All Forum Posts by: Jeremy Trier

Hey Brandon,

Since I am inexperienced with rehabs and have never done a full flip or BRRR, if there is a property that I'm interested in I ask a General Contractor to walk the house with me. If I've already hired them to do this job for me they might come with me for free, however if I have no commitment or arrangement with them, they charge me a fee to do so. Probably around $250 give or take the size of the property or the complexity of the repairs needed.

I've got to say that the property I currently house-hack needed a good amount of work and it was difficult to handle that as a first purchase and trying to live in it while repairs are being done.  It didn't need a full rehab and we waiting till most work was done to move in, but it was still a lot more than I thought it was going to be.

Best of Luck,

Jeremy

Hi Brandon,

I live in Pawtucket and am currently house hacking.  It still can work, but it would be hard to find a deal that would enable you to live for free.  Not impossible though!  

That grant is wonderful but it's sending more buyers in the market with very little inventory already.

Are you analyzing deals? Do you have a budget? Are you house hacking a SFR by the room or Multi-unit by apartment?

I would recommend finding a Real Estate Agent that is experienced working with Investors.  They can help you find what might work for you.  I know several if you'd like to PM me.  You can swing by my place and check it out too if you're in the area.  BTW Rhode Island has a Real Estate Investors group.  You can find us here -> https://rireig.com/ 

Best of luck!

Hi BP Fam,

I have a friend living in Springfield, VT. She says the electric in her apartment is not wired right and that she is paying for her neighbors electric. I told her to trip the breakers to see if the lights go out already. Does anyone know a good electrician in that area who could take a look?

Hey @Mark Green, I'm an investor who lives and owns a multi-unit in Pawtucket.  A few things that I would do is to call that exterminator and ask their advice.  They may be able to remove the bugs if they can at least get into all the units.  Sounds like you may have done that already.   Honestly if you'd like me to swing by and knock on their door on your behalf I'd be happy to do so.

Personally I would give them notice if they won't get their unit in order.  If they are month-to-month you don't need to give an explination or blame them for the pests.  Rents are going up here and housing is in high demand.  I bet you could find new tenants quickly once you resolve the situation.  

Please let me know if there is ever anything I can do to help.  

Besk of luck,

Jeremy

@Sohaib Mannan Congratulations and welcome to the neighboorhood. I live in a triplex just over the line in Pawtucket (Quaility Hills). I don't have section 8 tenants but I would highly recomend taking Anthony's adivce. He knows his stuff and I would want to do the same in your shoes. I would especially recomend that the repairs the seller agreed to be in the P&S and that you have a re-inspection after they are complete. The guy who sold us our house agreed to several repairs and did not complete all of them. Only one or two were in the P&S and my realtor did not point this out to me. We all missed them at the final walk through on the way too the closing table.

Live & learn.  Best of luck.

We own 55%.  You asked about appetite for risk and need for cash so I mentioned it.  I'll ask.  Thanks for your help.

It's in downtown Piermont, NY.  $185K is the gross income.  It's managed by my father currently.  We have a handy man on site and a realtor who handles the tenants and vacancies.  Most share holders are not interested in selling.
I was mostly hoping to get feedback on the real-estate market in this town, or near by Nyack, from other investors with feet on the ground.  

Hi BP Fam,

My family co-owns a building in a small town in NY state in southern Hudson Valley region.  West of the Hudson.  It's 6 apartments and 4 retail shops below.  Total annual income is $185,000.  The building is owned free and clear and it's fully rented.  The shops do well enough to pay rent and the apartments are in nice shape and bringing in below market rent.  Some of the share holders are saying now is the time to sell but none of them are experienced in real estate.  Any one of them can sell back their share but none can be sold to new owners.

We had the building appraised a couple years ago and it was valued at $1,750,000. Probably worth $2mil.

What is the market like in the Hudson Valley NY area for mixed use buildings?  We don't live in that area anymore.  Anyone familiar with buildings that are in downtown Nyack or Peirmont?  

I know what I think we should do, but I wanted to get some feedback from you all.

Thanks

@Anthony Thompson we were both right. Stall or scare tactic and I’m not buying. The legislature that they were quoting was if the property came under new ownership due to a foreclosure, which is not the case.

They also did not talk to a lawyer but cut & paste the verbiage that claims the 90 days but left out the parts with the mention foreclosure. This is good to know if I ever buy a property as a result of a foreclosure!

These are the sites they quoted from.

https://www.lawyers.com/legal-info/real-estate/landlord-tenant-law/lessees-rights-on-foreclosure-and-on-sale.html

https://homeguides.sfgate.com/tenants-rights-after-property-sold-48023.html

I’ll talk to my lawyer today and keep you posted on the results!

Thanks for all the help!

@Anthony Thompson no, nor was it on any legal letter head. My guess is it’s a stahl tactic. He kept telling me to take him to court, which would also take time.

Thanks