All Forum Posts by: George Paiva

Is there an attic and a basement? Whats the ARV your looking to chase?

Thanks Scott for sharing. I too got thrusted into real estate with my Dad's sudden passing having to manage his portfolio.  It definitely helped kept me going and eventually picked up a few properties myself.   Keep in touch and let us know how things work out. BiggerPockets is a great resource and glad to have you part of our community.  

If this is a fix and flip please don't half *** it with repairs or band-aides.  You will get what you paid for when the buyers inspection occurs.  

Can you tell us what style house this is?  Typically if I have the access and the ability to add Natural Gas. I would do a new central air furnace with Natural Gas forced hot air and A/C for the cooling.  Big Selling point on our flips when we have new mechanicals.   If you plan on keeping the boiler I would do the hydro air as @Rick Bassett mentioned with the air handler in the attic if possible to supply the heat and A/C. 

Note, having SCG running the utility to the house requires some lead time. 

Lastly it really comes down to condition of existing unit and what market you are trying to sell to.

 I would have it cleaned as well if I would want to continue having them as tenants else terminate the lease, replace the flooring and get $$$ more rent.

Why Waterbury when there are so many other places to invest?  Did you research the tenant base there?  Have a look - http://www.jud2.ct.gov/housing/search_premises.asp search Waterbury evictions and see why they are 3x Stamford's evictions.

Look for regional banks like Peoples, Webster which I know are portfolio lenders.  Best to just call and ask if they keep their loans in house or sell off.

Hey Bob, I've been advertising rentals for a little over 5yrs now.  I too use Craigslist and Postlets.  I funnel all folks through a virtual phone number.  I generally call them back answering any questions then immediately get into my prescreening mode by asking them a number of questions to see if they would even qualify.  A start would be if they have employment and what their monthly or weekly income. Any evictions or fellonies.  Then how their credit is.  This usually weeds out 90% of the tenants. I would only show the apartment a few times a week lumping all prospects into those times.   Try to prescreen as much as possible and narrow showings to your schedule.  

I've done some open house ads on Craigslist with mixed success...  

PM me for more details... Good Luck. 

Use TSP and Bleach in a bucket of hot water. Wash down all walls and ceilings. Paint when dry. If there is still major discoloration after wash down. Primer Paint with Kilz, then put a coat of paint. Remove all carpets and wash all floors when complete with paint. Enjoy!

In your case I would keep it if you want to keep the property.  Think of it in a longer term view. The negative equity is being paid off via the tenant you have there.  Eventually the market will correct itself or the tenant will pay down the difference between 125k-180k.  It may take some time but it will get there.  In the meantime keep that one tenant happy for the next 5-10yrs :)

Also I wouldn't put the 30k down and refinance unless you think it makes a huge impact. I would use the 30k and get another one going. Hopefully this time you find one that cash flows.  Good Luck...

First off use a PO box or a Business Address.  Do not give them your home residence address! 

Use a voicemail/phone management service so they don't have your home or cell phone number.

Get a good lease, make sure all provisions meet the type of property you have then get a lawyer to look it over.

Lastly, never tell them you are the owner.  You are merely a property manager who has to answer to out of state owners or something to that effect.