All Forum Posts by: David Foscaldo

Thank you. Both of your answers are what I had hoped to hear. Being in MA I was just worried about some regulation that required an owner to request the last months holdings to be increase.

Hello All, 
I was hoping someone could provide me with some clarity regarding a deposit question. I have had a tenant in a rental unit for a 2 years now. They have renewed their lease annually. This year I will be increasing the rent for the tenant which I don't expect to be an issue. My question regarding the money they put down when they initially rented the apartment. They had put down a first month, last month and damage deposit. Should I be asking them to provide more funding so that the last months rent that I am holding would now equal the current monthly rental amount? The difference is not big ($25) but I did want to make sure to handle the process properly and fairly.

Thank you

Hi @Tory Kelliher , 

I am fairly new to RE investing as well and I have found BP incredibly helpful in providing online training, helpful references and in general a very powerful network to share ideas or just read and learn of creative methods other members have adopted to be successful in their market. 

I am also in the MA area and would love to stay in touch.

It is great that the numbers work. In my area it is challenging to find a property that buying above or at the assessed value would bring in a positive cash flow. Certainly they are not directly tied... 

Does your lender consider the possible rental income when handling the assessment as that could help your case to get an assessment to come in at least at the $118 price. If your lender doesn't factor rental income in perhaps you could locate a more flexible lender in your area.

It sounds like everything you discussed with going to contract and paying the realtor outside of the contract is sound. 

I am very interested in learning how this plays out. I am confused as too how the comp is below the price of the house you are buying and yet it will still bring in a positive cash flow. Are you in an area that does not have enough rentals to meet demand? 

Also, what happens if it does not make appraisal and the seller won't adjust price? Will you lose the money you spend on inspection?

Best of luck.