All Forum Posts by: Derek Morrison

I'm rereading Brandon's book on Managing rental properties and he mentions that you need to give everyone an opportunity to apply, even if they don't meet the minimum criteria you have set. Do I also need to show my property to everyone who asks, even if they don't meet the minimum criteria? I don't wanna waste time if I know they aren't gonna qualify, but I don't want to be accused of violating fair housing laws here

 We're just trying to buy a multifamily house with a 5% down owner occupied loan. We just keep getting beat out by cash offers so I was trying to find a way to essentially compete with cash buyers so it looks the same on sellers end. I know with private $ we'd have a higher rate but was hoping it'd be a short term solution if we could refi into regular 30y mortgage

Good morning! My wife and I have made several offers on multifamily houses recently but keep being beaten out by (lower) cash offers. Is there a way to offer and buy a property for cash (either private or hard money) then refi into a mortgage at 95% LTV?

My wife and I are hopefully closing on a two family in MA very soon. What are the forms & processes i need to provide & follow during initial lease up? I downloaded the BP rental contract for MA and read something about providing lead paint disclosure/pamphlet. It made me realize there's probably other forms or steps I need to take when accepting applications and signing a new lease.

Looking for a lender in MA for conventional financing for a 2-4 unit house. Will be doing 5% down and will be using 75% of rental income towards mortgage. Please reply or PM me if you know someone!

How possible is it to get started in 2024? I have about 15k liquid cash and live in MA. I'm looking at properties here (basically anything east of worcester and within an hour of Boston. Pretty much everything I've looked at either:

A) doesn't cash flow for about 15 years

B) would cash flow if you bought it with cash, but at that point you could get much better returns investing that money elsewhere

Even looking at house hacking it seems that the savings on rent (about 2.5k/month median) are outweighed by the significantly higher cost of purchasing property. Anyone have any firsthand take on this?

Hi, I was wondering if anyone has been involved in originating or receiving loans from a 401k to purchase a property. Not taking a loan from your personal 401k, but loaning funds to someone (or being the person that received said funds from someone else). It seems like a simple enough idea, but what are the logistics of it?

Hi all,

I've started to play around a bit with Stessa and RentRedi for a property but I want to get feedback from users before I officially go all in.

Do the two platforms serve the same function? It seems like I can collect rent with both and have tenants apply through both. Is this a question of using one or the other, or do they compliment each other such that I should use both? Trying to keep things as simple and as much data/admin work as centrally located as possible.

Any feedback about either/both platforms is appreciated!

 Great, thank you for that caveat. So I currently live at home but pay rent in cash to my parents monthly. What do I need to do in order to have 12 month verification of rent. Do I need a signed rental agreement? Should I start writing checks (as opposed to cash) to my parents and making copies for my records? Is a signed affidavit from my parents enough?

Is there any info on where BP sources the data for their 2024 market report? I won't post many numbers since it's behind the pro pay wall, but the Median Rent for Vineyard Haven, MA is listed as $1,462. Martha's Vineyard is quite literally one of the most expensive areas in the country. And Boston-Cambridge-Newton Median rent is $1,659.  I don't see how this is possible. Also even on mainland MA you will struggle to find a rental for under $1500 unless you're living in a crime infested area. I'm not saying the data is inaccurate, i just would like to know where it's sourced.

@Dave Meyer