All Forum Posts by: Nancy DeSocio

Hi All,

I have my first showing tomorrow for a vacant apartment, and it's a group showing. My question is with regards to application fees. If I get a bunch of people who apply (fingers crossed!), I assume some might get eliminated just from the basics on the form (i.e. lack of employment, landlord references, etc), but for all those who pass the initial qualifications, do you process background checks on all of them and then select the best candidate? Or do people process a couple at a time until you have a qualified candidate and then mail back the fee to those who didn't get processed? I feel bad taking $35 from each person when there is only one vacant unit to fill, but mailing back checks seems like a hassle as well. I'd appreciate feedback from those with some experience in this area!

Hi @Tyrell Yorke,

I'm also a new investor from RI (closing on my first MFR in a few weeks) and learned a ton from Bigger Pockets - books, podcasts and the forums. There are also monthly meetings in Warwick with the RIREIG , which has been very helpful to me in learning about some of the details of investing in RI. Glad you saved yourself the $30K, and good luck on your journey!

Thanks @Colleen F.! I def will talk to a lawyer, but the info you provided is very helpful, as I was trying to find out about how much it would cost to maintain an LLC (with the understanding that there are more implications than just the $500 annual tax filing). Appreciate the link to the sos site!

@KEVIN FLYNN, @Anthony Thompson,

Thanks so much for your thoughts...it's certainly appreciated!  Just in the last few hours, I've started to learn some of the complexities, especially since it would require a commercial loan rather than a residential loan...hadn't even thought of that.  I still plan to meet with an attorney for the reasons you both noted.  In the meantime, I agree that getting the property is first and foremost!  Thanks again!

Hi all!

I've been researching the pros and cons of having an LLC for my future properties and reaching out to ask if any other local investors think it's worth it if you only have a few properties? I'm looking to buy a few small multi-families in RI and not sure the cost to start and maintain an LLC outweighs the benefits of having one. I'm actively looking for properties, but my understanding is that the LLC would need to be set up prior to getting a mortgage so trying to do some research in advance of having the property. I plan to meet with an attorney to fully understand the details and implications but wanted to start with our local BP community of RI investors for any opinions, advice, knowledge that you might have to share. Thanks in advance!