Search found 645 matches
- Sun Feb 20, 2022 1:22 pm
- Forum: Personal Investments
- Topic: Bitcoin IRA
- Replies: 1
- Views: 664
Bitcoin IRA
Is it worth placing my Bitcoin and Ethereum in a Roth IRA? I've heard that the companies which offer this service charge high fees, but haven't been able to confirm this. For example, the oldest and largest company of this kind is "Bitcoin IRA". Their website doesn't disclose their fees, but what I've read from third parties is that they charge a 5.99% set-up fee, a 2% buying fee, a 2% selling fee, and a monthly fee of 0.08%. Would it make more sense to just keep my cryptocurrencies in a digital wallet (Ledger Nano S), and pay taxes on them, when I start withdrawing in about 10 years? I'm assuming an annual taxable income of 70k. I know this is a difficult question to answer, since we neither know what tax rates will be in 10 year...
- Sat Jan 08, 2022 5:31 pm
- Forum: Personal Finance (Not Investing)
- Topic: Zelle Alternatives?
- Replies: 26
- Views: 3961
Re: Zelle Alternatives?
ObiQuiet wrote: ↑Thu Jan 06, 2022 5:48 pm I used WaveApps invoicing/billing for a while. It supports taking debit/credit card payments on line (for a cut, of course). That way your renters could use any payment intermediary they want to. There are likely dozens of similar services.
https://www.waveapps.com/payments
- Sat Jan 08, 2022 5:30 pm
- Forum: Personal Finance (Not Investing)
- Topic: Zelle Alternatives?
- Replies: 26
- Views: 3961
Re: Zelle Alternatives?
I used cozy from 2015 through 2020, and it worked really well for me. I had three units that I was collecting rent from, and I changed renters several times, so probably had 6-8 different renters set up at one time or another. It looks like it now is merged with apartments.com, so rules might have changed. While I used it, online payments (autopay, too) were free on both ends. I think if the renter chose to pay with a credit card, they'd pay some fee, but if it was coming out of their bank account, no fee. There was a significant "float" of maybe 3-5 business days between when the renter paid and the money appeared in my account. I believe that is one way cozy made their money. The other was was selling additional services such a...
- Thu Jan 06, 2022 3:22 pm
- Forum: Personal Finance (Not Investing)
- Topic: Zelle Alternatives?
- Replies: 26
- Views: 3961
Re: Zelle Alternatives?
Does every bank offer this service?
My tenants live in rural Massachusetts, which is served by very small, local banks.
- Tue Jan 04, 2022 4:42 pm
- Forum: Personal Finance (Not Investing)
- Topic: Zelle Alternatives?
- Replies: 26
- Views: 3961
Re: Zelle Alternatives?
Thank you for all the helpful suggestions, guys. I will take them into consideration. Maybe I can even offer my tenants a variety of ways of paying their rent. It will encourage them to pay on time.
- Mon Jan 03, 2022 2:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: Zelle Alternatives?
- Replies: 26
- Views: 3961
Zelle Alternatives?
As a landlord of multiple units, I've used Zelle to receive rental payments from my tenants for the past year. But some tenants have told me that they can't use Zelle, as their bank limits how much they can send in one day, (usually between $500-$1000/day). Since most of my tenants' rents exceed $1000, that isn't an option (I don't want to receive payments from tenants in multiple transfers, since this would obfuscate the total number, which is how I keep track of who has paid). Is there another reliable option to collect rent besides Zelle that is free to landlords and tenants? I've read that Tellus is a good option, but it seems to only be available as an app for mobile devices. I want to use my desktop, as it's safer and easier. Any reco...
- Sat Dec 11, 2021 5:00 pm
- Forum: Personal Finance (Not Investing)
- Topic: Security Deposits
- Replies: 7
- Views: 972
Re: Security Deposits
This information and the other links and caselaw are on the state of Massachusetts website. https://www.mass.gov/info-details/learn-about-holding-a-security-deposit The caselaw seems to indicate that by this technical violation, you will have to give these tenants their entire security deposit back, and that if they figure out what happened, if you don´t, you will have to pay treble damages. The non-specific discussion about mitigation in one of those cases seems to indicate that as long as they get all the deposit back, you can possibly avoid the treble damages for not putting it in an individual account within 30 days and informing them of the account number, as Mass. states that it is to remain their property the entire time, and they g...
