All Forum Posts by: Rob Beland

When you convert to a fire dwelling policy it's likely they won't enter the property. The inspection will be exterior only. They may walk common hallways and check out the basement but I have never had an insurance inspector look in the attic. Just my experience. 

Best of luck to you with your investing business @Account Closed. As far as credit score it varies based on the bank and their lending requirements. Fannie Mae I believe has a specific minimum for owner occupied but I'm not sure what it is. At least 680 is a safe bet I would say although with enough cash and income you may work with a local lender that can allow a lower score. I always say stick with local lenders who look beyond the credit score. You will have to have at least 25% down for any commercial deal (more than four units) Less with four or fewer unit properties. Price of the property has no bearing on the percentage you have to put down it's based on number of units. 

Good luck @Matthew A Rodriguezwith your endeavors. I'd say definitely go work for a large (and reputable) PM company. Make  your face the face of that company as much as you can. This will take time as you will likely start off in a lower office position but work your way up. Who knows what will happen. You may end up buying the company you work for or if they start to fall down, you will have a list of clients (unsatisfied) that you can take with you when you go off on your own. Clearly you don't want to go into it with the plan to learn the business then steal all of their customers but knowing the current owner's end game would be important from the beginning. Is there anybody else up the ladder that might want to take over?

As far as your experience, when it comes to portfolio lenders (smaller local banks) experience is very important and being in the real estate business when you purchase your first property will be a big help. It won't matter so much with larger lenders like BofA or Chase as you are just a credit score to them for the most part. 

@Joe Rinellakeep in mind MA (all states) has a state specific tax code beyond the federal tax code. I would stick with a CPA in MA and personally would look locally. Talk with local investors about who they use and maybe check with your local chamber of commerce. Good luck. For what its worth I use Henry Kulik. He has an office in Leominster and I think another office in Chelmsford. I have been with him for years. 

Id say the amount of information you ask for is relative to the amount of monthly rent. You could start with two months of bank statements and two years of tax returns. This will tell you if he has any money and if he has made any money. Also you could check his credit. 

Hey Massachusetts BPers. What do you think about the four submarkets for Massachusetts? I'd like to suggest that @Brandon Turnerand the powers that be change them as follows (if thats even possible)...

Western MA

Central MA

Middlesex County

North Shore

South Shore

Greater Boston

Cape & Islands

What do you all think?

@Ann Bellamy

@Shaun Reilly

@Justin Silverio

@Mike Hurney

Any other MA BPers you all can tag for input?

I say list at a realistic price, accept the first offer you are comfortable with and take it off the market. Dont look back. Move on to the next deal. 

@Karen F.in MA vacation rentals of that nature do not fall under the jurisdiction of the housing court. Essentially there is no state statute that governs short term vaca rentals. You would file a complaint in district court if the winter tenant refuses to leave. Fortunately they dont have the protections that housing court typically affords typical residential tenants. Your problem would be if you lease to one tenant for the entire winter then you have created a temancy and if your tenant stays you will be off to housing court.

Hey @Alex Silva

 Im in Leominster. You can expect to pay 10% of monthly rents for PM. I will message you if you'd like to chat. I can help with PM services if you are looking. Good luck. 

You might be able to stick with the same insurance company @Shakara Pittman and just convert the h/o to a dwelling fire policy. I did that with Commerce. The price for a dwelling fire policy was the same as the homeowners.