Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Jose Quinones

Jose Quinones has started 11 posts and replied 34 times.

Post: Introduction to make to connections

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Samuel Eddinger:

Hey @Jose Quinones.  I recommend going to meetups.  We have a great group that regularly attends CTREIA, or other biggerpockets meetups from @Brandon Rush, @Stephanie Cabral, @Devin Peterson, @Ryan Luby.  

Your networth is your network!

Ayyyyyy What’s up Samuel! Thanks for the post! Totally! Coincidentally, I use @brandon rush as my agent! Ann’s were going to a meet up today! Thanks again for your post!

Post: Introduction to make to connections

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Savannah Holzer:

Hey Jose, pleasure to meet you! Love that you have already learned so much! 

Are you currently investing? If so, what markets?


 Hey Savanaah! Thanks for you reply. I do currently own one  5 unit mixed use property with 4 residential and 1 commercial space thats doing well. It is in New Britain, Connecticut.

Post: Introduction to make to connections

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Amir Khan:
Quote from @Jose Quinones:
Quote from @Amir Khan:

@Jose Quinones glad you are ready. What are your goals? Where do you want to invest? What strategy do you want to follow?


 Mr. Khan! Thanks for your reply. My goals are two part. First, short term, I'd like to expand my portfolio of just one property into 2 by househacking by owner occupying a multi property. This is mostly gain experience and grow my net worth. Second, I'd like to manage each property to make some cash flow to cover my 2 biggest expenses which is housing (covered by house hacking) and transportation. I think I can cover those with just 2-3 properties. Seeing that I currently own one 5 unit mixed use property.

That is an excellent goal. Are you planning on house hacking in Hartford?

Yes sir, in Hartford county. Currently looking in New Britain and having difficulty finding properties. My experience only allows me to look at MLS listings. As you know, the market it high at the moment. Even worse, most properties here are trashed and being sold at the ARV and are still being bought thousands over asking. Tough market here.

Post: Mixed use property with 4 residential and 1 commercial unit

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Gino Barbaro:

@Jose Quinones

Great looking deal. What is your exit strategy?

Gino


 Great question. I haven't considered it. Since this is my first property I consider it the foundation of my future investments. I keep telling myself that I'll keep this thing forever and it'll be my retirement. However, the more I learn, the more I think on how to capitalize on the benefits from the deal

Post: Introduction to make to connections

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Amir Khan:

@Jose Quinones glad you are ready. What are your goals? Where do you want to invest? What strategy do you want to follow?


 Mr. Khan! Thanks for your reply. My goals are two part. First, short term, I'd like to expand my portfolio of just one property into 2 by househacking by owner occupying a multi property. This is mostly gain experience and grow my net worth. Second, I'd like to manage each property to make some cash flow to cover my 2 biggest expenses which is housing (covered by house hacking) and transportation. I think I can cover those with just 2-3 properties. Seeing that I currently own one 5 unit mixed use property.

Post: Introduction to make to connections

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9

Good morning everyone,

My name is José and Ive been a BP pro member for a couple of years now. I love it. Ive learned so much from it and now I'm looking to place what I've learned into action. Look forward to learning more here! Thanks for reading my post!

Post: Mixed use property with 4 residential and 1 commercial unit

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9

Investment Info:

Other buy & hold investment.

Purchase price: $375,000
Cash invested: $101,500

I own a mixed-use property with a total of five units, four 1BR residential apartments and one commercial space.

What made you interested in investing in this type of deal?

This deal fell on my lap as I was working with my family at their restaurant. My stepmother, rented the commercial space from the past landlord to open a coffee shop. When she started to remodel, she realized the electricity needed to be updated and the current landlord didn't have the funds to cover. So, she offered me the opportunity to buy it, since her debt to income was to high, and she paid the down payment.

How did you find this deal and how did you negotiate it?

Current landlord couldn't pay the upgrades so we offered to do the upgrades until the sale was final and not pay any rent in the process. We also gave him a large earnest.

How did you finance this deal?

Through commercial lending as an investment property.

How did you add value to the deal?

Updated all the mechanicals, designed a brand new commercial space, and remodeled the residential apartments.

