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All Forum Posts by: Derreck Wells

Derreck Wells has started 12 posts and replied 530 times.

Post: studio apartment with multiple tenants

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

When was the building built? Lead is only an issue if the building was built before 1978.

You do not need to deal with the lead at all. If you gave your tenant the "lead disclosure" in his contract, then I'm pretty sure you're covered. He'd have to move if it's a problem for him.

If there is lead in the apt and tenant figures that out, he can withhold rent until it's remediated. You can not evict him for withholding rent at that point, but he will need to pay in full when the lead issues are fixed.

You can read/download all the lead brochures here...

http://www2.epa.gov/lead/brochures-and-posters

Post: gas hot water heater ripoff??

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269
Originally posted by @Winston Risser:
Sound like an amazing deal @Dawn Anastasi . I like that. It rally pays to be creative and do what really makes money at the end of the day. Is the guy Licensed and Bonded ??

I'm going to guess... No. He is not licensed, bonded, or insured in any way shape of form. I'd bet he's just some guy off Craigslist. If one of those water heaters malfunctions and causes a fire, I'm betting Dawn's insurance won't cover the damage either. If that happens, it's going to cost a whole lot more then the $200 she's saving on the install!

For the record though, around here (and possibly there too) the owner can do pretty much all the work on their own property without a license. Owner can also have a friend help or do the work, as long as they aren't getting paid.

Post: BiggerPockets hits 150,000 members!

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

Yay us!

Post: studio apartment with multiple tenants

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

Sounds like a bad idea to let her in. It's VERY hard to evict in MA and if they can't afford the unit + baby, you're screwed.

@Darrell Shepherd Most studios are about the size of a motel room.

Post: Should I just give up?

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269
Originally posted by @Nicolas Gonzalez:
Derreck Wells because unless you are dealing with someone high up on the commercial lending side of a bank, the drive of your run-of-the-mill mortgage broker is very low- they are usually more focused on meeting their volume goals by snagging as much low hanging fruit as they can to get too worked up over someone they are going to have to compete over that is going to be more of a hassle to get through underwriting. Results may vary, but definitely at least stick to community banks who may be able to do more creative 'in house' financing.

Let me guess @Nicolas Gonzalez, you're a mortgage broker that doesn't want to compete for work?

Post: Should I just give up?

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

I'd call 2 or 3 mortgage brokers and tell them that you're talking to 2 or 3 brokers. Tell them that the best offer gets your loan (best rate, lowest points, etc). Competition is how a free market society works. I compete for work all the time, why can't the brokers?

Post: Most people don't think about this....

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

These folks should have read this post, this happened Friday night...

"The Daily family wasn’t home Friday when a 3-alarm fire destroyed their home on Beaver Brook Road. Fire officials say a dryer is likely to blame for the blaze that claimed the lives of the family pets."

http://www.wcvb.com/news/local/boston-north/firefighters-seek-to-help-westford-fire-victims/-/11984708/23602974/-/wtvo7rz/-/index.html

Post: EPA & Lead Based Paint

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269
Originally posted by @Steve Babiak:

It's my understanding that Wisconsin holds that distinction. EDIT - of having the strictest requirements.

The audits are for real; a GC I used was called for an audit in the midst of working on one of my rentals. Paperwork and record keeping are important.

Steve, when I got my de-leader license, the instructor said MA did. I didn't personally look up the stats, so it could very easily be Wisconsin.

Post: Most people don't think about this....

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

So you bought a new investment property. You got a fresh coast of paint on everything, new carpets, cleaners came though. All set right.

Wait, did you replace your dryer ducts?

A simple little thing like a dryer duct can kill....

Or at least cause a little headache.

Post: EPA & Lead Based Paint

Derreck Wells
Posted
  • Specialist
  • Pelham, NH
  • Posts 544
  • Votes 269

MA has the strictest lead laws in the country... but also the lowest lead poisoning rate in the country. Every contractor, including painters, who works in the state is supposed to take a class and become a "lead safe renovator".