passed on to the applicant.

I'd also be sure the applicant realizes the landlord is going to want to see verifiable proof of 2.5x to 3x the rent as gross income. This tends to limit the number of unqualified applicants as well. 

Good luck and congrats on your new place!