All Forum Posts by: Jorge R.

Hi,

Some youngin crashed his car into my Multi over the weekend. He hit the foundation. Doesn't look like much damage, other than chunks of concrete broken off. But this unit was built in 1900ish, and I want to make sure an expert blesses off on the structure.

I reported to my homeowner's insurance, and they told me to claim through the guy's auto policy. I reported to his auto policy, and they said I'd be better off going through my homeowner's policy because the homeowner's would cover replacement costs - whereas they would probably prorate. Prorate? This thing is over 100 years old. 

I don't know if the damage is on 1k, but is it recommended to bring in a Public Adjuster?  The property is in New Bedford, Massachusetts.

Thanks

Hello. I have a six-family in New Bedford, Ma.  I think I read somewhere on BP using a property management company to fill a vacancy (for a fee equivalent to 1 month's rent).  I've done well managing the property myself, but filling the last couple of vacancies was difficult. Sometimes I could not show the apartments, or had to cancel, due to last minute work requirements (Military).  What are your thoughts about using a PM just for this?

Thanks

Jorge R

I have a six family multi. 2 Old school tenants still pay by check. I let them because they typically pay 1+ week before the 1st of the month. They drop them in the rent box in the building, and I make the deposit while still there via the phone App. The others use Cozy. Sure, it takes a few days - but it doesn't cost anything, and I don't plan on the money until the 2nd week of the month.

Bought our 1st rental property in New Bedford last year. Learning alot from these forums. Looking forward to the handshakes. We'll see your there...

I Have been using Cozy since we bought the 6unit last year. No fees for regular ACH (takes about 5 days to deposit). They just started an expedited service for $3 per unit. But I'm good with the free one. Just got new tenants this month who split the rent. They set the split on their own in Cozy. I just discovered something new today though. One of them must have used a card because the status did not say "ACH", and it hit my bank account in a day.  

@Nicholas D., I was in a similar situation while looking for MFH last year.  Before finding the 6 family, we looked at several that needed moderate to significant work done.  I'd learned about analyzing the numbers (mostly from info on BP), but had no clue on figuring out reno costs.  Luckily I have family members with multiple MFHs in New Bedfrord, and they recommended the same "go to" contractor.  He went with me to 3 properties.  My REA worked the showing/walkthrough dates & times around the contractor's availability.  Sure, I didn't get written estimates - but I did get on-the-spot,  "we're talking 20k to redo this apartment"  advice.  This was a fantastic option.  He knows he needs to get stuff for the MFHs from the Remodelers Outlet in Fall River. We did not purchase any of the properties he went with us on, but he did get the replacement window work on the property we bought - and he set me up with a great hardwood floors guy.

I went to my local Credit Union first, but they did not want to mess with out of town property so they told me to check with St Anne's Credit Union.

I tell you, dealing with St Anne's was like dealing with a cousin (the one you like). I did everything by email and telephone. 20% down. No hiccups, no delays. The only delays were seller related.  

@Robert Andrade - We looked at many multies for about 5 months before we settled on a 6 family near the North End.

In New Bedford, a couple of blocks can make quite a difference.  You should eventually find a good deal in a good area.

@Rob Poulin - The numbers in the South End, and near Coggeshall St sure do look good. I visited many - including a couple on Ashley St.  Some tenants would not let us in to see the apartment (even with the owner accompanying us).  On one such visit, it was clear the owner was also there to collect rent, yet left empty-handed.

On some of them I remember thinking, "I better make sure my License to Carry is current". 

I grew up in New Bedford, and remember some of the neighborhoods. But I also called family members and Law Enforcement friends to ask about areas I was not familiar with. A good local RE agent goes a long way toward identifying the right neighborhoods. 

@Katie Barlow - I'm not sure about REI groups in Southeaste MA, but the Greater New Bedford Landlord Association is active. They meet monthly. I was there for a recent meeting and they has a fantastic guest speaker.

I just looked at your profile, Justin.  It seems we do have similar retirement plans. I'd like to have 12 units by then to help offset the significant pay "adjustment". 

We looked at many properties in NB (for 7 months), and since we grew up there (and have Law Enforcement family members there), I can give you a heads-up on different neighborhoods.

I'm stationed at JBCC so maybe we can sit down at the Galley during lunch.

Hello,

I've been soaking up some great information from these forums for a while, and decided to become a (hopefully) productive member.
I'm a Soldier looking at retirement in about 5 years. My wife and I decided to get into real estate rentals. We just closed on a 6 family unit in New Bedford, MA - where we both grew up.

Prior to, and during our search, I learned alot from these forums regarding things like ROI, NOI CAP rate, amortization, CoC, DSC, etc..

Thanks for having me.