All Forum Posts by: Joe Rodriguez

@Sohaib Mannan Hi Sohaib! Sorry for the delay in responding! It's been a busy December for me. In terms of the tenant screening process, I start with a basic background check and application. I also like to be present when showing the units (or have someone I trust like my parents) so you can really see who shows up, how they show up, etc. Identifying not only if they can pay rent but what types of jobs they have is important. Regarding the minimal reserves, I certainly wouldn't recommend getting yourself in a situation where you're screwed if any little thing goes wrong with the house, but I'm also a fan of taking some risks and really crunching your numbers. I would be less worried if you're living there (even if it's just for the first year) as you can manage and take care of the property. 

Hey @Jacob Cytrynbaum I've been trying to buy a 3-4 family on the east side for a while now. I'm interested in taking a look and seeing how much you would be asking. I am also a licensed agent in RI so I could assist with listing it, or just running comps and helping out with any other info you may need. Being an investor, agent and in construction management, I don't solely work on RE sales giving me the option to be flexible on the fee/ comp structure. Let me know how I could help!

@Bud Gaffney I have not looked into Fall River, New Bedford, Taunton markets. I'm hesitant as I'm not too familiar with those areas but I've been interested in doing more research. It just happens that it's in the middle of where I live (Melrose- North of Boston) and where I grew up (providence). Also, my dad who is a carpenter pretty much takes care of my properties and it's easy for him to get to Providence from Warwick (where he lives). But if I get to a point where I can't find anything in Providence, I'll definitely consider those areas.  

@Luan Oliveira Yes, FHA. I've been able to use FHA twice by buying, renovating, and refinancing once I hit 20% equity in the property.

Hey @Bobby Pagliarini I'm in the same position. I live in Boston and bought a 3 family in Providence on Fed Hill last year at a great price. I grew up in Providence so I know the areas pretty well. I've been looking for another one since then but haven't found much with the numbers that I want. Now I have to say I've mostly been looking on market as I'm also an agent and making money back on the buy offsets some of the down payment (as I'm using 3.5% down loans). I need to start putting more time towards off market deals.

@Brendan Francis Hey Brendan, I agree with @Angel Ginnett, check with your realtor to see if he/she is willing to write low offers after that given timeline. I always go by the mindset of a low offer is better than no offer. You never know who’s going to bite or counter, especially in this market when most people are looking to move out of the city and not into the city. 

Not sure why I've waited so long to post this or why I didn't think of it sooner, but I guess I was just focusing on MY deals and MY team. I joined BP a few years ago but recently made the commitment to become a premium member and I'm motivated to get back into investing and sales. 

Anyway, this post is regarding my dad who is an amazing carpenter and handyman in Rhode Island. He's helped me renovate a duplex that I bought and sold in Malden, MA as well as renovate a couple of the units on a 3 family I purchased on Federal Hill in Providence. He's been in construction for over 30 years and really knows his stuff. 

My goal with investing in rental properties is to replace my W2 income so I can focus on deals full time as well as real estate sales (I am licensed in RI and MA). My somewhat retirement plan for my dad is to buy enough properties that he can manage and fix up as needed. 

So in rejoining BP a few weeks ago and really enjoying the interaction with fellow investors, agents, etc., I figured I'd pass along this great resource, my dad, to others who could use his services in the area. 

He's pretty much a "one man shop" so he probably can't take anything on too big, but if it's anything to do with rough carpentry, finish carpentry, finished basements, decks, painting, flooring, and even some basic plumbing (fixture replacements) or electrical (outlets, light fixtures), then he could be the guy you're looking for. He's definitely an old timer, doesn't use a computer and would usually operate on a handshake (which I'm working on getting him more official... and we can't shake hands anymore).

Anyway, feel free to reach out if you think you could use someone like him to do some work on your rental portfolio or if you could use some help on a smaller flip.

Thanks!

@Dave Foster Ahhh got it! Yes, this would have been perfect. But I learned from it. And it was actually a duplex so half of the profit was tax free so it wasn't too bad in the end. I reinvested into a larger and more profitable property so I figured I still did ok on this deal. It definitely opened up doors (and capital) to buying more deals. 

@Dan M. Got it! I definitely should have done my research then as that was my first property but like you said, taxes are paid already and I reinvested some of the profit into a 3 unit and I'm making offers now on other 3-4 units from that same profit. 

@Account Closed Thanks!