All Forum Posts by: Chris Roche

Can I charge an application fee for a rental in Boston, Massachusetts?

Thanks @John Underwood.  What info does ResidentResearch.com require?  Social, DOB, and name?  Do you have to tell tenants upfront that you will be completing a background and credit check?

I am close to finishing my first house hack. I had to do quite a bit of rehab on my side of the house. But, the good news is I am almost finished and the market keeps going up in my area. The and bad news is I live right outside of Boston. The goods news is I know the area and economy well. Also, many have said Boston is somewhat insulated from any market downturns. This is due to the many hospitals and schools in the area. The bad news is the cost to buy anything around Boston is sky high. And I am thinking I could turn a HELOC into multiple out of state properties as opposed to one in Boston.

My question is this: How does one find another city to invest in that is somewhat safe?  If there is a correction coming, how can an out of state investor invest safely?  How do you guys find cities where to invest out of state?

Hey all,

What measures do you take before renting to tenants? How do you do background checks? How do you do credit checks? Any advice would be appreciated.

Also, how do you collect rent? Do you have a check mailed to you? Is there any way a tenant can pay online?

@Colleen F. One of my goals is to increase value because I plan on HELOC to buy my next rental. So home value is critical. Right now, I have cedar shingles. They are old, ugly, and falling apart. Every other home in my neighborhood is vinyl.

Just curious what everyone thinks - cedar shingles or vinyl siding?  My house is in the need of being resided.  Currently, it is an owner-occupied 2 family but hope to move out in a year or so and keep it as a rental. Pros and cons or each?  I hear vinyl is final, but I do love the look of wood shingles. 

Thanks!

@Jay Martel Yes, I am.  Will he come to North Weymouth?

With this last storm to hit Massachusetts, my owner occupied 2 family rental took some damage.  The storm blew off a bunch of shingles.  I am going to file a claim and hope to get insurance to pay for some of the damage.  My deductible is low.  I am hoping to at least get some money to repair the roof, although I probably do need a whole new roof. 

Can anyone offer advice with filing a claim?  I have never filed before. 

Should I hire a public adjuster or stick with the insurance company's adjuster? 

TIA!

I am just curious what a typical management fee would be in Boston?  If the company is managing a single condo, what does this 'managing' entail?  There are already condo fees so the management company wouldn't be responsible for outside the condo.  I am assuming they find a tenant and address issues as they arise?