All Forum Posts by: Rob L.

Looking forward to seeing everyone tomorrow! 

@Michael D. Congrats on the new property. It sounds like the numbers are pretty good!

Inheriting tenants will become pretty standard as you continue to purchase buy and hold. We typically wait a couple months, say 2 or 3 before we make any significant changes when we purchase a new property. Just like you mentioned most tenants are worried when a new landlord buys a building because they think there rent is going to go up or they are going to be told they need to move out. 

The first couple months are about the tenants. We setup a walk through of the unit and do a meet and greet. We have our staff ask if there was any pending maintenance items the past landlord or property manager didn't fix for them. This is key because it shows you are not going to be a slum lord and you will fix things in the unit if they break (although we will charge them if its something they broke) 

We are also testing them to see if they pay rent on time and how they keep the units. Depending on current leases etc we then plan rent increases as needed and get everyone over to our leases within the first 3-6 months. There is nothing saying you can't increase rent asap but I've seen owners do that and it causes a lot of discontent and I'm more focused on stabilizing the property first and then rent increases come next. 

The most important thing is getting them over to leases. You want to have all of your units on standardized leases. Makes your life easier. 

Perfect! Thanks @Thomas Hickey . It sounds like we should have a good turnout next week. 

@James Denon

I forget the specifics on the closing costs but they are within norms. They only require 20% down and interest rates are competitive. We went with a 15 year term on our last property so the rate was lower. 

@Benjamin Boynton Yes, it was in Haverhill Mass. Now we stick to multi-family because of the economies of scale and ability to force appreciation through value adds and rent increases. 

@James Denon We use Merrimack Valley Federal Credit union. 

@Haley M. We have purchased a couple of our properties under trusts and LLC's. Just let your lender know and it shouldn't be an issue. Like others have mentioned it will have to be a commercial loan if you put it directly into the trust. I always find it easier to work with a local credit union as they are more flexible.

@Benjamin Boynton Welcome to BP! You've come to the right place to learn more about investing. 

I agree with you. Our first place was a condo and the cash flow was terrible. But, I know people will argue the appreciation and overall less maintenance make up for it. I prefer cash flow and I hate HOA's...

Good luck and welcome to the community. 

The Haverhill Real estate guild has a monthly meeting on the 4th Tuesday of the month at the Roma Restaurant in Haverhill. There will be open time for Networking with other local investors. Then there will be an update on the local real estate market.

Check back soon on this month's speakers! They will be added shortly. Meeting ending with Open Q&A. Last meeting we had about 30 investors attend. 

@James E. That would be great. I will shoot you a message.