All Forum Posts by: Adam Michael

Ron Rohrssen Shannon Slade Blair F. Thanks for the feedback. I think what I'm going to do is add my contact info to set up showings, hand the prospective tenants a physical copy of an application, as well as my own rental guidelines and then send them the Cozy.co app and background checks if interested.

I know a lot has been mentioned on here regarding cozy.co but I have a very specific question and am still a bit curious as to how best to proceed. I have two units, at two separate properties, that I will be listing for rent in the next week or two and will be doing so through Cozy.co. I've never used this before and my plan was to list the apartments, put my contact info in the description, set up individual showings (maybe an open house type) and then if the prospective tenants liked the apartments, I could email them the application link on the spot. I plan on utilizing the site for payment as well. Is this how most of you use Cozy when you list and show an apartment? Any advice on your procedure would be much appreciated.

Hey all, I recently closed on a 2-family property that I plan on moving into and staying for a few years. The first floor kitchen and bathroom has been upgraded and I plan to add some fresh paint etc when the current tenants lease expire. I'm going to move into the 2nd floor and renovate the kitchen/bathroom. The property is in a great location so I plan to make it high end. There is also a large walk up attic space and eventually plan to add dormers and finish it. There are two electrical boxes currently, one for each floor. The electrical is in fine shape but some of the outlets aren't grounded. I recently had an electrical outlet blow out at my current property (yet to get the electrician in). It's got me thinking that I should upgrade the 2-family electrical to structured wiring and get it done while other renovations are going on, rather than do it down the line. Does anyone have experience with this? Is it worth upgrading the wiring throughout the house? Any idea on ballpark cost? Thanks Adan

Jim Murray Anthony Thompson Thank you for the response. Much appreciated. I'll most likely ask my attorney to assume the designation as it will only be until the end of May.

@Anthony Thompson Could you please elaborate on the nonresident landlord for? What type of "agent" needs to be designated? Are there requirements for said agent? Can it be anyone living in Rhode Island? Does it have to be a real estate professional, etc? Thank you.

The other night I had dinner with one of my biggest customers (W2 job) and it came up that him and his brother own 45 units. Topic came up because I'm moving into my 2nd property soon. I have a three family and am closing on a two-family shortly. We do a significant amount of business with his company and they've always been extremely welcoming, accommodating and open-minded while I've learned the business and about our industry (in the construction market - I work for a manufacturer and he's a contractor). We talked a bit about real estate and I know I can learn a ton from him. Him and his company have helped me learn about the industry I'm in, letting me visit job sites at will and getting to know all his foreman. I've been working with them for a few years now but they've doing business with my company for 40+ years. They're all great people and have helped me a tremendous amount. I started out in this industry 5 years ago right out of college with no experience, just turned 28. I'm going to write him a letter asking if he'd become a mentor and I could shadow him and his brother when they look at property, etc. I'm wondering if any of you out there have any advice on how to approach this. Needless to say, anything involved in our day to day business relationship will be excluded. Any feedback is much appreciated.

@Emily Allred 

There seems to be a very simple piece of advice that doesn't get mentioned on here often enough when people ask questions doubting their purchases/deals. If you can't sleep comfortably at night when making a deal then walk away. My parents gave me that advice when I got started in real estate and constantly remind me. They invested in real estate at young age and have years of experience. Anyone can "analyze numbers" and say it's a "good deal or not." If you're not comfortable then walk away. Losing $1700 is much better than being on the hook for $132k.

@Colleen F. Are you saying that in all rental property in RI, the lease needs to be posted in the unit? Or are you referring to vacation rentals only?

@Victor Eng I like the contracts you've got.  The previous people I've used didn't have first/second push but just came and did it I suppose.  This morning I actually met a neighbor who plows and he did the driveway as a neighborly courtesy.  He's going to do it moving forward, couldn't have worked out better.  The pricing you mentioned is right in line what I've paid in the past.

Good stuff, thanks everyone.