All Forum Posts by: Brandon Ingegneri

At a very minimum it gives you options to present creative, outside the box ideas to the seller as far as deal structure. Utilize it.

Find out specifically what happened to this property in the 2010 floods.  That is the absolute worst case flooding scenario.  If there was minimal or no impact, it should ease tensions.

This is definitely an area where I am lacking and would benefit from some insight.  Thank you for posing the question @Madison Guran

@Scott Rothwell.  If you are interested in Prov, the East Side is always very desirable.  It is expensive and carries a high tax burden, but it is a solid rental market that is only minimally impacted during a recession if at all.  Smith Hill, Federal Hill, Fox Point, Broadway, and Mount Pleasant / Elmhurst are also solid rental markets within the city.  If you are looking for an offshoot of the East Side, the neighborhood around Mariam Hospital is also desirable.  While it is still technically the East Side, it does have a slightly different rental market than the heart of the East Side near Brown University. 

You won't have any issue operating as a DBA, but you will not have the same layer of protection that you would have with a properly operated llc. If you dot your I's and cross your T's in the way you execute management, it shouldn't matter with the exception of extenuating circumstances.

Other than having a confirmation of rental terms, pay close attention on your walk throughs of the property prior to closing and make note of the condition of each unit.  You can tell a lot by the way a tenant keeps their unit.  Also include taking a look at the common areas of the property.  All that you can really request at that point from the seller is proof of payment for the last 6 months or a year.  If you have a neat, organized, and well kept apartment and proof of consistent rent payments, it is a confidence builder and is a more calculated risk as opposed to just taking a shot in the dark. 

A finished basement as an additional unit is unlikely in providence.  If there is any shot of approval though, you would need stamped comprehensive plans that provide sufficient egress and from there you will need to have the right attorney sell it to the city. This is one of those situations that is not as simple as applying for a building permit and pulling the trigger on the work.

Once you make the transition to commercial loans, you'll never go back.  Yes, you do pay a little more, but after you establish a relationship with a lender, the process is exponentially easier and more expedient moving forward.  There is much much less red tape as opposed to traditional financing, and no debt will show on your personal credit.  It is all debt service based which is ideal for someone establishing real estate as a business where long term debt will be capitalized on your books. 

Hello @Larry Sanni. I would be interested in being added to your list.  Any multifamily property in RI with 4+ units I would be interested in.  Thanks. 

@Mahran Izoli

I would investigate first to see if it is settling, or floor joists that need to be reinforced.  You may very well just have to add some lolly columns in the basement to jack the center stick.  If it is sagging on one floor and not multiple floors, it most likely is a joist issue as opposed to the entire property settling.  If that is the case, jacking up a temporary brace that spans the impacted joists will be step one.  From there, ensuring the correct dimensional lumber joists are properly secured will fix the issue.  

Other option as a quick fix is to put down some self leveler to even out the dip in the floor and then install laminate floors.