Comments for Massachusetts Property Blog

Comment on Future Years: Retirement Planning by WizKid

WizKid — Fri, 23 Jul 2010 11:33:59 +0000

It’s never too early to begin to save for retirement.
Wow, I’m amazed that at 24 you are thinking about your well being during your later years.

I found this great blog that separates population by "age groups" and demonstrates what is important and how to plan for retirement

Good Luck and hope you find it interesting

http://save-for-retirement.blogspot.com/
References :
http://save-for-retirement.blogspot.com/

Comment on Future Years: Retirement Planning by Rick

Rick — Fri, 23 Jul 2010 11:31:59 +0000

Not a bad list. While contributing to the max on the 401K isn’t bad, always use the max after the Roth — i.e., go 401K up to the amount matched (if any) by your employer, then the Roth, then back to the 401K (no need to lock it into an account with limited choices until the Roth is maxed). If you are single, the emergency fund listed is likely enough; if married, I’d probably push it a bit higher. Good idea starting early, and luck!
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Comment on Future Years: Retirement Planning by Steve D

Steve D — Fri, 23 Jul 2010 11:29:59 +0000

The only change I would make would be to take the 5K you are putting into the Roth and keep it in my emergency fund. This is not a fund for combined emergency/spending, but a fund for emergencies only, You should have 6 months or more of income as backup for emergencies only (your car breaks, you get laid off, etc.). Once you get the emergency fund where it needs to be, then switch to investing in the Roth. Second, with your investing in stocks directly, when you make your 401(k) investment decision, you need to take these investments into account and be a little heavier then normal on less-risky investments (bonds, t-bills, etc.). If your employer provides some investment advice, remember to tell whomever you consult with about all your investments, not just the stuff going into the 401(k) and Roth.
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Comment on Future Years: Retirement Planning by zeuz

zeuz — Fri, 23 Jul 2010 11:27:59 +0000

reasonable choices. Every year contribute to your 401k to the maximum, if possible. Choose conservative investments in your 401k — don’t believe the mutual fund salesmen who want to earn commissions — in 45 years you’ll have a substantial nest egg if you stay the course.
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Comment on Future Years: Retirement Planning by BeeBZ

BeeBZ — Fri, 23 Jul 2010 06:25:11 +0000

Is it too early for retirement planning? 24 years old?
I am 24 and have absolutely no experiences with investing.
After payaing off student loan and cost of living/expenses, I will have about 50K earning/saving by Dec 2009.

So I plan to distrubute them in the following wayL

401K –> 16.5K (I contribute the max allowed)

CDK –> 20K (I will use this for future house buying)

Roth IRA –> 5K (Will open with Vanguard or Fidelity, likely to do with Vanguard Retirement 2050 Fund)

Scottrade –> 7K (I buy stocks from about 10 companies I like or know GE, Boeing, BOA, Citigroup, Macys, etc)

Savings –> 2 K for emergency/extra spending

I plan to buy a house in like 4-6 years.

Please help me and give me suggestions. I am not sure if I am making the right choices or not
Thank you.

Comment on Buying a 2 Family Home- In Massachusetts can you evict current tenants? by Mr. Fix-It

Mr. Fix-It — Tue, 20 Jul 2010 18:31:59 +0000

A lease carries over in a sale…..You can ask the tenants to leave in the required time frame when the lease comes up for renewal,, Or you can TRY to buy them out,,,,If there are no leases it is simply a case of giving them 30 days notice…..I have to comment on another answer—-yes -the lease may state that tenants must vacate if sold—-but in my State that clause was challenged and found to be a violation of state law so don’t count on that….How long are the current leases ?
References :
Landlord

Comment on Buying a 2 Family Home- In Massachusetts can you evict current tenants? by loanmasterone

loanmasterone — Tue, 20 Jul 2010 18:00:59 +0000

The lease is not your problem. You should have in your sales contract that the property must be vacant prior to closing. You might also charge a fee for any day after closing that the you are unable to occupy the property based on the buyer not delivering the property to you as per the sales contract.

If you don’t have something similar in your sales contract and allow the real estate agent or seller to tell you not to worry it will be taken Care of. Trust me it will not be taken care of and at closing they will say this is not in the sales contract and we thought you knew the tenants were there and had a lease.

It is then then up to the current owner to deliver the property to you in the condition that you require.
Most of us on this forum have no idea about the language in the lease. There might be a clause that state the tenants know of a possible sale and would vacate the property at a certain time during the sale period. There might be a possible buy out of the lease. No matter it should not be your responsibility to have the tenants removed. They did not sign a lease with you. This is the current owner’s responsibility.

If the real estate agent and current owner have a serious problem with this type language in the sales contract, you are better moving on to another property for you and your family.

At the final closing do not sign any docs until you know that the property is in fact empty. Have a walk through the day before closing to make sure that the entire property is vacant. At the closing you might have one of you children or a responsible adult to be at the property and call you prior to closing that the property is still vacant and no one moved back into the house.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"
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Comment on MA Private Property Law? by Muffin

Muffin — Tue, 20 Jul 2010 17:52:59 +0000

Its called a easement, Its probably state law, but its pretty much the same in every state. You cant fight it, since its for the public as a whole. About the tire thing, its according to where the easement runs. Most roads have a shoulder, and the shoulder is still considered to be part of the road and public property.
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Comment on What can you do if a horse damages your property? by feuer357

feuer357 — Tue, 20 Jul 2010 17:45:59 +0000

Such damages allow you to file a lawsuit, so confer with an attorney.
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Comment on Lead paint in a home? by Bob - Kitchen Design

Bob - Kitchen Design — Tue, 20 Jul 2010 17:44:59 +0000

Hi,

I recently attended a class on lead paint and the safe removal of it. The class was a one day class and was well worth going.

Here is what I learned, that lead paint is extremely hazardous to children and needs to be handled as if it were a Hazard area with contamination. there is more information about it at my blog http://kraftmaster.wordpress.com/2010/05/18/nj-kitchen-remodeling-new-lead-paint-laws/

Here is a FREE pamplet for you about lead paint in the home http://www.epa.gov/lead/pubs/leadpdfe.pdf

From what I learned the lead paint needs to be handled (by a professional)

Hope this helps

Bob

KraftMaster Renovations
http://www.kmrenovate.com

Kitchen Intuitions
http://www.kithenintuitions.com
References :
http://kraftmaster.wordpress.com/2010/05/18/nj-kitchen-remodeling-new-lead-paint-laws/