Meeting notes: 1/5/24 6:30pm Kelly's 1st Friday of the month.

Good group!

1. Tony's dilemma - Bad Tenant causing problems with another Tenant and Neighbors, Police called multiple times BUT still paying Rent on Time.

Suggestions: Why wasn't this obvious when interviewing the Tenant. We reviewed a couple of ways this bad behaviour could be stopped. Also we found the Hot Button that could get this tenant to move on!

2. Property in Peabody that we saw when Tony Youngs last did his Hidden Market Tour for our Association. We all saw it, no one pulled the trigger (made an offer). It sold for $373k, fixed up and Sold for $725k (Home Run!). Robbie pointed out that it was Maxed out!, to the studs! with ALL brand new Appliances, Floors, Paint, Landscaping, HVAC and electrical.

AnnMarie sent all the details and photos for everyone there, hopefully for us to learn from. Moral: When you see Cinderella, do something, it's too late to try and chase down a slipper later on.

Actually we did see it 11/14/2021 and it sold 4/19/22, fixed up and resold 12/14/23. So not exactly that we missed it by a day:-( What do they say in Airports - If you see something, say something! To the Owner of course.

3. Gerry's concern, great house in West Peabody but the taxe
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Hello Everyone,

    This version of our testimony on rent control and rent stabilization is improved. And I include the email addresses of the Housing Committee members at the bottom. You can copy and paste the email addresses into the “TO” line of your email. A pdf version is also attached. We are open to suggestions. Thanks for your help.

Small Landlord Letter   No. 27   November 12, 2023

  By Skip Schloming, Ph.D. & Lenore Monello Schloming, M.A., 50 years as small landlords, 23 years as leaders of the Small  

  Property Owners Association (1996-2021).  617-354-2358   contact@SmallLandlord.com

Rent Control Harms EVERYONE

Only landlords pay for rent control? Hell, no! Everyone pays.   

Single-family owners, condo owners, ALL multifamily owners PAY

&n
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 https://blog.nomadlease.com/prepare-property-winter-checklist

https://www.homedepot.com/c/ah/how-to-winterize-a-house/9ba683603be9fa5395fab90eefdc135

Summary & my 2cents

Maximize your Heating Options: Gas, Oil, Wood burning, GeoThermal, Solar?

Inspect your Homes Exterior: Roof, Gutters, Downspouts (Water is directed AWAY from your Foundation!) Insulated Cover for ALL exterior faucets. (Frost Proof Sill Cock is Best!) 

Inspect your Furnace and Filter

Keep the Warm Air Inside: Weather stripping, Spray Insulation, Windows & Doors fit tight.

Prepare for Emergencies: Flashlights that work, batteries, Battery powered Radio, Prescriptions, Xtra Pet Food, (Bag of Sand, Shovel & Jumper Cables in your Trunk)

Cleaning up: Start your SnowBlower & Gas up also Call your Plow Guy. I start Every Winter with New Snow Shovels at each house (house # painted all over the Shovels, Extra Bags of Sand and Salt. and Advise Residents: I'll have someone here as soon as possible but if you need to get out in a hurry, here's the Shovels, Sand & Salt) 

Everyone knows that as interest rates rise, real estate prices drop.  It is only natural.  If the current interest rate is 4% on a $300,000 loan, the monthly PI (Principle & Interest) payment is $1,432.25.  If the interest rate goes up to 7% and the average buyer can only afford a monthly payment of $1,432.25, then the maximum amount they can borrow goes down to $215,277.40.

This is affectively what has happened over the past year and a half, so why have prices continued to climb?  That’s a great question and can be explained by the extremely low inventory levels.  The level of inventory has been so low for so long that the principles of supply and demand have caused prices to increase dramatically. 

In other words, if interest rates hadn’t risen so much so fast, the average loan balance may have risen to $565,000.  That is what the borrowers could afford based on the current average monthly PI payment of $2,700 and an interest rate of only 4%.

The following chart shows the affect interest rates have on a borrowers ability to pay over the past 18 months.