- Fri Dec 10, 2021 4:29 pm
- Forum: Personal Finance (Not Investing)
- Topic: Security Deposits
- Replies: 7
- Views: 972
Re: Security Deposits
There's no reason to invite a legal challenge from a tenant about something like this, should they decide they aren't happy with some sort of "pooled security deposits". Or that they are unhappy about something else and then focus on any problem with the security deposit bookkeeping...? When I started landlording about a year and a half ago (with my brother as a partner), I didn't actually place each tenant's security deposit in a separate account. I only deposited them in a separate bank from my own. So, now, I have a few 'pooled' security deposits that I have to withdraw and redeposit (in separate accounts) into another bank (Since Massachusetts law requires that the bank in which the security deposits are placed be in the same...
- Thu Dec 09, 2021 8:54 pm
- Forum: Personal Finance (Not Investing)
- Topic: Security Deposits
- Replies: 7
- Views: 972
Security Deposits
Does anyone know the laws and logistics regarding residential tenant security deposits in Massachusetts? I've actually read the law, but it still leaves some questions unanswered: - Do the security deposits have to be in seperate escrow accounts, under each tentant's name, or can I simply create several accounts (in one bank) under my own name and deposit each of their security deposits in them? - In either case, how would this actually work? For example, if I have 10 security deposits, do I have to create 10 different accounts, with separate bank books, account numbers, passwords, etc.? That would be an accounting nightmare. - Would it be possible to just create an account under my own name and account number, and have sub accounts for eac...
- Mon Dec 06, 2021 12:32 am
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Re: Dirty Tenant
The thing is this tenant has done this to numerous landlords, and has even sued them. The local court is very familiar with her antics. Hopefully, that will work in our favor, but we're probably still going to need an eviction attorney, as she definitely knows how to work the system. Sounds like you have a professional problem tenant who knows the system well, and is likely well-versed in all tenant rights and how to use them to full advantage. Did you find this tenant history recently, or before the lease was signed? How did she fare with the lawsuits? We found out when my brother went to court a couple of weeks ago to get a 14-day Notice to Quit against her. She may have been successful in at least one of the lawsuits. That's probably ho...
- Mon Dec 06, 2021 12:16 am
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Re: Dirty Tenant
The thing is this tenant has done this to numerous landlords, and has even sued them. The local court is very familiar with her antics. Hopefully, that will work in our favor, but we're probably still going to need an eviction attorney, as she definitely knows how to work the system. Sounds like you have a professional problem tenant who knows the system well, and is likely well-versed in all tenant rights and how to use them to full advantage. Did you find this tenant history recently, or before the lease was signed? How did she fare with the lawsuits? We found out when my brother went to court a couple of weeks ago to get a 14-day Notice to Quit against her. She may have been successful in at least one of the lawsuits. That's probably ho...
- Sun Dec 05, 2021 11:48 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Re: Dirty Tenant
Per your questions: 1. An inspector will call you and you will have to make arrangements with him/her and the tenant, and your schedule, to meet at the apartment for an inspection. 2. Yes. (seek legal counsel as this is a huge gray area because even if the tenant is liable, collecting on that is iffy) 3. Yes and No (seek legal counsel as this is a gray area) 4. If things are done in "good faith" in a "timely manner". . . yes to the term of the lease, then if you renew it or not. Seek legal counsel for advice and options available to you. The most ideal scenario is if the lease expires in a month or two. Then, you don't renew the lease due to long overdue renovations and repairs, etc. ***again, seek legal counsel. ***bef...
- Sun Dec 05, 2021 11:45 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Re: Dirty Tenant
Hopefully, you collected a security deposit equal to one month's rent, and hopefully you kept it in a separate bank account and paid required interest. Any or every mistake you make is treble (triple) damages, in favor of the tenant, plus the tenant's attorney's fees. Plus the court costs. Any incorrect attempts to evict, charge, or enter the apartment may result in tenant staying put for a long time in your apartment. Good luck with the situation, being a landlord in Massachusetts is not for the faint of heart. I have collected a security deposit for 1 month's rent, and deposited it into an interest-bearing account. Absolutely get an attorney... who will probably recommend cash for keys. If they recommend it - do it. Whatever you do, do n...
