All Forum Posts by: John Tarricone

@Mark W.

That’s great Mark. I’d love to participate. I appreciate the feedback.

Good morning everyone.

A friend of mine who is a real estate investor told me, "if you see it on the MLS, it's too late".

While I think there is some truth to that statement, I don't completely agree. I think there are good deals to find on MLS.

With that said. I’m ready to buy my second multi family and I’d really like to find a killer deal to get some decent cash flow.

Do you believe off-market/ pocket listings is the best way to go? If so, what are some good ways to find these properties.

I’m located in Rochester NY. If anyone knows of anything in the area. Let me know!

John T.

Happy Friday everyone!

I own a duplex in a historic district in Rochester NY. My house has beautiful detailed original dark wood trim (house built 1894).

I believe that renters prefer brighter spaces. I want to paint all the walls a light neutral gray. And then paint all the dark wood trim a bright white.

I’ve seen dozens of pictures- and been in houses with that scheme. And I just think it looks better. I think more renters would appreciate it and I could get more interest.

However- when I tell people this, they usually gasp and say “why would you ruin that beautiful wood”.

My thought is- the wood is still the same with the beautiful detail. It would just be a more modern and bright white.

What are your thoughts? Do you think painting trim white would appeal to more renters? Does this devalue my historic home?

Let me know. Thanks!

John T.

Hi Everyone-

I have a duplex and am currently house hacking.

My tenants lease was supposed to end April 30. But they have been a nightmare...not paying rent, throwing parties every night, trash everywhere.

So on March 1 when they asked if they could resign May 1, I told them we would be going our separate ways.

They decided not to pay March or April rent (so I am keeping their security which is equal to 1 month rent). Today I did a walk thru of the unit. They’ve broken 4 windows, the storm door, damaged siding, ripped a 4 foot by 3 foot hole in the bedroom wall, and mangled the floors.

Not to mention left behind about 15 bags of garbage.

Looking for advice...I don’t know if legal is the route to go (I’m not confident they have any money), or to just do the repairs and take it as a learning experience. I’m located in upstate NY, specifically Rochester. Not NYC.

Thanks again and any advice would be great.

John T.

@Karen Margrave

I’m in New York. Upstate, not NYC.

Hi Everyone-

I am dealing with a difficult group of tenants...

Every month they pay rent late.

They have damaged the walls, and broken 2 doors.

They continue to throw parties all nights of the week and I have received complaints from both neighbors.

Recently while repairing one of the doors I could smell that they’ve been smoking weed in the house.

They do not take out the trash and are creating a health issue around back.

I’ve had multiple conversations with them but the situation is continually getting worse rather than better.

I want to evict them. Cut my losses and start over. Any advice on how to go about this? My fear is once I serve them with the notice they’ll destroy the property.

Thank you in advance!

Hey Everyone-

I purchased my first duplex with an FHA loan and am currently house hacking (about 6 months in).

I’m not living for free. But pretty close. And I’m paying much less than I would if I was renting.

I’m looking to grow my portfolio and pick up another duplex that will cash flow. With that I will be truly living for free and will have extra money to make improvements, save, etc.

My question is; what would be the fastest way to acquire another property? Refi to a conventional and FHA again? Hard money lender? Any advice is appreciated. Thank you in advance.

I’m thinking about writing a couple hundred letters to properties currently not for sale.

Specifically people who have owned the property for 15+ years where I can offer them double-triple what they paid.

These would be multi family properties currently being rented (no owner occupants).

Has anyone done this? Any success? Or any tips for someone looking to find a good deal?

Thanks in advance!

John T.

Hi everyone-

I am a new landlord working on building my portfolio. I closed on my first duplex a few months ago and I’m currently house hacking.

I live in New York and was rushed to fill the apartment before winter, so I dropped the rent to 1500.

When the lease is up in May, I would like to increase the rent to 1700.

With that said I have a 2 part question:

1- what are some best practices for telling tenants that their rent will be increasing 200 at renewal?

2- what upgrades do you all recommend for increasing rent?

Thank you in advance!

John T.

Hi Everyone-

I’m a new investor. A few weeks ago I closed on my first duplex and I’m looking to house hack. I will be living in the smaller downstairs unit while renting out the upstairs which is a large 3 bed 2 full baths.

The unit itself is very clean (I painted, installed new mini blinds, cleaned up the landscaping, and added some improvements). The house has off street parking, free laundry, private backyard, all for the tenants.

However after a few showings no one seems to be biting...I’m listed at 1500 which is appropriate for my areA. I think it’s value is 1600-1700 but given it isn’t peak rental season I wanted to get someone in quickly before winter so I went with lower rent.

My sister is a photographer and recently took all new pics (after the remodeling)- I’m hoping the new pics will attract more tenants.

As I’m brand new to this I was hoping to get some advice? I’m trying not to get discouraged and find the right tenants. Any thoughts/advice would be great. Thank you in advance.

John T.