Post: Long term visitors raise water bill

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Michele Fischer:

It is so difficult to police and enforce guests, I would focus on the increased water bill.  If you can concretly tie increased usage to that unit, I would give a notice that rent is increasing due to excessive use. You can offer to lower it if it goes back down.  

Water is a headscratcher for me.  Units with washer and dryer have less water usage than those without.  Units with more people have less water usage than smaller groups.  It all exploded since Covid.  Since they don't all go up, we do a maintenance inspeciton to ensure there is not a leak or running toilet then we increase rent to compensate.


 So true...I just got my bill for the last quarter and it was back to normal. First thing I did was call the water company. "Was this a typo?" I don't understand how half of the year is above $1500 and now in the 3rd quarter it's bad to less than $400. Seems fishy...

Post: Long term visitors raise water bill

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Nathan Gesner:

$500 a month for water is extremely high. It could be a guest, but it could also be a toilet constantly running. You need to investigate and figure it out.

If you include utilities with rent, I recommend placing a limit so the tenant is responsible for excess use. For example, if average use is $150 per month, tell the tenant you will cover up to $200 per month and anything above that will be billed to them. That motivates them to report leaks, running toilets, or other issues.


 Thats great advice! I will for sure put this in my tool kit. Starting with a clause in the lease. $500 is for the quarter. Turns out to be $167 a month. In the past the quarterly bill has been 300-400. This is why I reached out here...$1500 is excessive

Post: What’s your process to bring in new tenant?

Jose Quinones
Posted
  • Investor
  • Posts 34
  • Votes 9
Quote from @Rene Hosman:
Quote from @Jose Quinones:
Quote from @Rene Hosman:
Quote from @Jose Quinones:

BLUF: seems like my process takes too long, seems unorganized and hard to track  I lose a lot of the people in the flood of DMs on FB.

What’s your process to bring in new tenant?

I’ve had good luck with Facebook so primarily get tenants there. Here’s my current process:

1. List on facebook/Boost post

2. Respond to DMs with Google form for prescreen (lots of people think it’s a scam; see form below)

3. Those who do fill out the form, I weed out the bad, contact the good and schedule viewings. 

4. Those who show, I interviews and lease based on answers. my property is in a D neighborhood and most tenants aren’t the best and most won’t submit credit/background checks. 

Any suggestions?



 Are you a BiggerPockets pro member? If so I'd recommend looking at RentRedi, it's free for pro members and it has a free prescreening application, and also does credit and background checks through the platform that the applicants pay for. In my experience it helps keep pre-applicants organized and is an actual sight with a google-able name so it doesn't seem as scammy.

The background check and credit fee is $30 paid by the prospective tenant but I always tell people applying for my units ahead of time what my credit and background requirements are and that if they pass those qualifications (plus the reference checks) and sign + pay the deposit that I will reimburse them the application fee. But that's just me personally I don't think most landlords offer that reimbursement 


 Yeaaaaa. I've tried that. I do use rentredi. Mostly for document upload. Since my property is in a D area most of prospective tenants don't like to fill out background/credit checks let alone pay for them. My plan is to use the google form to get them to the unit viewing them explain to the me that they'll have to use the app to apply, pay, and request maintenance. 

My issue is that it doesn't feel efficient. I get tons of FB dm's. Im trying to find a better way to capitilzie on all of em. I lose a lot because the google link looks scammy. It really does lol. bunch of numbers and letters. So I get it. I rationalize by saying ''welp not the right kind of tenant'' but in reality if I get 50-75 dms only half that fill out the google form. I feel like Im scaring prospects away.


Have you considered using the free pre-application questionnaire instead of google forms though? There’s two options on RentRedi as far as I know, you can have folks fill out a pre-screen questionnaire that is free and it then inputs them into RentRedi for you so you can easily keep track. And then once you’ve showed people the place you can look at the people who filled out the pre screen and click “invite to apply” - that’s the part that costs them a little $ and does background check. 

But it seems like your process could be made easier by just sending out the free pre-screen questionnaire instead of google forms?  


 You know what, I browsed that feature. I assumed that, that was the case but, now that I know for sure. I'll test it out. I find the rental application tailoring or modifying to be a lil cumbersome on the site even worse on the app. Any tips?