All Forum Posts by: Stephen Renehan

Thinking from a banker’s perspective, why wouldn’t you take a home equity line on your personal residence?  According to your valuations, the home is worth approximately twice the value of the rental property.  Banks want confidence that they will be repaid and using a property with greater equity may increase your chances of an approval.  Just my ‘first blush’ thoughts.

Good luck!

I believe the prior posts are correct; however, to embellish I'm pretty certain that you are limited to a single FHA loan in your name at any time. Take that at face value in your investing.

I am NOT an attorney, but from reading your post it sounds like they voluntarily abandoned the items.  Regarding the cars, could you perhaps donate them to a charitable foundation?  I just evicted a tenant and they had x hours to remove all their belongings.  Anything that remained we simply placed in the dumpster.  To reiterate, I’m not an attorney.  Best of luck!

While I’m not an attorney, I would file a claim with my insurance company.  Similar to the prior posts, unless you have evidence this was specifically caused by tenant negligence it may be a difficult case for you to win.  However, if the Ifinsurance company believes otherwise, see if they will pursue against the tenants, although I suspect they won’t ‘throw good money after bad.’

I’ve heard this from other investors in RI.  Have the parents guarantee the lease payments.  I don’t rent to any students in Providence, but ask that question to other investors who do rent to college students.  Nothing ventured, nothing gained.  Good luck.

To follow up on Anthony Thompson, likewise, I am not an attorney. However, since an LLC is simply an entity, I can't see why the state of inception makes a difference. Just thinking out loud, an investor who is a resident of RI (ie a personal entity) should be able to invest in MA-all else being equal. Obviously, as I am not an attorney, please ensure if there is a certain state specific regulation that would prevent such a transaction.

Stephen

I agree with @Jon Holdman.  Find an attorney who specializes in this area.  You’ve already lost enough time.  You don’t want to make a slight mistake and lose even more time.  

This may sound rather simplistic, but if you know the owner’s name and address, why don’t you mail them a letter asking them to call you?  This falls under the category of ‘nothing ventured, nothing gained.’  

Stephen 

I echo the sentiments of the previous posts.  Namely, liability and what is your upside?  Furthermore, the costs of removal probably far exceeds your benefits.  I’m sure you will find another tenant without the same demands.

Raymond,

I’ve also utilized Hank Richter of Home Pro Inspections on numerous occasions and will definitely use him again.