All Forum Posts by: Rich N.

Not necessarily true in regards to passing the city inspection.  The city does not require the escushion rings on pipes, does not check the basement, does not check for lead paint, does not control the rental amount.

In MA, section 8 is a protected class and you must accept them if they meet your standards and rent amount.  You can not use a different amount or standards to turn them down.  This means if the tenant qualifies, you must repair/remedy anything they deem non-compliant.

One major difference with section 8 is that the annual inspections is for the unit AND all common areas AND the basement.  So, If any of the areas are non-compliant, they will give you notice to repair/remedy it.  If not done, they can withhold rents until it passes.

IANAL. I do not know if you can use or not use the current lease as a way out.

Best would be for the LLC to hold the mortgage. Problem is that most private lenders that allow mortgages for LLCs will not give it to newbies.

I am not allowed series LLC here, but if it truly costs you only one full LLC cost and series the rest....lucky you.

Most big lenders will not allow you to transfer into LLC. So hunt around for small local banks to see if they will allow it to close as a LLC (if you chose to go this way).

Most investment purchases will require a 25-30% down payment.

@Shirley X.

Where is your property located?

For a lot of folks posting here, believe it or not in Boston central with a tight market... the tenant pays the full month commission or at least half.   Because they want a good/great apartment and most of those are owned by the big investors and that is how they do business through the realtors. 

Other posters thought the $3K rent was outrageous, not in downtown locations.  On average its 800-1100 a bedroom (easily). Even bedrooms in not so great suburbs are getting 500 a bedroom.

you would need an agreement for each entity (how many properties in entity is up to you).

Also, if going into a LLC, check to see if your state will allow "series LLC".

I say offer it to PLUS or PRO members. First shirt free and discounted for additional shirts.  Full cost for non-paying members.

@Chandler Ludwick

I chose the LLC so that if there was a lawsuit, they could not sue through to the partners personal stuff. Of course you need to run it like a true LLC otherwise anyone could "pierce the corporate veil"

Also, one thing that can get you is that when dealing with banks, the Gov't guideline allows only 4 or 10 (cant remember) mortgages amongst all owners.  So, if you go this route, you might not want to put all 4 names on each property.

To me, a late fee is not worth it in Massachusetts.  you can not assess it until after 30 days.  I go with a 14 day notice and move with eviction if they do not make the 14 days.

Its better to get the tenant trained its your way, not their way.

@Thomas Hickey

You got that right.  All areas a child could go. 

So true with the listing.....deleaded and if the property is already section8 approved. Everyone applies without reading the rest of the posting.  I bet if we put up a post with just those two words, we would be overwhelmed with inquires.