All Forum Posts by: Maureen F.

@David Cahill --  point well taken!  I have not spoken to the City, they'd be my last resort.  I know that some flippers/condo converters don't pursue it because of the time to get it approved, since they're paying high cost of funds on the entire property and need to get in and out.  I have the names of several experienced lawyers and architects, and will get more info from them and developers before expending too many $$ in the process.  As a minimum I think it would be possible to add a living/recreation room and bathroom as an expansion of the first floor unit.

@Christopher Stobbart -- thanks, that's good info.  I would want the unit to be slightly higher end to attract the target market (one or two young professionals).  Seems like a budget of about $70K would be realistic including everything (architect, legal, construction, contingency).  The property is a long term hold so the rents would pay back the cost in about 6 or 7 years, and then upon sale (or condo conversion) the money would be recouped again, and more.

Thanks for the input.  @greg s. - work would be done by contractors. Using a company that specializes in basements might be a good idea, as long as it doesn't end up looking like a basement.  Anyhow, good to know that 40k is woefully inadequate even if it's not what I want to hear.  And bids, yes, but first plans are needed so they know what they're bidding on, but hard to spend a lot on plans without knowing if it will be approved or if the cost would make it not worthwhile (which I'm sure is not the case, just a question of how many years to recoup).

Could anyone help estimate a ball-park number to turn part of an unfinished basement into a 700 square foot apartment (either a large 1-BR or small 2-BR, one bathroom)?  Just for construction, excluding architect, legal, permit, zoning, financing, etc.  The basement is dry with a high ceiling, so assume that we won't need to lower the floor to achieve more height.  And the foundation extends fairly high above ground, so should not be too difficult to create the required windows.  This is in Boston (Dorchester) which is a high cost area.  Is 40K inadequate?  We'd like to figure out the payback before we start off down the long road to City approval.

If her name is recorded on the deed it's her home.

I'm no expert but here's an idea.  Terminate the original tenancy and return the deposit in full as you normally would, I assume that would be with a check payable jointly to the two original tenants.  And simultaneously collect the new deposit and sign a new lease.

Rene Mugnier of Rene Mugnier Associates.  He inspected a couple houses for us in Boston that seemed to have structural issues.  We didn't use him for further services because he found major structural problems, therefore we didn't proceed with the purchases.  He's great.

There is something to be said for reducing risk by keeping a good, known tenant, plus reducing turnover expense ... perhaps raise them to somewhat less than full "market" rent.

@donald m. - have you had massave do a free energy audit? There may be a rebate for the mini split, and they also provide some free weatherization measures and half price insulation.  Or have you thought about providing the window AC's yourself?  This would avoid having tenants bring the units in and out and possibly mis-install them.

Yes for conventional if they will owner-occupy, and there are other options with a lower downpayment such as FHA.