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All Forum Posts by: Adam Michael

Adam Michael has started 8 posts and replied 30 times.

Post: Snow Removal in MA & RI

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

@Account Closed Appreciate the feedback. Something to consult with my lawyer as well.

Post: Snow Removal in MA & RI

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

@Account Closed I know I'm responsible and I do. It's not my responsibility to have to tailor snow removal to individual needs though is it? Let's say the tenant has to go to work at 5am but it started snowing at 4am and I have snow removal set up. Snow removal could come at 7am when the snow stops. It can't be my responsibility to have them come multiple times because she works odd hours. If she needs to get out and it's still snowing then her, her husband or her 21 year old son should be helping, not me doing it my self or paying someone extra to do it.

Post: Snow Removal in MA & RI

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

Sitting here in the process of being snowed in, it seems like the perfect time to ask...

What are the timelines/rules people use for snow removal? I had a landscaper last year but this year they decided not to return my calls or show up for the first storm.  They showed up to my MA property today (after I had shoveled twice - staying ahead of it). I let them get two passes before I came out and told them sorry but I didn't hire you this year.  I always keep up with the walkways but what about the driveways? Pretty sure Boston and Worcester have rules along the lines of 3 and 6 hours, respectively, after snow stops falling, but I can't find any standard. I'm under the impression that it is the landlords responsibility for all snow removal.

The reason I'm asking is two-fold... 1) Previous owner paid landscaper to come twice, snow removal for the storm and once before 5am to get one tenant out for work (unless it coincided) - if it's still snowing then is it my responsibility to get her out? I think not, but if it stops at midnight and she leaves at 5am? I think so... 2) I have a property in RI and the inherited leases say "tenant is responsible for all snow removal." This has a shared driveway and the two owners have always split a plow (fair IMO).  Other than that it's only two small entrances and cleaning the cars off, almost no walkways or extra driveway space.

I'm under the impression (at least in MA) that I can't (or it isn't illegal) for me to dump snow removal on the tenants. Any experience with this for MA and RI?

Thanks BP

One more Gentemen Jack before back to shoveling...

Post: Massachusetts (Worcester

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

@Account Closed

I suppose calling Providence a "second tier" city to Boston might make some sense but I can't understand putting Providence and Worcester on the same level. As said before, there are certain neighborhoods you definitely want to stay away from in Providence but, as a whole, the city only has one direction to go and that's up.  The cost of entry in Boston is getting out of hand but there are some great areas in Providence (East Side) that are already solid or about to pop (Fed Hill/West End).  Just take a drive the West End and Fed Hill and you can see a ton of properties being totally rehabbed and renovated.  

So you know where I'm coming from... I have a 3 family in MA just over the RI border, about 10 miles from Providence. I'm closing on a 2 family on the East Side of Providence near Brown University soon, which I will occupy. I drive all over MA every day of the week for work and comparing Providence to Worcester or Worcester to Springfield really isn't apples to apples.  I work in sales for a major manufacturer in the construction industry. I spend on average one night a week in Springfield. I've never looked at the numbers to compare returns. For me, it's all about location. I'd rather have the ugliest house in the best neighborhood than the nicest house in the worst.

At the end of the day, it's all about what your goals are and if the numbers work for you.

Post: BP Feedback/Evaluation on 3-family

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

@Brent Coombs @John Leavelle

Appreciate the feedback.

I didn't take property management into account, forgot about that. Eventually I'll look into that but not yet.

You're right about the rents. I'm moving to a recently purchased 2-family in June and I plan on asking the longer term tenant if they would assume a pseudo-property management type role (cut the grass, shovel/salt walkways, etc) in turn for not raising the rent when we extend their lease in April.

I don't think the current value has risen enough to eliminate PMI yet but incentives that's gone it will provide a nice boost in monthly cash flow. I'm still learning about the cash out refinance route, further down the line it seems like a smart play.

Post: BP Feedback/Evaluation on 3-family

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

I've read a lot of great info on here and am curious as to how you all would evaluate this deal as good or bad.  I was glad to read a post the other day (forget by whom) that said something along the lines of if you're buying a long term multi then cap rate etc doesn't mean too much or isn't the most important, what matters is if the numbers work for you.  Something I completely agree with.  That being said, I view this as an extremely successful deal (in terms of my goals and situation).  Curious as to what the BP community might think.

Background - 3 family house (all 2-bed). I currently occupy one unit. I'm moving out in June and will have occupied the property for 27 months. I've lived rent free, haven't contributed to a mortgage payment and have 1 extra month of collected rent from 2 units prior to beginning payments on the mortgage.  Inherited tenants, one going on 20+ years here, the other 3+.

Purchase price - $290k, 10% down, 30 year fixed rate

Monthly payment - $1860ish - has gone up a few dollars to add to escrow. Includes taxes (around $3400/year), insurance ($2k), mortgage insurance (about $170/month).

Current rents - $1930 for 2 units (slightly under market - I'm happy with the tenants).  Average rent for 2-bed units in the area is $1100-$1150. Will market my unit for $1100 when I move.

Expenses for 2016 - around $4500. Includes utilities (water, sewer, trash pick-up), common electric, maintenance/upkeep items, snow removal. Also includes $60/month for rental water heaters (property came this way - I realize how much $ that is in the long term, but it is completely worry free and saves me an expense if needed to fix).

I think that covers everything.  Your feedback is much appreciated.  Happy New Year BP!

Post: Black Mold on Bathroom Ceiling

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9

You all provided such great advice previously, I'm back for more.

I looked into all the possible issues and it appears its a combination of things.  Initially, unit 1 had the issue and after cleaning the ceiling myself and listening/testing the fan for the better part of an hour it's safe to say the fan is either at the end of its life expectancy or not powerful enough (replaced with 110+ cfm fan). 

I checked unit 2 and they seem to be having a similar build up.  However, their fan was replaced within the last year.  Possibly the fan isn't strong enough? I know they leave the fan on for quite a while (I live above them) and they have the same size bathroom.

My question to BP is two fold... 1) Do I replace both units with stronger fans (unit 1 definitely)? 2) Would it be wise to call in a ServePro type place and have them get rid of the build up once and for all? I scrubbed with a mildew/mold remover and brush for about an hour and still couldn't get it all off.

Other info... Unit 3 is a smaller bathroom and hasn't had any such buildup. Not overly concerned with costs of a professional clean up or new install (electrician is a family friend).  Solely concerned with solving the problem once and for all before I move out (soon).

Post: How to structure bank acounts

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9
Kim Meredith Hampton I'm sure it varies state to state but have you found needing different types of accounts for rent vs deposits? I.e interest bearing savings account for deposits vs a checking account for rent.

Post: Cozy -tax/income reporting question???

Adam MichaelPosted
  • Investor
  • Providence, RI
  • Posts 30
  • Votes 9
Jeff A. I wish I could help you out, but I'm actually curious as to what you find out. I don't use Cozy currently but will be moving out of my current multi family and I feel this will be easier/less hassle for the tenants vs mailing checks each month.