All Forum Posts by: Maureen F.

I am interested in how folks are screening Airbnb renters.  I used to rent out my home on Airbnb but gave it up after an uncomfortable situation.  (And also because it was too much work getting my house ready for guests.)

The Boston Reia meeting on Tuesday June 7 in Dedham features a speaker about Airbnb.  Could be a good source for info and contacts.

It looks like MA regulation of Airbnb is only proposals not law.

the Redfin site is great to search MLS. They have past sales too. I get several emails a day from them based on the info I've requested .

Yes, the MassHousing website is not real clear on some points.  Maybe give Bonnie McCusker at Rockland Trust a call (sorry this site doesn't allow me to post her phone number).  She was immensely helpful over a long period of time as he went through a number of prospective properties/issues, etc.

Your reserves have to be in place at the time of closing and could possibly come from a gift.  No requirement that you keep them in place post-closing as far as I know.

all the people on the mortgage have to owner occupy.

The MassHousing loan is much better than FHA if you qualify and can afford it. My son just got one on a 3 family. What type house are you getting? Masshousing actually does have pmi but they roll it into the interest rate. Still it's much cheaper/better pmi than FHA because you don't pay the big upfront fee plus it goes away after some years. Masshousing has a max income limit, if you're buying a multifamily they include the rental income in this calculation which can be a deal breaker if there are two income earners. Generally a higher credit score is needed for MH, it's 700 for 3 family, 660 for single or two. For 3 family they require you have 6 months of reserves. Contact Bonnie at Rockland Trust, she's great.

This trend was predicted by a speaker at the REI meeting in Dedham about two months ago, based on various data points such as upcoming foreclosures. Unfortunately I don't have his info at my fingertips; perhaps someone else who was at the meeting will chime in.

@James Harrison -- Thank you James!  You mentioned that the inspector will give you a "grade" ... is this based on the unit condition, amenities, size, location .... etc.?  The agency is the Boston Housing Authority.

Congratulations Taron!  For starters you need a real estate attorney. you should also buy an owner's policy of title insurance.

The Before and After floorplans are above -- looks like there were four bedrooms before, three after.  (I wish the floorplans were a little crisper, on my screen I can read the basics but not the details.)