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All Forum Posts by: Rich Davis

Rich Davis has started 4 posts and replied 20 times.

Post: Insurance options for multi-family properties

Rich DavisPosted
  • Posts 20
  • Votes 8

CROSS in the Lew.

Ask for Sean Doyle.

If you're looking to stay in New England, New Hampshire has, by far, the most landlord friendly tenant laws. No grace period to pay rent for example. No limits to late fees either.

Post: More Insurance tightening

Rich DavisPosted
  • Posts 20
  • Votes 8

I know there have been posts regarding the ever increasing cost of insurance.  I am seeing a different insurance issue.  All of my buildings are three stories. Insurance is suddenly dropping me due to the buildings not having a sprinkler system. Of course I can switch carriers, but the question to you all, is are you noticing insurance carriers getting very picky with certain things, and if so, what?

Sorry Michelle.  I've inherited complete knuckleheads with buildings as well.  The difference is I'm in Maine, where the evictions laws lean landlord friendly.  I wouldn't invest in MA or NY, simply because of their eviction laws.  Best of luck.

Post: Crazy Idea to get started. What do you think?

Rich DavisPosted
  • Posts 20
  • Votes 8

Sarah,

Went through the same thing in L-A.  Just no decent PMs. So I hired a woman, and coached her up on how to PM well.  She now manages 32 units for me.  The beauty of this approach, is that she manages the exact way I want my properties to be managed.  I don't have to adjust to some other PM's way of management.

Recently bought some properties in Rumford. Being an hour away, I hired local PM there.  Not surprisingly, I've been underwhelmed.

Would LOVE to connect and share Central Maine investing.

Any decent lender should allow you to borrow against your airbnb, without disturbing the original 2% loan.

Example: I have a 6 unit that had ~$500K in equity. Just this year, I used that equity as down payments for multiple other buildings.

They will lend the money if you personally guarantee the loan. I know, sorta defeats the purpose of an LLC from a financial perspective, but gets the job done.

Two markets:

One with rents continuing to increase and 0%-1% vacancy rate. Always full, fat, and happy in this market.

Other with rents continuing to increase, but with 10% vacancy rate. This market was decent until a month ago, where everything slowed down.  Expecting a pick-up for January 1st lease expirations.

Like many investors, I've reached critical mass (50 doors) with what I can manage myself (plus one girl PM help).  If I wish to continue adding properties/units, I have to make some choices. 

1. I can sub out all the PM activities, leaving the "business" to me.  Problem is I've tried a few PM's and I'm just not satisfied with any of them.

2. I can build my own team. This appeals much more to me for two reasons. Firstly I can mold the team to operate to my standards vs. the way the PM wants. And secondly, I just don't like not having my hands on the wheel.

So, with that said, who has built a in-house team? Where did you start? What functions did you hire, or sub out? Who did you hire first? Salary vs. commission pay? What mistakes did you make? What am I overlooking? What was your geographical spread? And the fifty questions I'm not even thinking of?

Thank You in advance!

Online charlatans with psych licenses will interview you for three minutes and send you a stamped letter saying you require a service animal.  Anyone can get one.  


I've had a couple tenants use this loophole to either avoid pet rent/deposits, or to get a pet into a no pets building.