All Forum Posts by: Raymond Hill

Hello BP,

Looking to get in contact with buy and hold investors in Hartford, CT. Due to the increase in the market, I am looking to do some homework on the rental market there for a possible acquisition. If you are currently in the area, please let me know so your thoughts on the market there.

Ray

Hello BP Family,

I have a tenant who is a single woman that ever tired receiving a fixed income. She is currently paying well below market value for her unit , however her payments are on time every month. He's over the age of 60 years old , and I'm trying to figure out a way to increase her rent but keep the tenant. Does anyone know of any programs that I can have the tenant enroll in order to subsidize or pay a portion of the rent ?

@Sohaib Mannan I will PM you to assist you in finding a property in Woonsocket. I am a real estate agent with Coldwell Banker and would love to assist you.

@Richard Guy I did end up buying a property in Woonsocket, however it wasn't the 4 unit as discussed previously. Long story short so far so good and big shoutout to @Anthony Thompson for answering my questions when he could to assist.

Hello BP Family,

So I have a tenant in which she was living in the unit with her son. They both split the rent and have made payments throughout the pandemic. She lets me know that the son moved out and unable to assist her due to his own family obligations. She mentioned that she will have help in March from her daughter but won't be able to cover the full rent, but can give me half of the amount. I reached out to the Safe Harbor program and they are unable to do anything yet since she has been current until this month. In addition, she reached out to the 202 HUD program for assistance as well.

Is there anyone dealing with this type of situation? Trying to help as much as possible, but given the nuances with the pandemic makes things a little tricky. 

Thoughts?

I was thinking the same thing, it is a bit tougher but I am marketing towards those areas you mentioned. In particular finding distressed situations since MLS there is really nothing under $250,000 all fixed up sort of thing.

Hey @Sean Doherty I am licensed in both RI and MA I would be glad to help you. I also own a small multi in RI as well in which I used biggerpockets tools to get started. Feel free to PM me

Hey BP Family,

I want to know where my investors are currently looking to purchase 3-4 unit properties during this pandemic. RI multis are selling fast and I am trying to figure out what cities or strategies others are using to find properties during these times?

Love to hear what others are doing.

Ray

 

@Kyle J. & @Chris London Just to keep you all in the loop. I told the tenant. "Our insurance will not be able to cover any dogs listed on the dangerous breeds list. This leaves the landlord vulnerable in any legal dispute. Due to huskies being listed on the dangerous breeds list, we are unable to grant your request to keep a husky in your unit."

So far they said they are going to look for another apartment which is pretty much good news for me. If that is the straw that breaks the camels back I am glad it may happen earlier than later. Personally, I think they are bluffing, but if they are not it is fine. They have been tenants for over 4 years (prior to me owning the property). Luckily, I've prepared myself early to have cash reserves to cover vacancies and if they decide to move forward finding another apartment I told them to be my guess. In addition, I let them know that their rent is below market value and gave a separate search of other comparable rentals in the area so they can see that they are getting a good deal where they are. I nicely said to them that we don't want them to leave and willing to work with them especially due to the pandemic.

Now we wait

Ray

Hello Everyone,

I have a client who is asking for some advice on a 3 family he just purchased. In particular, a tenant has asked her if she can can have a dog. It's a husky, and the tenant tells her that it is trained. My client isn't sure about having a pet, but she currently renovating 1 unit and staying afloat with rental income from the remaining 2 units.
She is asking on what her options are at this time, I wanted to get your thoughts on this matter and relay them back to her. Whether it's a pet deposit, increase in rent amount etc.
Thoughts?

Hello BP Family,

I have a 3rd floor tenant moving out tomorrow and planning on changing the main door and 3rd floor lock. I wanted to get some ideas as to the type of lock I should change it to. I hear a lot of people now using keyless entry. Others still use the regular lock and deadbolt for all entrances. 

Thoughts?