All Forum Posts by: Jessica Privitera

Own a Tri-Plex in Canandaigua, NY - ISO Hiring a Property Manager, or Management Company responsible for General Maintenace, repairs and evicting non-paying tenants. 

Send your referrals, or who not to use.

Beautifully built townhomes! Well done.

Hi Nick! Born & raised Upstate NY'er and current Investor/landlord here. My Fiancé and myself mainly focus on Rochester/Canandaigua Fix & Flips, Multi-family Rentals, and soon to be new townhome construction in Canandaigua, NY. Would love to connect!

 Great! We will have to try them both out. So many different and good place to eat in Nashville 

Hello Fellow REI,

I wanted to share some of our recent experiences and seek your insights on the topic of renting to friends and family. Currently, we own a rental property where both a family member and a close friend are tenants. Here's our situation:

1. Close Friend as Property Manager:
   • Agreement: Our friend agreed to manage the property in exchange for a below-market rent since we live out of state.
   • Issue: We recently discovered the property was neglected during past winter snow storms, turning the parking lot into an ice rink, creating a huge liability.
   • Result: The property manager, who lives on the property, neglected maintenance and communication. We've since increased their rent to market rate, and now we're experiencing late payments.
2. Family Member as Tenant:
   • Issue: Our family member is behind on rent for more than 5 months, with a rate below market due to their relationship with us.
   • Behavior: They have made excuses about financial struggles, yet have been seen treating their new girlfriend to fine dinners and outings.
   • Impact: Both tenants consistently pay late and have shown complete disrespect to us, the property owners, despite efforts to ensure their happiness and success.

We'd hate to impact our relationship with them, but right now, they're hurting us and our pockets. 

My question to you all is: have you ever had to deal with situations concerning family and friends not fulfilling their respect for you and your property as tenants? How did you deal with it?

What is your advice moving forward? We're afraid it will hinder our relationship in the future.

We're looking forward to your stories and advice!

Hi Bianca! Previously a Nursing student from Rochester, NY to full-time real estate investor in Nashville, TN. So far you're off to a great start! It will take some time and re-investing in your own area to build your capital up to invest in bigger out of state deals. TX has great landlord laws. I'd suggest focusing on your goal to purchase another multi-family, or single-family home where you can charge travel nurses per room/bed monthly rent. Have you thought of re-financing, or pulling a HELOC to use towards acquiring more rental square footage?

Hi Meghan, 

Thanks so much! We absolutely love Nashville! What're your thoughts on living in Memphis?

All of our friends and family are from Rochester. We were able to break the barrier by moving but still frequently visit multiple times a year.

Taxes: Tennessee's tax-friendly environment means we get to keep more of our hard-earned money. NY Property Taxes, and utility expenses was one thing keeping us from generating a higher cash flow from rental properties. TN is a more small business friendly state.

'Warmer' Winters: While we still experience snow, the winters here are generally milder compared to New York.

Growing Market: Nashville is a booming city with an insane housing market, presenting countless opportunities for real estate investment & House Flips.

We also seized the opportunity to buy a beautiful foreclosure home for $775k, which is essentially a mansion with incredible value/equity (Worth $1.3M). This allows us to pull out a HELOC, still own the property, and use that money towards acquiring more Value-Add multi-family units.

Our move to Tennessee has been a strategic decision to leverage the state's benefits and capitalize on the growing real estate market.

Awesome! What made you move out of Rochester?