- Sun Dec 05, 2021 11:33 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Re: Dirty Tenant
Evict her. ASAP. May as well hire an attorney now, because there's a high likelihood you'll need their help. Get it now, so you cross all your Ts and dot your Is, so you can evict her ASAP. I'd do a "cash for keys" move ASAP. Once you get your legal guidance, my first strategy would be "If you can move out and get the house "broom clean" by X date (at least 45 days in the future), I'll refund you your entire security deposit and give you $XXX Cash (equivalent to 1-2 months rent.) I'd also offer to pay for a dumpster for 30 days prior to move out. Essentially, I'd do everything in my power to bribe her into moving out -- while also making it financially feasible for her to do so if she's short on funds. I'd do prett...
- Sun Dec 05, 2021 7:17 pm
- Forum: Personal Finance (Not Investing)
- Topic: Dirty Tenant
- Replies: 28
- Views: 4407
Dirty Tenant
I have a tenant in Massachusetts whose apartment smells terrible. She even allows her dog to urinate and defecate on the floor. The stench is so bad that you can smell it all the way out in the hallway. She's also a hoarder, and her unit looks like a junkyard.
I have told her to please keep the apartment clean on several occasions. She basically yeses me to death, and then proceeds to ignore me.
If I call the health inspector, and her apartment is condemned, what happens?
Would I be liable for the unsanitary conditions that she caused?
Would I be responsible for putting her up in a hotel?
Would she then get to move back in when the unsanitary condition is cleared up?
I have told her to please keep the apartment clean on several occasions. She basically yeses me to death, and then proceeds to ignore me.
If I call the health inspector, and her apartment is condemned, what happens?
Would I be liable for the unsanitary conditions that she caused?
Would I be responsible for putting her up in a hotel?
Would she then get to move back in when the unsanitary condition is cleared up?
- Thu Aug 12, 2021 3:41 pm
- Forum: Personal Finance (Not Investing)
- Topic: Tenant Died in My Rental Unit
- Replies: 7
- Views: 1760
Tenant Died in My Rental Unit
My Section 8 tenant, who lived alone, recently died in one of my rental units. She apparently had been dead for some time, but her daughter called to notify me just today. She went on to tell me that I have to contact a biohazard company to clean up the fluids and smell because she wants to access the apartment to retrieve some of her possessions that she left there. I told her that I first have to find out if the legal and financial responsibility to clean up falls on me. So, now, she's threatening to call the Massachusetts Health Department. I called my lawyer, but was only able to speak to his secretary. He may not get in touch with me for days, so I'm posting here. Questions: 1) Am I legally responsible for resolving this issue in the s...
- Thu Jun 10, 2021 3:37 pm
- Forum: Personal Finance (Not Investing)
- Topic: Eviction Process?
- Replies: 17
- Views: 1927
Re: Eviction Process?
I sure hope so. This woman has given me a lot of stress. Not only has she not paid her portion of the rent and not signed the lease to pay for her own electric, but to rub salt in my wound, she went out to buy a new AC to crank up this whole summer and run up my electric bill (she has money for the AC, but not for the rent).
Not only that, but my brother recently told me that she found another drug dealer/drug addict to live with her (in direct violation of her lease).
- Thu Jun 10, 2021 3:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: Eviction Process?
- Replies: 17
- Views: 1927
Re: Eviction Process?
I was a landlord of section 8 tenants for 5 years or so. My rental was in Franklin county and there was a FranklinCounty landlords association. It wasn’t expensive and got you discounts using group buys on oil and other things. They also had a book that was worth every penny that stepped you through each procedure and had sample letters. I highly recommend looking into this. It also had great information on mass tenant rights so you didn’t mess anything up. Anyway, what I remember is you have to deliver a Notice to Quit in person along with an uninterested witness. I always used the sheriffs office for $75 to deliver and I didn’t have to be there. After that is delivered I think they have 30 days to cure and then you can file an expedited ...
- Thu Jun 10, 2021 3:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: Eviction Process?
