All Forum Posts by: Stephen Renehan

I second the motion on the BP calculators.  They are a nice little tool to give you a quick method to calculate cash flow on a property, while also being fairly inclusive of the expenses. 

I’ve used TurboTenant and it’s worked well for me.  I know other investors have used Cozy with success.

Agree with the prior posts.  Make them re-apply and make an informed decision whether to allow them to switch.  You can’t envision every scenario, but perhaps if you can increase the rent slightly it may justify renting two units instead of one.

If the foreclosure already occurred, do you know who was the greatest bidder? If it was the Bank, see if you can find the person in their REO (Real Estate Owned) Department. Perhaps they might be willing to cut a deal just to move the property. Too many unanswered questions, but I worked in a Bank's foreclosure/workout department and I know how they think.

Good luck!

From personal experience, I once lived in apartment in the direct line of the main runway in Providence (T F Green).  What a pain in the neck!  I agree with the sentiments in the prior posts.  The proximity to the train tracks may limit the amount of applicants and rental income.  You do remember the movie ‘My Cousin Vinny,’ right?  LOL!

You appear to have the flexibility for a multi family, but do YOU want the big yard & pool, et al?  That is only a question you can answer.  

Please confirm with your state guidelines how you need to send the notice.  I’ve heard in some states you need to send it via first class mail, and not certified.  I don’t want you to trip up on a seemingly minor nuance.

I am NOT an attorney, but are there any limitations in your state as to what you can charge/deduct from the security deposit?  If it strictly references property damage, I might be leery on charging to do house cleaning, et al... but those are my non-legalistic first blush impressions.

Another advantage to purchasing REO properties is that you can view the interior. Unless you have the ability to access the property pre-foreclosure, you are effectively buying sight unseen at the auction. I'm sure other BP investors can tell you some horror stories.

But get a personal excess liability policy (ie an umbrella) to be safer.