All Forum Posts by: Adam Michael

Hey everyone,

I've just received an executed P&S for my 2nd property, this time in Providence, RI. One of the contingencies is based on the current lease agreements. My first property is in MA (3-family where I live currently) and I'm quite familiar with everything here but RI is a different animal. I have a great RE lawyer in MA who is a close family friend but unfortunately he does not practice in RI. I did retain a RI lawyer but he's been slow to respond so I'd like to "fact check" on my own.

Does anyone have or know where to find a standard lease agreement and a tenancy at will agreement for Rhode Island? I'm looking to compare the current lease agreements that I will be inheriting.  This is for a 2 family, which I will be moving into (and fully renting the 3-family).

Thanks

Adam

@Gerry Tenebruso 20% is probably the minimum you'll have to put down. Does your lender know you won't be occupying the property? That very well could change things. I'm trying to purchase a 2-family that I want to live in and need 20% as an owner occupant, in Providence, RI. It's contingent upon myself moving in within 30 days of closing. Otherwise I'm looking at an investment loan. There are 2 leases in place so I can't occupy within 30 days of closing. I've done deals with him previously and trust m 100%.

Hey Amber, I can't speak for CA but in MA the security deposit rules are pretty strict.  When I purchased my first multi family, I decided to give the inherited tenants their security deposits back, after I received them from the seller.  I didn't want to be liable for any mistakes made previously.  Despite wear and tear I figured it as worth the risk.  One tenant has been here 20+ years, the other 3+ and I was occupying the third unit. You'd have to check with your attorney about legality, but we did have them transferred in MA.

Thanks everyone. Jon Sidoti send me a message. I'd be interested in getting together to talk real estate but our 9-5 jobs overlap significantly and it would be great to talk further about that arena as well.

@Anthony Thompson I actually plan on attending the RIREIG meeting this month, maybe I'll see you there. I'll have to check out Black Diamond as well.  I'm in a 3 family currently.  Ideally I'll purchase another 3 before the end of the year (fingers crossed).

@Matt Turbitt

More good advice, thanks. I checked the vents earlier this year and they were clear, but it can't hurt to do again. Definitely going with Tilex. I'm not big on bleach and anything, plus I want to impress the tenants with the "professional stuff" like Gail said.

@Carlos Tavares

Good to know. I suppose there's a chance it's a bit of 3 as well, large bathroom, old fan. I did replace the fan on the 2nd floor recently.  Appreciate the input.

@Gail K.

Thanks for the input. I'm going to do exactly as you did.  It doesn't seem to happen on 2nd or 3rd floor's so maybe they don't use the fan as often as they say.  Glad to hear a heater won't do anything.  I was pretty skeptical on that.  I like the idea of wiring the fan to the light to ensure it's on.  Is this something you do?

&

You're right, mildew sounds much better! 

I have a multi-family and the first floor bathroom seems to be developing black mold on the ceiling (slowly).  There is a bathroom fan but it seems the condensation is still building up too quickly.  The ceiling is a white, stucco type.  Aside from cleaning the bathroom first and getting mold resistant paint, is there anything else you all would recommend doing? Should I repaint the entire bathroom? Or get a fan with a heater (tenant question)?

Any help is much appreciated, thank you in advance.

Hey everyone,

My name is Adam, 27 years old, located in the southeastern part of Massachusetts.  I'm relatively new to the real estate game. I live in a multi family I purchased just under 2 years ago and am in the process of searching for a 2nd multi-family. I'm interested in real estate between Boston, MA and Providence, RI.

I've been reading the forums here for quite a while now and there seems to be no end of knowledge to be shared.  I've decided to get involved as I find myself more actively pursuing ways to get into real estate full time.  My goal is to have several rental properties in the next couple years to create cash flow then turn my eye into potential development deals or flipping (while increasing rental units).  I work in sales for a major manufacturer in the construction industry.

Looking forward to getting to know the local professionals and network.