All Forum Posts by: Mike Hoefling

@Dan Smith

What @Rob Morris said is right, it can take many months to get tenants out if they don't want to leave in MA. Also it will be hard to get them out in the winter months. I would suggest talking to them to feel them out to see how much they like living there maybe they would move to the 2nd floor.

Mike

@Deb Allis

Ware is not too far from me I go up in that area once in awhile but don't have any rentals up that way. 

I don't use real estate agents to fill rentals I own, I do all the screenings myself. I feel I can find better quality tenants myself, but it does take time to do that. 

@Deb Allis

I screen my tenants very thoroughly. I run a background check, criminal history, and credit check. I make sure their gross income in 3x the rent per month. Also verify they have steady employment. I call their work references to confirm their employment and previous landlords to confirm there was no problems. I also ask 10 pre-screening questions before I even show the place to the prospective tenants. 

This is just some of what I do for screening. 

@Denis Maheux

I do not believe there is a maximum however if you charge a ridiculous amount of money and try to collect on it I think the courts would have a problem with it. I typically charge $50 on a $1000 rent and $30 on an $800 to give you an idea.

Just my 2 cents.

Mike

@Robert Cook

Yes she can gift you the money I am not positive but I do believe you have to come up with a certain amount yourself. Basically she can't gift it all to you, check with a lender they know this stuff by heart. 

@Robert Cook

The best way in my opinion is to buy a multi family, live in one unit and rent the other 2 out. This will "get your feet wet". Also, there are some great first time home buyer programs that will let you put down around 3.5%.

I'm actually targeting another rental in the next few months and have my real estate license as well. 

Mike

@Tom McMahon

Be careful about basement apartments and in-laws. Massachusetts has specific requirments for basement apartments due to fires. Last I remember it said that a basement apartment had to be 50% at grade, meaning it has to be a walk-out. I am not sure how this would effect in-law apartments but if you plan on renting it out other than having family there it could be a problem. Also like others have mentioned some towns have restrictions on in-law apartments and basement apartments.

As for the ledning side of things, I would talk to a lender to find out if they would allow you to do what you are suggesting.

Mike

I would see if a handyman would do it.

I just wanted to let everyone know that I am an investor friendly Real Estate Agent in Worcester, MA. I own my own rentals in Worcester as well so would be more than happy to help anyone.

Thanks!!

Mike

I invest in multis in worcester as well looking to buy another soon.