All Forum Posts by: Gabriel L.

Question for the RentRedi users: do any of your tenants have trouble with the fact that everything is done through a mobile app? What about tenants that don't have smart phones or  aren't comfortable using mobile apps? 

Everything about RentRedi seems great except for the lack of a web portal and the ACH charges. 

@Brandon Ingegneri good ideas, will definitely be on the lookout, thanks!

@Anthony Thompson That is helpful, thanks for the explanation!

@Anthony Thompson I’ll double check on what’s in the Confirmation of Rental Terms document and make sure it includes contact info. And we unfortunately already started looking into eviction lawyers (for the worst case scenario). Question about the switching tenants to our lease: have you been able to do this before their year to year leases were up? Happy to jump on a call if it’s easier.

@Luan Oliveira Both tenants are below market rate, one really below :-( The numbers work pro-forma so going back and forth whether the vacancy is worth it. We will definitely ask for proof of a few months payments! Thanks!

@Sam Albert Thanks so much for the detailed response. Yeah, I’d really prefer to get a vacant property or one with month to month leases. Unfortunately, the current tenants in this property have year to year leases. It’s super helpful to see the pros of a month to month lease. I hadn’t considered that before, but it makes a LOT of sense, I appreciate it. 

When/if you do estoppels, do you add more questions to them to get the rental history, rental payments etc? 

Hi RI Investors,

I am looking to purchase a multifamily property in Providence, RI that has tenants with year long leases. Does any one have advice on key things to do before you inherit tenants— from the letter of intent/draft P&S to actual closing? Would you recommend estoppel agreements? Has there been anything you wish you knew before you inherited your tenants?

Thanks in advance!

- Gabriel

@Sara Blouin Just curious how this ended for you? We're in the process of looking at multi-families, and most have year leases (and can't be delivered vacant). 

@Fan Bi - We basically felt with the pandemic (and not being able to safely go out, eat out, etc) that this was the right time to move from renting to building equity. We are fortunate enough to be able to work remotely for the foreseeable future.

We initially considered everything from Hudson Valley area in NY to Texas to New England, and eventually landed on Providence or Worcester mostly because it was close to my wife's family. The numbers on paper for both cities looked decent (especially for our NYC salaries), and we're honestly leaning towards Providence for no other reason than to avoid any further delays in decision making. (Every city and strategy feels like it has potential and thus we are experiencing LOTS of analysis paralysis).

We definitely see the seller's market. It feels like every property is being snatched up. We felt house hacking in a multi-family might be a good way to go since it means we can live for "free" / take advantage of owner occupied mortgage rates (if not BRRRRing) etc. It does mean that we've been focused on annualized rates of return over cash flow/cash on cash return. Would be really curious what factors you look for when evaluating properties in MA/RI etc, where the market is more competitive and home prices are higher relative to rent.

Hi @Anthony Thompson, thanks for your reply, it's really helpful. We definitely would want to focus on small-medium projects, but we're having a hard time creating a realistic budget/timeline for the Rhode Island market since we don't have a baseline of "normal".

We've been following David Greene's journey, and reading/listening to how other people have BRRRRed in other markets. Do you have any advice on how to find models of BRRRR / rehab timelines and costs for Providence? For example, if we are looking at a three unit multi-family property (2 beds/1 bath each) where the kitchen and bathroom could use a refresh and bit of modernizing, do you have any suggestions on how to come up with a cost estimate and timeline during non-covid times? and then how would we tweak that model during covid times?