All Forum Posts by: Nancy DeSocio

Hi @Thomas Stanley,

I suspect that the abundance of colleges and universities in the Boston area drive that 9/1 date.  It's less common down here unless you're in a college community.  From my discussions with some of the local investors here, the ideal leases run in the April through July timeframe.   This avoids renting in the winter months, and if you have a July lease that does not renew, you can still turn that unit over before the snow hits.

Curious to hear how others chime in.  Thanks for posting!

I agree with those suggesting inexpensive mini blinds (and think it's a great idea to include something about window coverings in the lease!).  We've all seen the properties with sheets, towels, etc covering the windows...and we know what we think of those properties :)

Hi @Chadd Brandon,

I recently listened to Podcast Episode 328, and the guest stated something that really stuck with me.  "The most strategic work you do will feel like you’re wasting time."  I think networking falls into that bucket, because the results of networking don't turn into tangible results for possibly months or years.

Personally, I try to get to 2 local events per month and then reach out to people I've met at those events on a regular basis.  In addition, we have a great forum here on BP in which to connect, and I do that a couple of times per week.  It's work, it takes time and it needs to become a regular habit, but I can say without a doubt networking has helped me positively advance my real estate endeavors.  

Real estate investing is partially a bit of luck, since you never know who you will meet that might impact your career.  The more people you meet, the more luck you'll have.  The odds are better than what you'll get in Vegas :)

Good luck on your journey!

Hi @Tiana Perry,

I'm not a flipper or wholesaler, so I can't help you much on that end, but if you don't get an offer from this post, I'd suggest attending local meetups and events to start meeting people to build your network.  Introducing yourself to people who are doing the things you want to learn opens the door for more opportunities down the line.  I understand that's probably what you're trying to do with this post (and is certainly a viable avenue), but face-to-face contact is a great approach to start making those connections as well.  Good luck in your search!

Hi @Alexandra Hughes Pailet,

This is an interesting (and unique) post!  

The reality is that she's not going to win any war against Monsanto, and unless she grows her own food, everything she eats has been exposed to Round Up.  As the landlord, you can decide if you are going to make your tenant's views on these things important to you, or if you are more concerned about the economics of your business.  In this case, I don't think you can have both.  But you can buy her a pint of $8 organic strawberries as a peace offering :)

Good luck with this situation, and please follow up with how you handled this one.  I'm definitely curious on how this turns out!

Hi @Martin Lara,

You are already a step ahead of a lot of people in being aware that your first impression is important and taking the time to ask these questions!

My suggestion is to find the person who runs the group (or who put the event together) and introduce yourself.  Tell them you are looking to purchase multi-family properties and ask them who you should speak to.  I guarantee that he/she will know several people in the group who invest in the same space of your interest, and you can then introduce yourself to them.

As for adding value, this may depend on your experience level, but a good start is to ask people for their business card.  People in this industry love referrals, so meet the realtors, home inspectors, lenders, etc and ask for their card and pass their info along to people you know who might need them.  This has some risk in that you don't know the credibility of the people from whom you are taking business cards, but in due time you'll know enough people in that group to ask some of those questions.  So for now, just take the card...once you know they are legit business people, then you can start to send them referrals.

Good luck in your journey!

Hi @Johnson Liv, 

The long-term solution would be to have language in your lease that protect you from a) prohibiting people who are not on the lease from living there, or b) limiting how many people per bedroom are allowed.  That said, a 4BR house will introduce larger families (often more than 5 people), but only a local attorney would know what legal options you have in limiting the number of occupants.

Assuming you don't have either of those, I would start with a conversation with the couple who are your actual tenants to hear what they have to say about it.  Your local landlord-tenant laws (or an attorney) should guide you with what your options are from there, but initiating the discussion with the couple will let them know you're paying attention to that situation.

Good luck!

Great feedback from this post, and I agree with the points made.  I would take @Anthony Wick's point one step further:

3. Never rent to friends or family or "friends of family" or "family of friends". Ever. There are no exceptions to this rule. None.

Hi @Kevin Whisler,

The few items I see missing are:

- utilities (even if tenants pay, you have a common meter and water/sewer)
- fire inspection (if your area requires that)
- landscaping and snow removal...assuming it's not always sunny in Philadelphia :)

The property insurance seems low to me, but I don't know your market so omitted that from my list, assuming you already verified that number.

Good luck!

Hi @Warren West,

Not sure where in RI you're looking, but there are plenty of rentals on Zillow and Craigslist to use as a guide.  You can even take the extra step to find a rental that is similar to the one you are analyzing (i.e. location, number of bedrooms, utilities included or not, etc) to get a first hand look at the competition.  Once you see enough of them, you'll have a decent idea.

A slightly longer-term suggestion (but worth the effort) is to make connections with property managers in the area.  I trust their input more than I do realtors, as they fill vacancies all the time and have seen enough properties to give you accurate information.

All that said, when in doubt, I'd suggest being conservative with expected rent when running your numbers.  If (or when) the market shifts, it won't hurt as much.  Good luck!