All Forum Posts by: Jerome Nunez

BP, 

I’m trying to understand the Providence, RI market, specifically focusing on the supply and demand drivers of the multifamily market. Do folks have any insights on new multifamily supply (location, # of units) as well as demand drivers that will absorb that supply? The latter has been tough to justify as population growth has been stagnant, aging population, and corporate downsizing….

Thanks,

Parris

Hi BP Community,

I'm trying to pull quotes for new kitchen remodel and updated bathrooms for 2 BR / 1 BA apartments (~800 SF) in Rhode Island. Does anyone have a sense of what materials + labor would cost here? I wanted to sanity check the below figures with the BP community! 

I received a quote from a broke that mentioned it will be ~$30k/unit (seems high), which should include adding washer and dryer units to the apartment. Adding closet organization and cosmetic improvements are likely to add another $5k.

Thanks, 
Parris

Agreed! Thanks Mo

Thanks for the quick response Mo! To confirm, no issues to date with the City's payments? Agreed on higher rents for the programs but want to make sure there are no huge issues with the City that will prevent payment. My biggest hurdle is resource constraints (admin / FTEs to handle renewals and payment processing) and budget cuts (which lead to more resource constraints).  

BP, 

I've got a great candidate for a tenant and they are a CityFHEPS voucher holder. I have complete confidence in their ability to pay their share of rent but my concern is with the City's portion as I have heard first-hand accounts and bad cases where the City has delayed payments, delayed processing of renewal for voucher holder (and thus payments) and lack of communication.

Are there folks here who have had a good experience with CityFHEPS and the City's ability to pay on time? 

Thank you both! Very helpful.

Really helpful @Mohammed Rahman! Do you currently have tenants that pay in cash and some pay electronically? 

BP Community,

I'm in the closing process of 3-unit multifmaily property. I've been thinking more about document collection, rent payments and bookeeping services and if there are any one-stop shops for the above. Does anyone have any go-to apps / softwares that helps streamline the above for tax and admin purposes? 
 

HI BP, 

I'm under contract (along w/ two partners) on a legal 2-unit (ran as an attorney's office) that is next door to a construction site in the Bronx. I want to understand the various financing options we have at our disposal.

Are there any lenders in the market that finance small multifamily properties in the Bronx?

I know that a lot of investors don't bother to repair a lot of the problems found in an inspection report. But how do you choose what to address and what not to? As a buy and hold investor, my instinct is to address all problems in property that I acquire

Here is a link to the inspection report: http://yourinspection.report/?id1=0404&id2=Fku92E1LQtx5xwEVCs1xmPSqKAh&id3=iAkhWTeeIUBKVqCqS2dK2Of.

It's not that bad but figured I'd ask the BP Community to see if there is anything I'm missing here! 

Thanks, PT