All Forum Posts by: ToRena Webb-Thomas

@Andrew Laing I purchased 2 4-unit properties in Springfield. I am also from the Boston area. Cash flow is nice, apartments were deleaded. Wayfinders/HAP/SHA, are great reliable sources of subsidized rental income. WayThe best way to go is 4 or more units in Springfield. I don't really see cash flow in 2 family units. 

The only thing I've been struggling with is finding contractors or handymen. I want to make some upgrades to the properties but haven't found a team and don't know where to look. Bathroom gut, kitchen renovations, and many minor repairs.

Michael, this is a good start, you can do more with a lot less than $800. I'd start lower personally. I wouldn't do $800,000 for a two family.  Keep looking. I paid way less for total for 2 large 4 families. Good luck

Hi Christopher,

I have 2 properties in Springfield MA. I'm looking for contractors to do some kitchen and bathroom renovations. Any leads? My rents are low but I've been increasing slowly. Previous owners hadn't raised rents in about 8 years. I'd like to renovate or gut the bathroom and renovate the kitchen to increase the rents.The market is ready.

Post Deleted

Hi, we are looking for recommendations for contractors and or handymen for immediate work on 2 properties in Springfield, MA. Looking for recommendations of reliable people.

Bathroom gut

Kitchen remodel

Possible Attic expansion

A LOT of minor repairs

Home advisor didn't get me far. Any suggestions on where to look for good people who want to work?

Hi, we are looking for recommendations for contractors and or handymen for immediate work on 2 properties in Springfield, MA. Looking for recommendations of reliable people.

Bathroom gut

Kitchen remodel

Possible Attic expansion

A LOT of minor repairs

Home advisor didn't get me far. Any suggestions on where to look for good people who want to work?

post deleted

Hi, I don't mean to thread jack but, I have 2 (4 multi-unit rental properties that I've owned since 2015. Both are cash flowing but have been bandaged over the years before I became owner. Things are beginning to require more than patchwork. Bathrooms need to be gutted. They are small about 5x5. Estimated at about $10k each. (Think I can get it cheaper at about 6K Kitchens are estimated at about 7K. What are my best options HELOC, Home Equity Loin, Sofi loans? How do I determine what's best? Since they are cash flowing nicely, I plan on holding for a while.

GOAL: Higher cash flow

SCENARIO 1: I have (2) 4-Family Properties. They are next to each other and are identical, each have (2) 2-bedroom apts and (2) 1-bedroom apts. I purchased both for $308,000 total in Dec 2015. They all need new kitchens and bathrooms (plumbing included). 1 needs Mold Remediation due to corroding pipes in the basement. The cash flow is positive, all units are rented. We feel like we can remodel and renovate the properties to bring in an additional $2,000/month(by turning one of the 1 bedrooms into a bi level three bedroom by taking advantage of the large pitched roof in each property.)  This means we need to put in money and therefore would have negative cash flow for a period of time. 

Scenario 2: We also have the option of cashing out by selling both properties as is and using the funds to purchase a larger property that has a higher cash flow than what we are currently getting. 

QUESTION: What other factors and numbers do we need to crunch or consider to figure out the best option? Does anyone have a spreadsheet they use to figure this out?

I currently use the cash app but am looking into cozy for the new year.

Thank you both so much. I’ve had the most difficult time finding any support near these properties. They are 2 hours away and my property manager ended his contract. I’m managing from a distance. The other 7 units are fine. Your advice is valued and appreciated. My letter is typed and being sent today. Karen, I’ll be checking out your book. Thank you