- Replies: 17
- Views: 1927
Re: Eviction Process?
Thanks. Will read through this.neverpanic wrote: ↑Thu Jun 10, 2021 2:43 pm IBTL
Sorry you're going through this, but it's a time-consuming process with very specific procedures in a lot of states.
https://www.mass.gov/service-details/fi ... on-process
Note: If the rent is subsidized by a government agency, you must check the lease and the program regulations to determine any special requirements for ending the subsidized tenancy, such as stating in the notice to quit the specific reasons you want to end the tenancy.
I wish you the best of luck. These situations can become a massive headache for relatively small amounts of money.
- Thu Jun 10, 2021 3:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: Eviction Process?
- Replies: 17
- Views: 1927
Re: Eviction Process?
I've read that the eviction moratorium in MA runs until the end of June. But my brother (my business partner) went to the local court to inquire about this, and the lady at the front desk said that "they're doing evictions".Carefreeap wrote: ↑Thu Jun 10, 2021 2:33 pm Yes you need a lawyer who specializes in evictions and hopefully one who has experience with Section 8 tenants.
What's the situation with any Covid eviction moritoriums in MA?
- Thu Jun 10, 2021 2:20 pm
- Forum: Personal Finance (Not Investing)
- Topic: Eviction Process?
- Replies: 17
- Views: 1927
Eviction Process?
Here's our situation: One of our Section 8 tenants in Massachusetts is over one month delinquent on her portion of the rent ($237). The last time she paid was on April 1. We contacted her about this a couple of times via text. She replied with excuses and told us "don't worry, it will be handled this afternoon". That was weeks ago, and we still haven't received the rent. In addition, she has not signed her new, revised lease, which requires her to pay for her own electric bill (all of our tenants have gotten one and have signed it). We sent her 2 emails with this new lease attached, as well as a certified letter (30 days in advance), which was signed for, yet she claimed that she didn't receive anything, and is now ignoring us. Al...
- Fri May 14, 2021 3:16 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
Thanks so much for all the useful information and links, guys. It's really eye-opening.
Special thanks to ResearchMed, JoeRetire, and rooms222 for their extraordinary effort. I will thoroughly read through everything and process it over the weekend. Then I'll be confident to call Section 8 and argue my case.
Special thanks to ResearchMed, JoeRetire, and rooms222 for their extraordinary effort. I will thoroughly read through everything and process it over the weekend. Then I'll be confident to call Section 8 and argue my case.
- Fri May 14, 2021 12:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
- Thu May 13, 2021 4:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
We already raised her rent from $660 to $750, but that is still well below market rate.Iorek wrote: ↑Thu May 13, 2021 1:50 pm So you say you’ve been paying electric for her and you didn’t think that was fair/appropriate so you decided to have her pay electric for you, and she is objecting to that as not being fair/appropriate.
Seems like either you should recover the cost of electricity in the rent or you should offer her a meter wired to her apartment.
We purchased this house recently, and the old landlord had it set up this way, with him paying for electric, in addition to charging ridiculously low rent. We're trying to clean up his mistakes. Live and learn, I guess.
- Thu May 13, 2021 4:03 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
We made this decision based on exorbitant electric bills from several of our tenants, including this one.ResearchMed wrote: ↑Thu May 13, 2021 1:28 pmIt's not clear how the decision to charge electricity instead of increasing rent was made.
Did tenant renege on agreement about this?
To my knowledge, there is no limit on how much we can increase the rent in Massachusetts on a month-to-month lease (which all of our tenants have). However, I think we can only legally raise the rent once a year.ResearchMed wrote: ↑Thu May 13, 2021 1:28 pmBottom line, how much could you have legally raised the Section 8 rent if you had taken that route? Is that more or less than the electricity.
This might help inform your decision.
- Thu May 13, 2021 3:50 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
We just raised her rent, from $660/mo to $750/mo. This is still well below market rate. Most of our tenants are paying between $906-$1100/mo for similar apartments. Ideally, we'd like her to pay about 1k/mo and cover her own electric bill.
I don't think we need to get "approval" from Public Housing. Our units are not rent-controlled, nor are they considered commercial (they're less than 4 families).
