All Forum Posts by: Tarcizio Goncalves

Hi BP community, 

I am wondering how you all are collecting your rents. I came across a site called Cozy and was wondering if anyone has used it or something similar. I am just wondering if I should get checks mailed to me every month or accept online payments. For the landlords that are getting checks mailed to them, what do you do if you are away while the rent is due? The reason I ask is that I am relocating to another state so I don't have any family members around to make a deposit while I am away.  Any input would be great. Thanks

Thank you @Joe Villenueve and @Andrew Stephens for your valuable comments. Andrew, you bring up a good point that a 15-year can hurt my changes for qualifying for future properties and by going with a 30-year, I will have more cash flow to invest in more properties. You both touch on the cash flow piece and that was very helpful. Thank you both. Much appreciated. 

Hi everyone, 

Can anyone tell me if there is a tax benefit for going with a 15yr mortage vs a 30yr? I am in the market for my first investment property and I came across a seller that is getting rid of his portfolio. I have a P&S signed for two of his 4-family properties and was thinking of putting them into a 15yr mortgage. None of these homes will be owner occupied. This is strictly for investment. Any guidance would be helpful.

Thanks

Tarcizio

Hi everyone, 

I just closed on my owner occupied duplex and have an accepted offer (signed P&S) on a fourplex property. I am planning on taking a vacation at the end of the year and while I am away, rent would be do. I am relocating to a different state so asking a friend/family member to take the checks and deposit them for me is not possible.

I'm wondering what other landlords are doing in this scenario? Do you tell your tenants to deposit the rent check into your account? I'm not a fan of this idea.  I started looking into Cozy so that the tenants could send me the rent through a phone app but there are people living in this house that clearly won't know how to do that. Just wondering what other landlords are doing in this scenario. Any advice would be extremely helpful.

Thank you

Thank you @Anthony Thompson. I will sure get in contact once I am relocated to RI. @Matt Romano, thank you as well. I am looking forward to seeing you both at the next RIREIG!

Thanks

Tarcizio

Hi BP community,

For the past 6 months I've been on the website learning a ton and asking several questions on the forums. You all were, and continue to be, very kind in answering my questions and helping me at the beginning of my journey. I thank you all for this.

Throughout these 6 months, I've had the opportunity to go to REI meetups in both Massachusetts and Rhode Island and had made great friendships and mentors. A special shout out to @Steve Bracero and @William Wright. One things that I learned very early was to set a goal and a completion date. With that in mind, December of 2016 I set a goal to buy my first duplex or triplex before July 1st (my birthday). Setting dates to your goals is a powerful thing. It made me stay on top of my goal and really push towards it. Yesterday I closed on my first owner occupied duplex in Cranston RI.

About my deal:

My wife, our little daughter, and I are leaving a rental apartment in a city that is just north of Boston and moving into the duplex in Cranston RI. With the move to the less expensive market, and the rental income coming in, we were able to decrease our living expense by more than half.

The home we purchased is in a very nice area of Cranston. There were 5 total offers on the home. I offered the asking price and guess what, the sellers took my offer. The house was appraised 25k above asking so even before purchasing the home I made money.

Now I have another goal set to buy an investment property, 3 or 4 family unit, by 12/31. I am going to work really hard in making this a possibility.

I will be relocating to Rhode Island in about a month and would love to meet investors and like-minded individuals who are working on increasing their portfolio. I would love to explore ideas in partnership and flips as well. Please reach out and lets talk!

Thank you all

Tarcizio

Hi everyone, 

I am going to be closing on my first owner occupied duplex soon and wanted to have a spreadsheet to track expenses and income. I have no idea what to have in this Excel Spreadsheet and how to set it up. I know how to use Excel but I just don't know what type of information to put in. Can someone help me out with either sharing what they use or give me an idea on how to set one up? Any help would be greatly appreciated.
Thank you all

Hi everyone,

I am closing on my first owner occupied 2 family residence on Friday. I am inheriting tenants for 3 months but will be on the market looking for tenants after that. With this all being new to me, I was wondering if someone would be kind enough to share with me their lease. I know what I don't want but I am sure, being an inexperienced landlord, I am going to exclude important things from the lease. Any help would be extremely appreciated. Thank you all and thank you for answering my crazy questions for the past 6 months. Much appreciated

I am looking for either a 3 or 4 fam building

@Josh Mitchell@Mohammed Ahmed@Michael Cohen thank you for your inputs. Much appreciated

Thanks