All Forum Posts by: Joe Kato

Tenants moving out showed me mold in the closets. Is this a long term problem or just something maybe specific to these tenants? This is coastal New England. Planning to paint it with kilz or similar, anything else I should do?

Anyone use a Wagner spray gun for painting? I just loaded up on oops paint and rollers for next tenant refresh, but saw the electric painters may be quicker. Any experience?

I had a tenant's dog bite someone in their apartment. I said dog must leave immediately. What else should I do to protect myself as owner?

I have REI's in RI and looking to network with others. Looking for ideas what to buy next.. Anyone for a meetup?

Thanks for the replies. To explain my situation a little more. I have 3 mortgages, 1 SFR and 2 MFR. The SFR is highest interest rate, lowest principle. So I am debating options 1) shopping for another MFR and obtaining a 4th mortgage when I gather enough for down payment 2) working on paying off my mortgage on SFR, or 3) selling SFR and using that equity to buy another MFR.

I grew up in southeast CT, just started RE investing in the state this year. I work occasionally in New Haven area.. would love to have a meetup. Any others? suggest time, place?

Cheers

I have a SFR that was my primary residence until I moved out of the state. It has been a good rental for last 4 years, but I need advice what to do with it. I have about $30K equity in the SFR if I sold it now.. I have since bought 2 multi-families that cashflow ~$800/mo, and the out of state SFR yields about $30/mo. If I payoff the mortgage ($50K) on the SFR, I can increase that property cashflow to $600/mo. Or I can use $50k for another multi-family down payment..

I am a little leery about continuing to buy in my home area as the market is flat, not much job growth, high taxes, etc. So paying off an existing mortgage is a safe bet to increase cashflow, but then I read others suggest to hold more mortgages to reduce your risk if the house market tanks and you can't sell it, you can cut losses and run for less than if you own the home free and clear.

Thoughts?

Cheers