In these ever-changing times, we’ve been updating almost daily on our Facebook page. Check us out here.
We’ve been taking in information from some smart people over at the Dr. Joe Show about protocols and how to handle this virus. Something really important is to let others know who is sick. Don’t keep it on the “DL,” everyone needs to know if they have had contact with someone who tests positive so that they can protect others. Keeping that information secret will not help flatten the curve.
Now, a note to landlords: a lot of our tenants will be losing their jobs soon. How can we handle this? First and foremost, make sure to communicate with them and ask how they are doing. See what you can do to help. Secondly, you should talk about how to proceed in light of the current and near future hardships. Work together to deal with rent and mortgage and be open. Perhaps figure out what they can afford and worry about the rest later.
On a final note, we were a sponsor for the annual Marshfield Education 5K. As a result of this no longer happening, we have a lot of unused Gatorades. Since the virus may come with a heavy bout of dehydration, we would be happy to deliver these extra drinks to anyone in need of them.
If you’re feeling the symptoms, it’s Tylenol, vitamin C and hydration.
While practicing safe spacing, we’re available for your conversations virtually. No obligations. If you have any questions or concerns, contact us by calling (781) 319-1900.
Beware of financial relief scams! During this time of uncertainty, our elders are especially vulnerable to phone calls from scam artists.
Have conversations with the senior citizens in your life about not falling prey to calls regarding government-issued relief acts, like a check that may come in the mail for them. These calls will ask for banking info, social security info, etc. Remind them the government is never going to call and ask for these things.
Be diligent. Cyber attackers are coming in full force with phishing expeditions to try and fool people. Remind our senior citizens not to give out their info or be taken advantage of. They can be trusting and may believe there’s an honest person on the line.
Also consider they may have already been duped and are too embarrassed to tell anyone. We must keep the vultures at bay in this troubling time.
Phones and email lines are always open over at Stiles Law. If you have any questions about financial relief scams, contact us by calling (781) 319-1900.
Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.
Good news: mortgage interest rates are currently extremely low! Connect with your loan professional find out if it’s a good time to refinance your home. When you refinance your home, you can reduce your payment and/or take cash out which can be used to invest in other real estate or in the market with the help of your financial advisor. If you are in need of help, Stiles Law can help you find a trusted loan professional.
If you already have one, please consider asking them to have Stiles Law handle the closing. We promise to handle the process smoothly and efficiently.
If you have any questions about mortgage interest rates or refinancing your home, contact Stiles Law by calling (781) 319-1900.
We received this question from a viewer: “Can I buy a property that my siblings and I inherited?”
As long as everyone is in agreement of the purchase, you can. Assuming that the probate was done correctly, you and each of your siblings owns an equal part, so you must settle up with them on their share.
Next, you would have to consider if you’re looking to obtain financing to pay off your siblings. Buying off other owners in this situation is a little different from the typical home buying process.
If you have the funds already, you can pay them their share, put together the paperwork, draft the deed, and record the deed.
Alternatively, you can obtain financing to pay off the part you did not inherit. Make sure everyone is in agreement and the documents are in compliance with what the bank needs, including the purchase and sale agreement and proper loan documents.
See our other video on gift of equity here: https://youtu.be/2ms49POltik
Some do it through a refinance transaction, some through purchase, but it can be done.
If you have any questions about splitting inheritance, contact Stiles Law by calling (781) 319-1900.
If you’re interested in becoming a real estate investor, this video will help you avoid a few common mistakes. The first mistake is when investors rush to fill their property. It is far more expensive to remove an individual from your property than having a vacancy for a month or two. Rushing leads to an improper screening of the tenant.
The second most common mistake is the mishandling of the security deposit you receive from the tenant. It is important to do a walk through of the property with the tenant to address the condition that the property is in. The money that is given to you by your tenant is not your money, it should be held separately in an escrow account under their name and social security number. You are simply holding this deposit for what could potentially be a problem.
Another mistake is understanding that this investment is a business, not a hobby. Your tenants are your customers. A book with great pointers on this topic is “Secrets of a Millionaire Landlord.”
With a business comes a team, having a team is a huge part in this investment. The mistake is made when you believe you can handle an investment alone. Having professionals involved is a key role to this investment. Make sure you have your agent, closing attorney, mortgage professional, financial adviser and CPA lined up for each investment you make.
The number one thing to avoid is fearing the investment. Investors sometimes do not start soon enough, but this is where wealth is created. Do not hesitate! A book to help with this step in getting started is “Rich Dad Poor Dad.”
If you have any questions on becoming a Real Estate Investor, contact Stiles Law by calling (781)319-1900.
Stiles Law has an important reminder for you: Real ID’s are due to be updated by October 1st, 2020. Why we are reminding you of this? That is because Lender and Title Insurance Companies are going to be looking at us, Closing Attorneys, to verify your identity. Head down to your local Registry of Motor Vehicles or AAA office to get your real ID today and stay ahead of the game. If you have any questions regarding the Real ID, contact Stiles Law by calling (781) 319-1900.