- Thu May 13, 2021 3:44 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
No, there are only 3 meters (1st floor, 2nd, 3rd). I'm guessing that the basement and common areas are wired to the first floor, which is currently occupied by a cash-paying tenant (not subsidized by Section 8) that just moved in this month. The question is, how long before she realizes this and complains? We're not trying to rip anyone off, of course, but we don't have it in our budget to rewire the house for the foreseeable future.
- Thu May 13, 2021 3:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
That was our first instinct. The problem is that electricians are very busy right now in Massachusetts, so it will be hard to get a hold of one.AB609 wrote: ↑Thu May 13, 2021 2:34 pm 1st step is to have an electrician evaluate the current set up and cost to separate circuits if needed. I think you better off in the long run with metering and tenant paid electric for each unit. You could get an energy hog in the unit (bitcoin miner or whatever) that could really hurt if you are paying the bill.
Also, demand is very high right now during this real estate boom, so the cost of rewiring the electric is liable to be very high.
I doubt that we can resolve this in time for the June 1 lease deadline, which the tenant agreed to abide by.
- Thu May 13, 2021 3:35 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Re: Electric Enigma
This is exactly why we've decided that all our tenants should pay their own electric.AB609 wrote: ↑Thu May 13, 2021 2:34 pm 1st step is to have an electrician evaluate the current set up and cost to separate circuits if needed. I think you better off in the long run with metering and tenant paid electric for each unit. You could get an energy hog in the unit (bitcoin miner or whatever) that could really hurt if you are paying the bill.
Furthermore, Massachusetts is a legal marijuana state. Residents are legally allowed to grow at least 6 plants indoors with high-voltage electric lights, which can drive up our electric bill even more.
- Thu May 13, 2021 1:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: Electric Enigma
- Replies: 29
- Views: 2846
Electric Enigma
I have a 3-family rental in Massachusetts. I've been paying electric for one of the Section 8 tenants on the second floor, but decided that, instead of raising her rent to market rate, she will pay her own electric starting on June 1. So, I sent her a letter, along with a new lease for her to sign. She signed it and promptly mailed it back, and I forwarded a copy to Section 8. No problems. Yesterday morning, I received a phone call from Section 8. I was told that the tenant feels it's unfair to pay for her own electric, because the basement electric and common areas (hallways, front porch) may be attached to her unit (Mind you, I live hundreds of miles away in Brooklyn, so I rarely will be using the electric in the basement). I told Section...
- Thu Jan 21, 2021 9:16 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
Would you suggest that we speak to the attorney who handled the paperwork for the sale of the property first? I know there's a potential conflict of interest there, but I don't want to blindside everyone by going straight to an independent attorney.ResearchMed wrote: ↑Thu Jan 21, 2021 12:33 pmAnd quickly.
Ask attorney to verify this asap, and proceed accordingly.
RM
- Thu Jan 21, 2021 9:11 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
I'm not in MA, but we have rental properties. So, I have a few questions: 1. How much rent does the 'illegal' unit bring in? If I were in your shoes, depending on how the town adjuster sounded on the phone, I'd look to get that unit vacated if it were going to cause me issues. While it would be a bummer to lose that rent, a 3 unit would *most likely* be covered by the first 2 rents almost completely while that third one is just icing on the cake. I don't know how much you spent, but our 3 unit paid for itself with 2 of the units with a bit left over and that third rent was just a bonus. 2. What are the requirements in MA for a legal unit? You may be able to get the unit converted to a legal residence with a few modifications. 3. What exact...
- Thu Jan 21, 2021 9:09 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
I want to add that the properties were listed as "8 families", not 7 by one of the major online real estate agents. That's one of the reasons why we purchased them.
Is this claim legally binding?
Is this claim legally binding?
- Thu Jan 21, 2021 9:06 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
1. Yes, with my brother and a real estate agent.Sandtrap wrote: ↑Thu Jan 21, 2021 1:23 pm 1. Did you "personally" inspect the property?
2. Where you given all of the tenant leases and contracts per rental unit?
3. Where you given all of the property data, zoning for multi unit rental, etc, completely?
4. Are you well versed with the landlord tenant code and zoning regulations, etc, applicable to your rental unit in that location?
