All Forum Posts by: Justin Rank

Hey Everyone,

Just curious if anyone has any recommendations for a local bank or credit union that you have used for your Brrrr project in the central Massachusetts area. I am doing projects in Fitchburg, Lunenburg, and the Leominster area. They all go under an LLC, I pay cash for the purchase and rehab.

I've done some research and I think some of these banks might fit in the box. I just started calling around yesterday. Anyone have any experiences with them?

Bay State Savings 

Leominster Credit Union

Cornerstone Bank

Conunrty Bank

Hanscom Credit Union

Web5

Fidelity Bank

Enterprise Bank

Somerville just changed it's condo conversion ordinance also with much, much stricter tenant protections.

Killing it man! Thanks for the insight, I may have to pick your brain a little more if I can get the wifey on board : ). We're at least a year out as my tenants in my second floor are locked in until next September and that's the unit we would attach the airbnb to.

I was thinking that instead of one of these affordable units that will cost 200k to put in and I can only collect 1,800 in rent it might be worth looking at this again. So if I read it correctly, I could have two bedrooms for rent and avoid the special permit process if I meet the gross floor area ratio etc? Have you had complaints about not having a stove? Do you offer parking? 

I agree with all the comments above, this is ground zero for tourists during the summer. Just know what you’re signing up for, MDI is not as bustling come winter time. I guess where I’m going with it is to factor in a few months of vacancy for the winter months.

It’s tonight...I can’t make it I’m out of state for a convention. We were able to get a petition together with 85 signatures that just got emailed to the city council. If you get a chance, write them directly.

Citycouncil@somervillema dot gov

Hey Man, I think the excluded the carriage house but I’m not 100 percent sure. You could add a third unit but it would have to be deed restricted and the rent would be capped. I assume since it would also be a legal third unit you would have to sprinkle the house per the building code.

The city of Somerville Massachusetts has submitted their proposed zoning and it will no longer allow you to add a third unit as a right in the RB district despite overwhelming community support. If you live or invest in Somerville please do the following:

1.Sign the petition below.
2. Write the city council (message me and I can give you their email address) BP wont let me post it here.
3. Go to the meeting and voice your opinion
Land Use Committee
Committee of the Whole
9/19/2019 6:00 PM
City Council Chamber, City Hall-93 Highland Avenue


https://www.change.org/p/somerville-downzoning-eliminates-3-units-property-rights-affordable-housing-under-attack?utm_content=cl_sharecopy_17852601_en-US%3Av3&recruiter=576759764&recruited_by_id=b2c0a0f0-4f2d-11e6-baad-b1b36b0b7174&utm_source=share_petition&utm_medium=copylink&utm_campaign=psf_combo_share_initial&utm_term=share_petition&share_bandit_exp=initial-17852601-en-US&share_bandit_var=v1



Cambridge Boston Medford Everett Arlington 

Where are you located? It’s like any town, there are good neighborhoods and bad neighborhoods. Some neighborhoods are even street to street. I’d get on the ground there or work with a local realtor depending on your investing criteria.

Welcome to BP!!