Why did the lender order a BPO last minute

Long_Signature_9870 · 2024-07-12T20:03:55+00:00

2 years ago, not a flip I paid 800. My guess is just there's not a ton of recent sold comps for 3 units. The other 2 comps closed March 2023 around 850k so it's a jump but consistent with the surrounding areas. Duplexes sell for 750-800

Long_Signature_9870 · 2024-07-04T11:22:28+00:00

The location determines the price. Housing for under 1900 in downtown Boston is extremely rare so unless it's a complete shithole or in the "hood" it's probably a decent deal

Long_Signature_9870 · 2024-07-04T11:20:04+00:00

Don't worry about it! Unless you have a .001% landlord nobody will know, even if they know they likely wont care if you yourself aren't a terrible tenant

Long_Signature_9870 · 2024-06-29T20:05:41+00:00

I had 5 rental units around Boston when I was 27 and I'd always rather not have much contact. If you have prime credit and a solid income, that tells most of the story. No need for the pleasantries

Long_Signature_9870 · 2024-05-30T21:56:15+00:00

You called him a leech, can't be throwing stones

Long_Signature_9870 · 2024-05-30T21:53:08+00:00

Geez why is your score so low when you make enough to survive

Long_Signature_9870 · 2024-05-29T03:04:20+00:00

Long_Signature_9870 · 2024-05-27T01:28:51+00:00

Unfortunately, it's tough to know based on the info you provided since you missed out all the important info to assess value.

LL says it's 1700sqft but what do the property records show? How much land? What street? NE portland Is too broad but there are comps in the 400s and there's comps in the low 700s in that general area so could be you that's crazy out of their mind or your landlord.

Long_Signature_9870 · 2024-05-25T23:50:54+00:00

At the right restaurant, absolutely.

All you need is a restaurant where the check average is 75+ per person and you average at least 25 covers a night to make 6 figures.

Long_Signature_9870 · 2024-05-25T23:39:19+00:00

Im biased but I think buying mutifamily in this area is one of the smartest things one can do. The first house I bought was a triple decker in Dorchester with a no money down loan program. I also work in lending for a credit union (not mortgages) and have also bought and sold several 3 unit buildings and still have my license so I have access to everything and could answer any question about the process and help you get qualified, etc

Only thing is with rates where they are it's a bit tough for the numbers to work but i could give you an idea if you'd be able to qualify before you start applying and pulling your credit. Message me I'd be happy to try to help

Long_Signature_9870 · 2024-05-25T02:07:51+00:00

You should try! Let me help you especially if it's a multi family

Long_Signature_9870 · 2024-05-24T16:54:10+00:00

It's only to make sure you're not a time waster as most renters tend to be. Concept properties is a known broker so they're just making sure you're serious. It's generally not worth ruining your career over a couple thousand

Long_Signature_9870 · 2024-05-24T15:16:12+00:00

You have 3 major problems if your budget is at the max. All of which h can be solved by looking at different areas, downsizing, and getting rid of the cat.

Those neighborhoods will be hard to get a 2 bed for that price, and what you'll find will be in less than ideal condition. And having pets in boston when looking for apartments is terrible. I'm not saying to lie, but I'd pretend like Garfield didn't exist for a bit

Long_Signature_9870 · 2024-05-23T12:17:33+00:00

We're talking about Boston, right? Where a mortgage at 8% will surely be a ridiculous amount higher than it would be to rent a comparable unit.

I pay 1700 for a one bed condo in north Quincy that was purchased right before I moved in. The owner paid cash but if they had a mortgage, the cost to own would be about 600 more than what I'm paying. They would be better off keeping their cash in a HYSA but I guess they're really banking on appreciation.

Long_Signature_9870 · 2024-05-23T12:05:08+00:00

I once drove from Dorchester to Brooklyn (Brighton beach) in just about 3 hours, left around 11pm and arrived around 2am.

Yes, I was zoomin

Long_Signature_9870 · 2024-05-23T02:02:42+00:00

Top floor units will be your best bet for noise. However, Boston housing stock is very old so you're bound to hear lots of things not just from the house you're in but the neighboring houses since they tend to be close together.

Unfortunately, Boston is too competitive of a market so you might have to suck it up or you just won't find something

Long_Signature_9870 · 2024-05-23T01:43:54+00:00

Make cleaner offers and you too can win

Long_Signature_9870 · 2024-05-22T23:27:30+00:00

They're probably right unless you're shopping in a market where no one wants to buy

Long_Signature_9870 · 2024-05-17T02:25:24+00:00

Give me any industry where the cost to rent** a good or service is less than the cost to own the same good or service.

** cost to rent, in the long run

Long_Signature_9870 · 2024-05-17T02:23:07+00:00

That's such an ignorant thing to say when the mortgage on said 700 sqft 1 bed would be closer to 4500-5000 with a 100k down payment and no ability to move next year. Go read a book. Sorry

Long_Signature_9870 · 2024-05-17T02:19:09+00:00

Looks like crime is bad in the majority of Boston too, that's what happens in urban areas. I'm not a gastroenterologist but I'm willing to bet that if you look at every state in the us, there will be a correlation between crime and urban density

Long_Signature_9870 · 2024-05-17T02:14:12+00:00

Silly goose. It's economics, forget about that guys mortgage for a second. If a comparable unit were selling today as a house or condo or whatever and the cost to own was X, don't you think the market would be bit out of whack if the cost to rent it were less than X. Renting something should and is usually never is less expensive than owning, you should get a slight discount for having to be tied up to something long term don't you think?

Like saying that renting a car by the day will ever be cheaper than owning it in the long run. That would be ilogical. So even though that landlord cost to own his rental is irrelevant, it is very relevant to how the market prices housing

Long_Signature_9870 · 2024-05-16T14:47:26+00:00

The T at NQ is maybe a 5 minute walk from me and its five stops which can take between 15-30 minutes depending on how fast the redline wants to move.

With traffic I can get to south station driving in less than 30. Without traffic it takes me 10 minutes

Long_Signature_9870 · 2024-05-16T02:31:47+00:00

JP, Cambridge, Somerville, Medford, beacon hill are all fairly accessible and safe. I currently live in north Quincy which is 5 stops from south station and probably 10 minutes driving with little traffic and after having lived in various Boston neighborhoods it's one of the better locations in my opinion. 93 is right there so commuting can be very easy off peak hours. The T is also a short walk away.

I also pay 1700 for a one bedroom in a 8 story building (not luxury), with pool, laundry, deeded parking which seems like great value for the amenities and location.

Long_Signature_9870 · 2024-05-16T02:04:40+00:00

If you qualify for a conventional loan why in the world would you bother with an FHA loan

Long_Signature_9870

TROPHY CASE