2. Yes
3. I guess not because that would include a 'certificate of occupancy'. Correct me if I'm wrong.
4. I am not, but I think my brother is to some extent.
- Thu Jan 21, 2021 9:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
1. How much rent does the 'illegal' unit bring in? If I were in your shoes, depending on how the town adjuster sounded on the phone, I'd look to get that unit vacated if it were going to cause me issues. While it would be a bummer to lose that rent, a 3 unit would *most likely* be covered by the first 2 rents almost completely while that third one is just icing on the cake. I don't know how much you spent, but our 3 unit paid for itself with 2 of the units with a bit left over and that third rent was just a bonus. First, I'm very skeptical that this will be resolved successfully without *prompt* legal advice and possibly actual legal assistance (of various possible sorts). With that stated... MyBrothersAdvisor gave me an idea: Is there any...
- Thu Jan 21, 2021 8:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
I'm not in MA, but we have rental properties. So, I have a few questions: 1. How much rent does the 'illegal' unit bring in? If I were in your shoes, depending on how the town adjuster sounded on the phone, I'd look to get that unit vacated if it were going to cause me issues. While it would be a bummer to lose that rent, a 3 unit would *most likely* be covered by the first 2 rents almost completely while that third one is just icing on the cake. I don't know how much you spent, but our 3 unit paid for itself with 2 of the units with a bit left over and that third rent was just a bonus. 2. What are the requirements in MA for a legal unit? You may be able to get the unit converted to a legal residence with a few modifications. 3. What exact...
- Thu Jan 21, 2021 8:52 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
I care because, if the tenant gets hurt in an illegal unit, we would be liable.London wrote: ↑Thu Jan 21, 2021 5:09 pm You bought the type of rental where this stuff happens. I have friends that own these types of rentals and there are many semi-shady rental arrangements. Chances are that whoever rents the “illegal” space, doesn’t care or want to draw attention to it. I’m guessing the rent is mostly paid in cash.
You can:
A. Ditch the extra renter, make less money
B. Sell the unit to someone who doesn’t care or even looks for this type of space.
C. Not care
It’s up to you.
Also, if the building is damaged or destroyed in a fire, our insurance may not cover it when they discover that there was an illegal unit/illegal tenant.
- Thu Jan 21, 2021 8:48 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
Only the second floor apartment passed section 8 inspection, not the whole house.Callisto wrote: ↑Thu Jan 21, 2021 1:16 pmThe potential good news is this kind of thing happens very frequently, and there is a decent chance its actually grandfathered. Its also (potentially) a good sign that its passed section 8 inspections. In my experience, inspectors have always asked about units under the same roof, especially if they think there's something unusual going on.
The house I purchased is not the same one I talked about in a previous thread.
- Thu Jan 21, 2021 8:37 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
You asked the forum about this property in a previous post. Rental Property as an Investment? https://www.bogleheads.org/forum/viewtopic.php?f=1&t=256163&p=4062688#p4062688 You were warned not to proceed. And now.....? From the prior thread: Thanks for all the enlightening feedback, guys. It sounds like real estate investing (at least in this property) is a mine field, and potentially a money pit, rather than a goldmine. As you've probably surmised, I'm not well versed in this field. I've spent years becoming proficient in stocks/bonds investing, and I'm guessing that real estate requires the same due diligence in order to becoming successful. And yet you purchased it anyway without doing the due diligence that such a multifamily d...
- Thu Jan 21, 2021 8:28 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
This is one of my main concerns.ResearchMed wrote: ↑Thu Jan 21, 2021 12:33 pmAnd quickly.
Your first concern should include your insurance.
IF your property violates zoning laws or such, your insurance may be void.
... and you might not realize that until/if you need to file a claim.
And that could include both property costs and liability, which really exposes you to possible damages with rental properties.
Ask attorney to verify this asap, and proceed accordingly.
RM
- Thu Jan 21, 2021 8:27 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
Re: House Sold to me with Possible Illegal Tenant/Illegal Unit
No, that's not the property we purchased.gwe67 wrote: ↑Thu Jan 21, 2021 12:49 pm You asked the forum about this property in a previous post.
