All Forum Posts by: Tarcizio Goncalves

Hi everyone,
I am looking into buying my first investment property (not owner occupied) and was wondering if there is a way to buy it with less than 25% down. Things I've read so far say either 20% or 25%. Any help would be greatly appreciated
Thanks

Thank you all for this valuable comments. I really appreciate all the help

Thank you @Phillip Faries and @Luka Milicevic for the comments. I really appreciate it. Phillip, what is this tool that you speak of to find new tenants? Can you please tell me where to find it? 

Hi everyone,

I am getting ready to close on my first owner occupied 2 family. This will be my first time dealing with tenants. I was wondering if people can help me out.

Because the tenants on the second floor have a lease until 9/30/17, I will inherit them. I will be moving in at the beginning of August. According to the current owners, they are good tenants and always pay their rent on time. Because the seller doesn’t live in the property, they allowed a few things that I am not a fan of. So far, they are allowing the tenants to:

• Park a crashed vehicle on the driveway for an undetermined amount of time
• Allowed the tenants to add their own washer and dryer in the basement for their use (1 washer and dryer per apartment). My goal is to add coin operated machines so that I can get some help with the water bill.
• The current owners split the basement in half and allowed each apartment to use their section in the basement as storage. There are a lot of stuff in storage from both units down there. One half will be emptied since one unit will be vacant at the time of closing
• I’m sure I will find more while I am living there but this is what I observed so far.

I’ve heard more than once on the podcasts if a person wants to be a successful landlord, he/she needs to be an a-hole. Is there truth to this statement? That is not me and I cannot see myself being this type of person.

If these tenants turn out to be great tenants, I would love to renew their lease in September, by giving them another 1 year lease. They are a young family with an infant and a toddler. If I keep them for another year, I can save with the turnover costs. I would love to hear from you all on what that first conversation should be. I probably can’t ask them to change what I mentioned above until they renew the lease with me correct? What things should I say? I will definitely tell them that this is a family home so drugs, loud parties, drunk people, bla bla bla will not be tolerated. Anything else I should mention?

One more additional question, I’ve heard on one of the podcasts someone mentioning a book that gives landlords a bunch of systems to put in place to have fewer calls, fewer times doing maintenance, etc. Would anyone happen to know what book this is?

Thank you all for all the help in the past few months. 

Thank you @Mike Hurney

Thank you @Mike Hurney and @Cameron Paterson for your valuable insights. My thought is that if I partner, lets say, with an RE agent, he/she will have that extra incentive because they also own a part of a business. I guess being new to REI and about to purchase my first investment property is making me scarred.

But I do like the idea of paying a management fee though. Thank you both for getting back to me.  

Hi everyone, I am trying to start my REI career and had questions regarding partnerships. I'm not sure if someone can share a partnership agreement they have or not but I am having a though time wrapping my head around this concept. I have some cash saved up that could be used as a down payment on an investment property but what if my potential partner doesn't have cash? Splitting the profits 50/50 or 60/40 just doesn't make sense to me if I am bringing in the money. I know that in the agreement, responsibilities need to be set. What are these responsibilities? What happens if my partner doesn't hold his side of the agreement? I was curious to know what people have in their agreement and how I can make a partnership work.

Thank you

Hey everyone,

I am in Boston and looking to relocate and start investing in RI. I am searching for my first owner occupied triplex or fourplex in Cranston. I will be attending my first RIREIG on the 20th. See you all there.

Hello BP community,

I am going to look at a property tomorrow and hopefully put in my first ever offer on an owner-occupied investment property (triplex). This property is part of an estate so this will be an estate sale. None of the materials I’ve been reading or listening refer to estate sale. Just wondering if anyone purchased a property that was part of an estate and if so, what I need to look out for. What are the right questions to ask? One thing I noticed right off the bat is that there is a lack of information about the property from the seller.

Thanks everyone. I really appreciate all the help. 

Thank you @Account Closed