All Forum Posts by: Taoufik K.

Thanks Charlie! i appreciate your input. Yes, im well aware of that fees of the Attorney. What about the Mortgage balance that is still unpaid? Do i nees a partial lien to sell the first condo after conversion? do you have any info about the case of carrying a Mortgage and doing conversion? Are there any banks/lenders that lend money to allow this kind of projects? Any recommendation will be appreciated.

Thanks Blair! i appreciate your input. Yes, i will be contacting an attorney soon. What about the Mortgage balance that is still unpaid? do you have any info about the case of carrying a Mortgage and doing conversion? Or there any banks that lend money to allow this kind of projects?

Thanks Charlie! i appreciate your input. Yes, im well aware of these requirements. What about the Mortgage balance that is still unpaid? do you have any info about the case of carrying a Mortgage and doing conversion? Or there any banks that lend money to allow this kind of projects?

Hello Everyone, has anyone converted or tried to convert a Multi family (Triple Decker) to condos while carrying a Mortgage in Boston/Mass? If not in Boston, maybe somewhere else in the US? Any leads to this procedure or details i can start with will be appreciated. best, T

Hello Everyone, has anyone converted or tried to convert a Multi family (Triple Decker) to condos while carrying a Mortgage in Boston/Mass? If not in Boston, maybe somewhere else in the US? Any leads to this procedure or details i can start with will be appreciated. best, T

Hello Everyone, has anyone converted or tried to convert a Multi family (Triple Decker) to condos while carrying a Mortgage in Boston/Mass? If not in Boston, maybe somewhere else in the US? Any leads to this procedure or details i can start with will be appreciated. best, T

Yes, you will find yourself in situation where 75% of the total rent does not cover the PITI.

The debt you carry plays a role in this qualification. You can increase the downpayment or find a cheaper property.

Having an advice from an appraisal on how the rent will be in the area you searching may help because i did underestimated the rent when i had the same situation.

only locals can tell you how hot a market is because they know it more than others who even do statistics. i would vote for Boston, MA as hot city but the entry point is a bit high. The surounding towns are also great, Chelsea, East Bostom, Everett, Malden, Revere, Lynn....

i always as them if everything is OK? is there anything he needs? are there any concerns...This shows some care from your end and builds a a good relationship with them.

i vote for #2. but there are limits. why dont you do an FHA LOAN instead? and you only need as little as 3.5 you can do more like 10%.