All Forum Posts by: Brian DePamphilis

Thanks Jon, great feedback. Just sent a PM to chat some more! Appreciate you replying 

Hi All, working on my first deal, a BRRRR condo in Lowell. Closed last week and my contractor is starting work on it now... hoping to rent out by March 1. I used cash/HELOC for the buy/rehab parts and I am now starting to think about the refinance. Anyone have any good recommendations for BRRRR-friendly banks/lenders in Lowell? Ideally I'd love to not have to wait 6 months but will if I have to. Thanks in advance!

Thanks Daniel - yes it sounds like requiring renters to have renters insurance is a good idea. Appreciate your response 

Hi All,

I am new to real estate investing... about to close on my first rental - a small 1-bedroom condo in Lowell, MA. Having some trouble figuring out what type of policy I will need. From what I can tell from the condo docs, the master policy covers casualty and physical damage to buildings, public liability insurance, workman's comp, fidelity bonds, etc. I have a "Landlord Condo Insurance Quote" through Geico who I use for my primary residence that covers Dwelling, Household Furnishings, Loss of Use, Personal Liability (up to $500k), Medical Payments, Replacement Cost Household Furnishings, Building Ordinance or Law Coverage, Limited Fungi or Other Microbes Liability & Remediation. 

Am I missing something? Note I am not taking ownership in an LLC, but under my name

Thanks in advance. As mentioned I am new to this and I am have been a bit confused trying to determine all the differences between homeowners, landlords, umbrella policies, etc. Just want to make sure I am set up for success. 

Hi All,

I'm in the process of in an offer on my first duplex. It's a duplex and will cashflow nicely in a growing area. It is in decent shape, and has tenants already which I'd prefer to keep in place at this time as I get up-to-speed becoming a landlord. One unit is tenant-at-will, lived there over 3 years and per the sellers agent, has always paid on time and in full at market rates...good news. The other unit, I was told upon my asking, "had an issue [paying rent] at beginning of covid when they were laid off, but are back on track now". I don't have much info other than that. The seller already used the last month rent that they'd had collected at the beginning, and their lease will be up Dec 31st (right around when I would be closing). It sounds like they expressed interest in staying, and I'd prefer to not have a vacancy right after I'd buy it. I'd be interested in what people recommend. Should I dig in deeper and ask more questions about the missed rent prior to making an offer? If I get the place, should I try to retain them and have them sign a new lease (providing another first/last)? Or just try to rent it to new tenants and risk a month or two of vacancy. Just curious if anyone has gone through anything like this. I'd be a first time landlord and have never inherited tenants, so not sure on what questions to ask. Massachusetts is also a very tenant-friendly state, so if they refused to leave/pay I know the process could get complicated and costly.  Appreciate any advice. Thanks!