All Forum Posts by: Jim Cellini

Hey just wondering if anyone had any thoughts or similar experiences:

I own a duplex in Logan Square purchased for $609,000 in August 2019. As of May 2021 it was valued at $650,000 according to zillow. My property tax assessment comes in recently and my taxes went up (yay chicago) which I kind of expected honestly, but I noticed my appraised value went down about $50,000 from the year before. I have no idea why that is, or why the zillow estimate would decrease $100k instead of 50k. Any thoughts? I'll post screenshots for comparison to help illustrate what I'm talking about. Thank you in advance!

Thanks in advance. - jim

Hello BP Rhode Island. I own a duplex househack in Rumford/East Providence and am looking for a property manager to manage the other unit. We recently purchased the home and inherited the current tenant. She'll be leaving soon and I'm going to need access to realtors, lease, and some minor rehab/repairs to the units. I know, I know, we should be doing this on our own since its 1 unit. The reality is, my wife and have literally 0 time with our personal/prof. lives to do this on our own and its much more efficient for us to outsource this. 

In my experience the easiest way to do this is a good all in one property management company. If anyone knows of any good ones please feel free to reply or message me. Thank you!

What if my home's FMV is listed as about half of what I paid for the house? Does this mean I paid double what it's worth? Hope not...

You're just making up numbers to prove an author's claim based on experience.  The problem lies in your premise and set of assumptions. 

Assuming what you said is a real life deal, you're looking at a cash on cash return of approximately 3% which barely outpaces inflation.  So even in this example you're coming up with to disprove the author, you've created a crap investment.

You're just making up numbers to prove an author's claim based on experience.  The problem lies in your premise and set of assumptions. 

Assuming what you said is a real life deal, you're looking at a cash on cash return of approximately 3% which barely outpaces inflation.  So even in this example you're coming up with to disprove the author, you've created a crap investment.

Thanks Brandon.  I'm currently awaiting a job offer and am frankly salivating at the opportunity of house hacking 2-4 unit homes around Providence.  

Anthony are there any other towns in RI that would be no gos for you besides Warwick?

Key to me was finding a property management group.  The one I found (not in chicago, I invest out of state) had a realtor and GC in house and recommended everything from insurance agents, attorneys, repair people, and lenders.  To me property managers are the nexus point of the entire team and everything I do now all stems from contacting that group.

Thank you anthony! Will do and I'll save your reply.

Hello BP. I'm likely going to be moving to the Providence/Warwick region in and around the holiday season later this year. I'm looking to house hack and am looking to start talking to realtors, property managers, and later on lenders and attorneys.  Our plan is to "house hack hop" across town year by year until our portfolio is maxed. Any recommendations for realtors and property managers especially, would be greatly appreciated.  Any other advice or markets to look into would also be greatly appreciated.  Thank you!