All Forum Posts by: Vy Mai

We are nervous first time being a landlord... not sure if we should use lease agreement from ezlandlordforms.com or should we hire the attorney to draft up one for $500....any inputs?

Turned out that under Massachusetts law, you can not charge the tenant more than a 1st, last and security deposit.

We found asbestos covering the pipes in the basement. I found it weird because the current owners has an 8 yrs old boy living there.  The sellers will rent from us for the next 7 months or until they find a place. My question is : 

1.  Do I have to write something in the lease contract so that I don't get sued?  What should I write to cover all ends?

2.  We will definitely have it removed once the sellers move out.  Do we still have to let the next renters know about the asbestos that existed before?

thanks! @Steve Vaughan I'm going to try to put that on the P&S agreement!

@Steve Vaughan that's a good idea! However, my seller/future tenant plan to stay there up to 6 months so they can find another house. Is that money too much to ask for?

@Kyle Penland do you think I should run a background check, credit check on the seller/tenant? they have been living there for 12 yrs already...

Thanks everyone for your helpful advice! We decided to rent it to the seller! Basically it will break even as we realized that it's good to have instant renter!  Maybe we'll increase the rent to the next renter a little bit once we know the market more

What do you mean the type of insurance and financing?

My goal is just to break even...

We are making an offer on a single house near UMass Lowell as an investment property. (3 bedrooms,1 bath. 5 minutes walk to the university).  However, the seller accept the offer but asking to rent back until they find a place. However, this condition was not listed on the listing...Hope to receive advices as what to do?

We are thinking of buying an investment property where my mother in law resides in. She said she would rent it from us to keep the house nice. Is it a bad or good idea?