All Forum Posts by: Mike Fitzpatrick

@Beverly Meola Welcome to BP! My company is based in the Framingham area. We have 2 multis at this point, however we are looking to aquire larger buildings down the road and would want to explore brining on a property mgt company. Would be great if you want to stay in touch, you can be added to our vendor list here: http://fitzproperty.com/workwithus/

Hope to meet you at an upcoming Black Diamond event!

@Tung Le welcome! you found the right place to learn. Love to be added to your buyers list. I started a marketing campagin earlier this year and learned a lot from the people on BP. Drop me a message if you want to talk. 

@Paul Sorgi 

I am in the Boston area and own a 3fam and 4fam. I havent been able to get to 2% and havent seen many opportunities that meet that rule. However, I have been able to get the rents to exceeded 1% on both my properties. I look at mortage taxes insurance (MTI) and a get a general sense of repairs and what I should set aside for reserves each month after this if the propertry cashflows I will consider it. Rentometer.com is a great website for getting a sense of FMV for rents.. I always use the lower numbers in my analysis. I work full time so I am not looking to live off the cashflow yet so as long as the property is able to break even after all expenses I am happy with building equity.

@Clinton Holmes I am in the same boat... we bought our first multi, then a great deal came up down the street and we bought the second multi with the 25% down as an investent from my old man, which I am repaying with interest. Now we are looking to do a rehab with hard money and hopefully reinvest the profits into another 3+ family. The other thing I am looking for is a off market deals where I might be able to work some kind of creative finaincing with the current owner. I almost had a 6-family in Framingham with seller financing, but the owner decided to unload to another investor... good luck! 

I recommend:

Caleb Page

President

Real Property Management Boston

(617) 522-0099 ext. 125

[email protected]

Hey Steve, thanks for the referal. I actually rented the apt 3 days ago off 1 craigslist ad... much easier this time of year vs the winter when I last had a vacant unit

Fair enough thanks guys! I work full time so sometimes it a pain meeting with tenants, esp. when they dont show. This winter I had a 2br that I gave to an agent and it took 3 months to rent out, mostly because my price was too high at first and time of year I think.... But I was able to split the 1m commision with the tenant.

I put the apt on craigs last night already have a few lead so hopefully I wont need an agent this time!

New topics do you guys have any good contractors that you'd recommend? Looking to remodel 2 bathrooms: https://www.youtube.com/watch?v=gRHPuM_kWqs

I have two 1br apartments that are available on 1Jun and 1Jul

Any recommendations for a good agent in the Framingham Ma area?

Thanks!

Mike

I want to include an addendum to my lease requiring the tenant to use the landlords provider for oil heating. There are several oil companies in my area, however if the tenant does not use my providor my service contract is not valid. I live in MA does anyone know if this is legal/enforceable to include in a lease?

How much do you guys keep for reserves?

I am just starting out with a 4 family and a 3 family and am targeting to keep the following for EACH property:

Operating Account = 2 x monthly mortgage taxes and insurance (MTI)

Reserve account = 2 x monthly MTI, plus auto-transfer of 10% of rent collected each month

What do you guys think is a good best practice?

Thanks,
Mike