All Forum Posts by: Derreck Wells

Most units I do come in between 3 and 5k, so you could end up with 12k-15k for the building, but it shouldn't cost near 12k per unit. In MA, You can delead one unit at a time as necessary, but the common areas need to be done with the first unit done. However, if you're doing the 1st floor unit, you can only do the first floor common areas. You can't do the entire stairway for example. You could only do the first floor hall and the first set of stairs. If you're doing the 3rd floor unit, then you have to do all three floors of common area and all the stairs. I'm only allowed to delead the area that will be used by the tenant of the unit being deleaded. NH is probably similar. 

I don't know exactly how the grant application works, but when it started, people were getting large buildings (12 units +) in Manchester done when they were vacant or nearly so. Maybe they used the income of the one or two tenants to get the grant to do the entire building? I don't know. 

The application states, in part...

So I'm thinking that you might have an issue if you do it when all three people are living there. If you do it in between tenants however, you should be fine. I don't know of any seminars or anything to teach the new laws. 

Talk to her Broker, they may have sub-domains they require their agents to use.

Hi John, 

Chances are you're going to have lead paint, so don't forget to factor in the expense of deleading. Generally speaking it can cost $3000-$5000 per unit, count the exterior as a unit so this property would be considered a 4 unit by my way of thinking. However, there are loan programs with the state that will not need to be paid back till you sell or refinance, so there's a chance you won't need money up front to delead. 

If you send me the address, I can run it through the database for you to see if any of the units have been deleaded. 

Jim, 

While i haven't studied the NH lead laws, I have read them and it looks like there is a law in place saying the same thing as MA. It may be spelled out more simply in the RE statutes, but in the lead laws it says that if the state believes there's a "lead exposure hazard" for a child they can open an investigation that includes "issuing orders requiring the reduction of lead exposure hazards". Here's the legal wording (I added the bold to show the relevant parts)...

The full laws can be read here... NH Lead Laws

There is also a similar loan program to MA where the property owner will only have to pay 10% of the deleading cost. They base it on income, but it's based on the tenants income, not necessarily yours. You can learn about it here... Lead Hazard Control Program

Let me know if I can be any more help.

Hi Jim, I'm also in Pelham. Nice to see another local on here!

Welcome to the forum. Save my contact info and if you find property you're interested in in MA, PM me the address and I'll check the lead paint status for you in the state database. I can let you know if it's ever been inspected and what to look out for.

MA real estate laws say that you can't rent to a family with kids under 7 unless you have a lead certificate on file with the state and the anti-discrimination laws say you can't not rent to a family because they have a kid under 7 (even if it's because you know there's lead paint), so they basically made it so that any rental with more then 1 bedroom has to be deleaded. However, they also have loan programs and grants for deleading. There's actually a loan program with 0% interest that you don't have to pay until you sell the property, so basically, it won't cost you anything to delead, it comes out of the profit when you sell, so you just roll it into the sale price.

You can email me directly at the email in my signature or you can PM me on here.

Talk to you soon!

Hi Pete,

Welcome to the forum! Save my contact info and when you find property you're interested in, PM me the address and I'll check the lead paint status for you in the state database. I can let you know if it's ever been inspected and what to look out for.

MA real estate laws say that you can't rent to a family with kids under 7 unless you have a lead certificate on file with the state and the anti-discrimination laws say you can't not rent to a family because they have a kid under 7 (even if it's because you know there's lead paint), so they basically made it so that any rental with more then 1 bedroom has to be deleaded. However, they also have loan programs and grants for deleading. There's actually a loan program with 0% interest that you don't have to pay until you sell the property, so basically, it won't cost you anything to delead, it comes out of the profit when you sell, so you just roll it into the sale price.

You can email me directly at the email in my signature or you can PM me on here.

Talk to you soon!

Hi John,

Welcome to the forum! Save my contact info and when you find property you're interested in, PM me the address and I'll check the lead paint status for you in the state database. I can let you know if it's ever been inspected and what to look out for.

MA real estate laws say that you can't rent to a family with kids under 7 unless you have a lead certificate on file with the state and the anti-discrimination laws say you can't not rent to a family because they have a kid under 7 (even if it's because you know there's lead paint), so they basically made it so that any rental with more then 1 bedroom has to be deleaded. However, they also have loan programs and grants for deleading. There's actually a loan program with 0% interest that you don't have to pay until you sell the property, so basically, it won't cost you anything to delead, it comes out of the profit when you sell, so you just roll it into the sale price.

You can email me directly at the email in my signature or you can PM me on here.

Talk to you soon!

Charlie, send me the address and I'll check the lead paint status for you.

Jason, cash out/refinance is basically to get a home equity loan. Since you bought the property with cash, you have 100% equity in the property. You can now borrow, depending on the bank, up to 100% of the appraised value, even if you only paid half of the appraised value.  You can get cash out to buy the next house and not use your cash. Your rents on the property will pay the mortgage and repairs, and you now own 2 properties for the single expenditure from your cash reserves. The rents will pay down the mortgages and eventually you will own both free and clear.  You can also repeat with the second property and have 2 mortgages and 3 properties. And on and on. The longer you hold, thw more profit you get every month. I've read of people with 10 mortgages and still looking for more. If you buy cheap and get the properties fixed up and appraised high, you can possibly buy two more properties with a cash out of one.

You're in a good spot right now. Take your time and come up with a good business plan before moving forward and buying more property. Read everything you can on this site and listen to all the podcasts. If you're planning on buy and hold, research the path I outlined above. Don't use your personal money, use the banks money and build your credit by paying the mortgages on time. You can be "worth" millions quick.