All Forum Posts by: Filipe Pereira

Easiest way to do it is just put him through the screening process like anyone else, then write a new lease. Your husband is right @Erica L.. Make sure the new guy understands that he can't stay any longer than what his sister is willing to commit to. When she goes, he goes. And if he leaves early and she becomes delinquent, he's on the hook too.

Bridgeport CT is pretty rough. Make sure you use an agent that understands the neighborhoods, or you may be the proud new owner of something not so great! 

"Bridgeport is the only city in Connecticut – and the broader New England region – to rank among the worst U.S. cities to live in. A relatively poor city, the typical household in Bridgeport earns just $44,841 a year, and more than one in every five city residents live below the poverty line. Those on the low end of the income spectrum in Bridgeport are strained further by the city's high cost of living. Goods and services in Bridgeport are 30.8 percent more expensive than the average nationwide."

https://www.usatoday.com/story...

I have experience with 2 BRRRR deals in West Hartford. One went OK, and the other finally went up for sale. In the case of the one he listed for sale, the owner simply chose too niche of a property, and miscalculated the ARV based on several factors unique to the property. Bad driveway slope, tight road, bad lot, tiny garage, and an even tinier kitchen. If it wasn't for the med school / post grad students we found to rent it, I'm not sure it would have ever been rented by a regular family at the rate we got. West Hartford, CT is an amazing town, with great academic resources (so try to get a 3 bedroom if you can) but the price points are very high to the point that most investors choose to spend their money elsewhere in Connecticut.

Fear can be removed by two things, Alden. 

1. Money. 

2. Experience. 

Those are the easiest. If you had a billion dollars, you wouldn't worry about losing a million. So one option is to save up enough money so that you are less scared of it all (may not be super feasible). 

Experience is hard to come by when you don't have the money to make it happen, so you may just have to find someone operating your local Mass. market to shadow. It's not just rookies who are feeling the pains of a tougher market. There's a lot of seasoned investors out there that are now also starting to look further west, outside of Boston. Springfield, Worcester, and parts of northern CT have all appreciated nicely in the last few years (and especially in the last 12 mo), starting in Worcester and working westerly. 

Best of luck to you. It's a tough fight out there right now. 

That's a legitimate counter argument to buying with leverage. This is often times a personal decision. What one person may be OK with is not what another person feels comfortable with. It's going to depend largely on how risk averse the person is.  

We have most of our tenants in our CT and western MA property management portfolio paying rent through cozy.co. It's been a free, easy way of keeping track of rental income and tenants love it. 

Usually on bigger jobs we provide photos and videos to any of our property management clients @James Green. If it's something small (i.e. plumbing leak) we don't bother unless specifically requested. At a certain point you have to be able to trust your PM, but for most clients that we've established a relationship with, they trust that we are doing our jobs correctly and fairly. 

No leverage allows you to buy 1 property for 100K that cashflows 10,000 a year.

WITH leverage you can buy 4 properties for 25% down on each where cashflow will eventually be 10K per year per property. 

Do you want to make 10K a year with your 100K, or do you want to make 40K per year with your 100K one day? 

How did I do @Carl Flint?

I could be wrong, but I believe 203K loans require the renovation to be completed within a certain time frame, and even if they don't, your contractor will want to get paid. It's unlikely s/he will want a long, drawn out rehab process. Get in, get the reno done, pull out equity if you can, and keep moving forward!

Yes, @Jason Schubert pretty much just as you described it. Except instead of trickling money in each month I just lump sum it in all at once (as soon as I have the savings to do that). It's just one less thing I have to think about doing monthly, so it's a nice stress reducer for me. 

I built a excel doc to process all the reports you're referring to, and it's free, so I've had a hard time justifying paying for fancy software as of now. Cozy is great for tracking income, for sure.