Rental Property as an Investment?
viewtopic.php?f=1&t=256163&p=4062688#p4062688
You were warned not to proceed. And now.....?
- Thu Jan 21, 2021 12:23 pm
- Forum: Personal Finance (Not Investing)
- Topic: House Sold to me with Possible Illegal Tenant/Illegal Unit
- Replies: 44
- Views: 7101
House Sold to me with Possible Illegal Tenant/Illegal Unit
My brother and I recently purchased 3 rental properties in Massachusetts as a bundle. They were sold to us as as "8 families" (one 2-family, and the others 3 families each). During a call I made to the town adjuster the other day, I discovered that one of the properties that was sold to us as a 3-family is actually a 2-family, even though there are 3 tenants living there*. I'm speculating that the tenant who lives in the attic has been living there illegally. I contacted the real estate agent who sold us the property about this. She told me "I don't know what to tell you", and assumed a defensive tone of voice. Finally, she claimed that she gave us a "certificate of occupancy". I looked through all property pap...
- Mon Dec 28, 2020 8:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
Re: Best Way to Collect Rent Electronically?
LOLZKenkat wrote: ↑Sun Dec 27, 2020 7:21 pmNow begins a series of posts from people who haven’t read any of the replies.stan1 wrote: ↑Sun Dec 27, 2020 11:13 amHe said he would use Zelle, progress was made.Luke Duke wrote: ↑Sun Dec 27, 2020 11:00 amThis. I'm not sure why people continue to offer suggestions.manatee2005 wrote: ↑Sat Dec 26, 2020 9:09 pm People in this thread are trying to help you and you are refusing.
- Sun Dec 27, 2020 7:19 pm
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
- Sun Dec 27, 2020 3:22 pm
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
Re: Best Way to Collect Rent Electronically?
Thanks for all your generous feedback, guys. Took all your suggestions into account. In the end, I decided to go with Zelle on the preponderance of the advice here, and also on the advice of my realtor, who also assists me in managing my properties. It's not a perfect solution, but I guess it'll do, for now. Let's see what happens.
- Sun Dec 27, 2020 10:36 am
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
Re: Best Way to Collect Rent Electronically?
Do these have low limits on how much they can transfer at once? I'm soon going to have 10 tenants all paying on the first of the month. I can't afford bottlenecks. Also, can I stop payment from a tenant with these services, should I need to evict him? I've read that some of these services don't allow you to do that. There are laws that allow tenants to prolong the eviction process as long as they make a deposit of as little as $1 into a landlord's account. It counts as a 'good faith' attempt to pay rent. I want to avoid this by blocking a tenant from depositing partial payments during an eviction. If it weren't for this, I would have simply instructed my tenants to deposit their rent directly into my bank account, either in person, or thro...
- Sun Dec 27, 2020 10:23 am
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
Re: Best Way to Collect Rent Electronically?
OP Zelle works for me but may not work for you if your rents are over 2000. How big are your rents? My highest rent so far is over $900, but my new rental units will go for $1200. Also, everyone pays on the first of each month. Keeps thing simple and streamlined. Would that be an issue for Zelle? OP Receiving 900 to 1200 is unlikely to be a problem for zelle. In my experience 1500 is the lowest daily transfer limit. BTW that's a 33% jump in rent. Wow Zelle does not work for a few people. Some credit unions do not offer zelle so one of my tenants goes to the bank to deposit the rent. Another doesn't like to transfer so they go to the bank and deposit I gave my tenants a second option to pay rent by physically going to my bank (not far away)...
- Sun Dec 27, 2020 10:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
Re: Best Way to Collect Rent Electronically?
Yes, I was happy when I finally found this out. I had been under the impression that Zelle set strict limits. I also mistakenly thought that Zelle was a separate website, app, or program that I had to log into. It turns out that it is seamlessly integrated with my online bank account. Can't get any better than that. The only issue is that I can't block partial payments in the event of an eviction. We'll see how it goes.
- Sun Dec 27, 2020 10:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238
- Sun Dec 27, 2020 10:15 am
- Forum: Personal Finance (Not Investing)
- Topic: Best Way to Collect Rent Electronically?
- Replies: 89
- Views: 6238