All Forum Posts by: Robert Nason

Greater Boston 2 to 4%, Malden, Everett, Medford etc. 5 to 7% Lowell Massachusetts, Lawrence Massachusetts Worcester 8 to 10% cap rate.

$2300 approx 1400 sq ft commercial space

I have similar issues in terms of finding 5+ units in Massachusetts. I'm taking my next investment to the Portland Maine area. Massive growth in the area and still reasonable pricing on towns surrounding the greater Portland area. I'm in turning an office building into luxury condos in a seaside town. Daily rentals of $500 x 4 units x 90 days =$180k

It's pretty easy to achieve actually, but why stop there?

Tell her it is her responsibility to make sure that the rent is paid to you on the first. She needs to come out to you to pay it so be it. It's not up to you to go to her to collect the rent.

I have 22 apartments all with respectful tenants Who for the most part pay their rent on time and take good care of their units. But It happens every time Christmas rolls around. I start getting calls asking if they can pay half the rent now, and remaining balance in a couple weeks. I always allow it, but I feel like I am financing their Christmas. Why can't people manage their affairs better? It's like asking a complete stranger for $1500 to pay for their kids Christmas presents and telling them they will pay them back in two weeks. Don't even get me started about overloaded dumpsters! Merry Christmas and happy holidays to all bigger pockets folks.

I would say there is way too much risk and less you can grab a very large security deposit upfront and be given a full roster of who is staying there along with their Social Security numbers in their private residences address

Hi, All!

I received a frantic call from a tenant telling me that one of the washing machine was flooding. The overflow went into two units and down a hallway. I called my appliance repair company and they found no issues with the machine and suspects the tenant overloaded the washer? All the drains, hoses and drum were inspected with no issues. Where the water was overflowing out of the top its seems to be the only logical conclusion.

The tenant denies over loading and is saying that he is not responsible and will take me to court if I attempt to use his security deposit. He states its my responsibility to take care of the flood.  I should use my insurance. Additionally I noticed that the lock on the machine was broken and the tenants were over-riding the coin slot and turning the machine manually. When  emptying the machine it had approx. $10 in it and the others had in excess of $100 each.  My out of pocket expense thus far is $1200.00 for cleaning carpet, replacing carpets, new flooring, sheet rock etc etc.

The question is do I let this tenant off the hook or hold their feet to the fire and deduct it from his security deposit? Cameras are being installed next week!! I'm ok with losing this tenant, these units are in high demand.

I would say go for it, but the banks may feel differently. 70 units requires some Real estate management experience. Banks will not typically stick their neck out for an inexperienced operator. I I would recommend maybe starting with 10 or 20 units under one roof. Get some real estate experience under your belt and show them how you can turn a property around and then go for the big buildings after year or so. Good luck!

hey Peter, thanks for the kind words. It's not so much for me, but it's the term 'landlord" that I think is out dated. And the term "real estate investor" conjures up thoughts of large commercial office buildings and massive wealth.  Personally,  I feel I fall somewhere in between. It's more to find out if other people feel.  Nothing more nothing less. 

Have a great summer, it's a day of golfing for me so I guess today I'm a real estate investor! And tomorrow I go back to being the landlord as I'm having a French drain installed in one of my buildings

 Thanks for your input. 

Rob