All Forum Posts by: Joe Cronin

Investors/Experts: I'm looking to see if anyone can recommend a good contractor in the Quincy, Massachusetts area. I'm hoping to find someone who is experienced with repairing/leveling floors that aren't level. The work will be performed in an older multi-family property. There are several other repairs that will be needed, too. For now, the main objective is to obtain an estimate for the scope of work that will be involved. Thanks in advance for your advice and/or recommendations. Best regards, Joe

Thanks for your response, Jason. I don't have an agent yet, so I'll keep you and your brokerage in mind for when I'm ready to start making offers.

Hello All: I'm interested in purchasing my first multi-family property in the Boston area using VA financing. While I'm aware of the basic rules/parameters in place for these loans (i.e 4-unit max, jumbo loan ceiling of $424,000), I'm curious if an option exists to secure a second mortgage to cover costs beyond the max loan amount. Does anyone on BP have experience/success in executing such a deal? If so, what hurdles did you come across during that process? Is there anything that I should avoid? In my case, I'm looking to obtain a basic loan in an amount between $475,000 and 500,000. This is clearly in excess of the VA ceiling, so a second loan will be necessary. Also, there are some maintenance costs, so I'm considering trying to build in a 203K loan or the equivalent through the second mortgage. The total finance-related costs should be roughly $525,000. The properties that I'm looking at are 2 and 3-units, so 1-2 of those apartments will be rented out. Again, the property will be located just outside of Boston, so it should command solid rents (i.e. $1800-$2200/month, per unit). As required by the VA, it will be owner occupied, so I'll live in the other unit. Thanks in advance for your advice and counsel!

Thanks for the advice, guys! I'm getting more active now, so I'll likely be in touch with both management firms.

Hello Investors and Professionals:

I’m in the process of trying to acquire multi-family properties in the northern Massachusetts region. Can anyone here at BP recommend high-quality property management companies for this area? Specifically, I’m looking for a company with an excellent track record that’s prepared to manage small (4-6 unit) properties between Essex County and Middlesex County. Your suggestions are all welcome and appreciated. 

Steve, with regard to application fees, two Massachusetts courts have concluded that section 15B(1)(b) does not authorize landlords to charge prospective tenants an application fee. See Dolben Co. v. Friedmann, No. 10034, 2008 WL 81549, at *4 (Mass.App.Div. Jan.2, 2008); Broad St. Assocs. v. Levine, No. 12–SP–2041 (Northeast Housing Ct. July 30, 2011). 

MGL c.186 § 15B(1)(b) states that “at or prior to the commencement of any tenancy, no lessor may require a tenant or prospective tenant to pay any amount in excess of the following: (i) rent for the first full month of occupancy; and, (ii) rent for the last full month of occupancy calculated at the same rate as the first month; and, (iii) a security deposit equal to the first month’s rent provided that such security deposit is deposited as required by subsection (3) and that the tenant is given the statement of condition as required by subsection (2); and, (iv) the purchase and installation cost for a key and lock."

Keep in mind that there are a number of other fees frequently imposed on tenants, which are actually illegal in Massachusetts. This list includes, but is not limited to: Amenity Fees/Move-in Fees (see Hermida v. Archstone, 826 F.Supp.2d 380, 384 (D.Mass.2011); Community Fees ; and Pet Fees: either (1) up-front deposits, or (2) monthly fees (under Section 15(1)(b)).