All Forum Posts by: Luis Rosario

I just wanted to personally thank everyone who has messaged me and given me advice. I already have some great information on a local meet up coming up in April, and have received great advice concerning building my business!

You guys and gals are great!

Hi everyone! I'm excited to hear that this is being put together.I'm in as well. Saturday on the 4th works for me. 

Has anyone thought about location?

Warmly,
Luis

@Ralph Pena:

Hey Ralph!

Yes, it's a trip! It almost seems enough to dissuade one from investing, but I also feel the benefits way outweigh the costs. Did you work with a lawyer as well during the zoning process?

I agree with this post wholeheartedly! I was able to consult Dr. Youtube to get a breakdown on how to connect the 240v electrical wiring for an electric strove to an electrical panel in one of my rental units. 

Word of caution. Youtube can be as misleading as it is informative. I guess that is the double edged sword with open source information.

Thanks for the link Larry! I appreciate the chapter that speaks about choosing a niche. There's power in taking the "narrow and deep" approach to investing in property. Hopefully I can get more of a chance to discover the ins and outs of Duplexes, Triplexes and quads. 

@ Carlos 

@Carlos M.: I appreciate it Carlos! I just posted some of my process above, but please feel free to ask any additional questions about the process. This has taught me so much, I'm definitely adding more properties to my portfolio.

Hi Troy!

It's good to see someone from Philadelphia here. The process for me began in choosing a property that can be converted into a triplex without jumping through loops. Philadelphia zoning can be quite complex and the zoning board tries to abide by standards that ensure that a potential tenant will be living safely and comfortably.

Some properties are quite spacious, but are configured in ways that made it difficult to actually zone it as a duplex. My current property has three identical floors (about 400sq. ft each), and I'm also living on one of the floors. I worked with a local lawyer to represent me to the zoning board and the application went through fairly easily because other properties in the area have a history of serving as 2 or 3 unit properties.

There's also building permits, licensed contracting and the eventual business licenses one has to fill in with the city. A big learning process I tell ya! Hope this helps

Greetings Everyone,

This is Luis Omar Rosario and I would like to introduce myself to the Bigger Pockets community!

I'm a young investor who has just started to experience the power and the iberation that comes from investing in real estate. Just last year, I bought my first home which also happened to be a duplex. With some planning, support and some sweat and tears, I 've been able to re-zone the propety into a triplex. I'm now wearing the landlord and property manager hat, which has blessed me with being able to pay my monthly mortgage payments with the rent I receive.

Just one year of landlording has given me bountiful experiences. Everything from flooded toilets, rent collection, and tenant screening has been a powerful learning experience! I'm looking forward to commune and build with my fellow scrupulous landlords and property investors.

All the best,

Luis Rosario

Thanks for all the valuable insight everyone! I have been a landlord for a little over a year, and some of these digital rental collection systems seem like they can really simplify documentation! 

Hi John,

I live in the same building as my tenants so it is a bit of a different situation, but I also value reducing the amount of time I have to physically deal with the rent. For one, I never seek to knock and collect. I set clear standards around my tenants placing the rent in my mailbox on or before the due date. (I say before, because I give a 15.00 dollar discount for early rent.)

For the most part, I've received the rent on time and without too much trouble, especially since I've been using reminders more often. However, I've also been curious about using an online payment system. There are a number of companies online that offer this service and may offer you the accountability you need for your rentals. Have you taken a look at this option yet?

Best,

Luis