All Forum Posts by: Jonathan R McLaughlin

@Patrick Davis dude you are in Boston? Don’t make a move until you go down or call (yes no emails) “1010 Mass Ave” Boston’s inspections services. They are pretty good about talking to sincere, underinformed people—no need to ask me how I know—and giving them guidance.

For all practical purposes the zoning code co-exists as an authority with the actual inspector assigned to your neighborhood. When we were working in Boston, ours was Leo Cook and the good contractors all knew his quirks and areas of major concern etc. 

Mentioned because you do not want to go in blind on most things here. 

@Erin Abernethy

What qualifies you to say so confidently the attorney you asked to consult for her expertise doesn’t know the law?

Ask a cpa familiar with your situation. Less complicated/less filing is usually better. Single person LLCs don’t offer much. 

Congrats on the level of activity. It’s a bit hard for me to follow effectively which is on me but what’s the actual equity in there, market conditions, new rate and terms, points etc. lots of refinance in a short time has to cost something. You should be able to do better than 9.25 which sounds like the loan will and the cash flow seems solid, certainly.

Ultimately if your debt to income ratios are good all this helps your credit not hurt it and a single person LLC is pretty much a disregarded entity for most stuff, so I wouldn't let that drive the decision.

What are your short and medium term goals for this property.

@Jim K. Just back to this thread and delighted to get a shout out from one of the most perceptive people on here, even this shoutout. 

I hear you Mr. K--I will not advocate for removal then but for NOT ignoring it. I have seen too many bathtub Mary's to doubt the difficulty. I'd still think about it though. Full disclosure, we still have one in our own house with a child under 6--trying to hold off a full renovation but losing the battle--and I'm perfectly prepared to accept the risk. Did I mention its on the 3rd floor :)?

But thats a risk for me and my family, not my business.

And I'll push back just a little on you and Mr. @JD Martin here too. I would see likely ignorance rather than malice here, and if a young couple is pregnant or trying to be they get very worried about things like this rationally and not so rationally. The younger they are the less likely to be versed in all this stuff and the more likely to be scared by the disclosures etc. And all the lead tests for kids now advocate 0-4 or less. I'm old and gen-X enough to have grown up in lead houses but most of our tenants have not. And hyper-vigilance by this generation of parents is a real thing. 

I don't think it is fair to manage by assuming they are scamming with this stuff, if there is no other evidence to the contrary and they are good tenants. 

agreed. 

how easily can you resell it? And does someone have to have all cash to buy or is it financeable? Will taxes go up after purchase? Positive rent growth or appreciation possible?

Numbers seem viable if the above stuff checks out, but not such a blazing good deal you can't afford to miss out. Whats the upside, whats the downside and whats the exit?

@James Hamling agree very much with the general sentiment, but I think you are conflating criminal law and civil law. Breach of contract makes you liable for damages, but isn't a criminal act. 

Does sound like a great way to get sued and lose though.

Oh, just thought of something...that 3900 in loans may be an overpayment from a couple driven to pay them off early. Find out what their minimum payment is. Also if this is a doctor with a temporarily depressed income before finishing residency/fellowship I wouldn't worry either.