All Forum Posts by: Taoufik K.

@Syed Naqvi i just want to add one more note. that is; think twice about the ROI considering the your price entry point. in other words, in areas like greater Boston, i think if you find a good deal that is only 6 family, that can cash flow much better than 12 Units or more somewhere else and the appreciation can be very rewarding.

@Mike Cumbie i know it is not always a set situation where you have the same experience. At some point, i want to come up with a basic and comprehensive list of what each (agent, Buyer, Seller) is entitled to do in terms of duties, responsabilities and obligations.

@Rachel Steenland i know a lot of folks covered almost many area... i just want to add one more option. have you consider investing in the greater Boston area al, use the FHA loan then you only need to live one your in it. i have seen some good cash flowing 3 Families around that can leave you with a good $1300~$2000 a month. make sure to check zipcodes like 02122 which is on the rise.

Simply contribute to it you dont need more cash in hand now and you are *vesting* the *employer's* money over time. meaning, you and your wife are owning that money over time if she does not leave within the 1st Five years (i think - some employer's have different rules). Anyways, if something comes up (e.g. as an investment), Borrow some of that money and pay it back and you then have gotten free money, used it to invest then paid it back at your convenience. good luck!

i see your point. thank you, David!

@David Cahill Thanks! that is what i thought. Why would an apartment be less costly than a condo? Im Just curious.

Since both Buyers/Sellers do work with agents to Sell/buy real estates. There are instances when you ask if a task was suppose to be done by yourself or your agent.

Do you guys (Agents/Investors/Buyers/Sellers...) have a checklist of tasks you perform when buying/selling? Or do you rely on your agents to guide you through the purchase and sale process?

@Nathan G. i do understand the difference between the appraisal and the inspector you hire to inspect the house. Therefore, I definitly agree with you on this one, it should be part the important points to check off the checklist. At this point, im assuming this will also be part of the agreement between the current Landloard and Section8 Department. I paid too much attention to things like location, cash flow, appreciation.

Also, wouldnt the buyer's agent help catch these details? but i think it is also a responsability of the buyer to do this homework as well.

I will come back with an answer tomorrow once i hear back from the agent/Lawyer.

Thanks, again, Nathan!

@Nathan G. Thank you for the deatiled input. Great detail!! 👍

"During your inspection phase, you should have reviewed all documents, tenant payment ledger, etc. This document would hold the answer." Do you refer to the Bank Appraisal or my inspection done by my inspector? 

I think i wasn't informed enough about this one. I will have to figure this out since we only have few days left to close. I will look up the form and let the lawyer know. Hopefully, no major surprises.

Thanks again for detailed answer.

-Taoufik

@Marcia, thank you!

I heared that he never collected any deposits/Last months from the current tenants as well. I think he just never bothered to collect any. 

Yes, they are Section 8 TAW. I think i will have to contact the BHA in person in case he can't provide any documentation. 

Thanks!

Taoufik.