All Forum Posts by: Raymond Hill

Hello Everyone,

I've still been on the hunt for a 3 family property. I notice on Zillow there are properties that have foreclosed. I was wondering if anyone has experience buying foreclosed properties off the market or if banks sell properties directly to those whom inquire about it.

Hello Everyone, 

What type of multi family software does everyone use to manage multi families effectively. I am doing my research into this and wanting to know what you recommend as a great tool to stay on top of the rents, organizations, formulas etc.

Ray

Hello BP Community,

I wanted your input on receiving rent each month per tenant. My fiancee and I currently live in a tenement and we drop a check in a lock box each month. However, I like the exclusivity of having the money wired. What are your takes on this?

Any recommendations?

Ray 

Hello,

I was told that it is important to open up a bank account per rental property. I wanted to know if anyone has done this and if so what are the benefits and what banks are the best to utilize in the New England area, preferably in Rhode Island.

Ray

Hello BP Community, 

I am going to see a property this weekend. I drove by and notice that the siding needs to be painted. I was talking with a contracter who said that your better off vinyl siding the property for less maintenance. I wanted your opinion on this matter, I am not sure what the best thing will be I can see that painting should be much less than vinyl siding due to the shear work needed. I watched my neighbor vinyl side his property and it took about 2-3 weeks to complete. I plan on using it as a rental property house hack then move out and have the cash flow raking in. Any thoughts?

@Thomas S. Very good point. This was a conversation between my fiancee and I and I sided more towards if its not broke don't fix it attitude and she is more of the aesthetic look of things and future rents of increasing value have more space for the tenants. Which I agree with as well, but remember its a business is what I am getting from your response. Plus, if it has been serviced recently then that's a good sign.

Hello Everyone,

I notice when I am looking for multi families, a lot of properties have the large oven looking space heating system. I have not dealt with it nor do I know its effectiveness to heat an entire unit. I assume the larger the unit the the less likely it is heating everything. 

What are some of the remedies to this? I am not sure if I should leave those alone, or if I should factor it in to replace for an electric or some other heating system. Maybe getting the pipes extended and adding baseboard or a new heating system in the attic and have central forced air from the ceilings. 

What are your suggestions?

Ray

@Anthony Thompson @Sherwin Vargas Thanks guys very much for you input. 

I did some more digging and Anthony is right about the X number of days. I believe it is about 60 days notice. In addition, the FMR chart showed rents for a 4 bed to be about $1,500 which I don't think is feasible for any tenant especially in the Central Falls area not sure if Housing is picking up the rest of that or not. But by the looks of things I am unsure if I want to get too involved with that and may fair better to possible have them vacate the unit and find someone willing to rent for 1,100-1,200

Hello Everyone,

I wanted to ask the BP Community about the process to increase the rents on a unit who has a section 8 voucher. I saw a property and the tenant is getting $900 for a 4 bed 2 bath unit. After doing some research that type of property should get at least $1,100 - $1,300 in the Central Falls or Pawtucket area. Wanted to know what everyone's experience with that is.

Hello Everyone,

I wanted to ask everyone what they think about the Central Falls RI area in terms of the rental markets. I know from asking people that the particular area use to be a bad area. Now I here mix reviews in terms of the crime, rents, and people. I planned on doing more of a house hack situation and stay there for 2-3 years and move and find the next property.

What are your experience>